{"title":"Residential Housing Prices, COVID-19 and the Role of the Vaccination Program: Evidence from US State Panel Data","authors":"N. Apergis","doi":"10.53383/100351","DOIUrl":"https://doi.org/10.53383/100351","url":null,"abstract":"This paper makes use of residential housing prices across US states, along with COVID-19 confirmed cases and deaths, to explore the impact of COVID-19 on housing prices. The work also investigates the role of the vaccination program on those prices. The panel estimates document the negative impact of COVID-19 metrics on housing prices, but when the vaccination program is underway, this impact disappears. The results are robust across US regions as well.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"11 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90610805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Digital Platforms and Real Estate Industry during COVID-19","authors":"Z. Ali, Jiachen Song","doi":"10.53383/100353","DOIUrl":"https://doi.org/10.53383/100353","url":null,"abstract":"Real estate is one of the industries that have been most affected by COVID-19. The purpose of this study is to investigate the factors that affect customer use of New Zealand's real estate digital platforms. Trade Me and realestate.co.nz are the two most popular real estate digital platforms with the most significant number of homebuyers in New Zealand. This study uses the reviews on the two platforms from 2018 to 2021. There are a total of 1349 customer reviews on the two platforms, which represent the total population. A sample of 113 reviews from the realestate.co.nz platform and 113 reviews from the Trade Me platform are used for analysis. The findings show that perceived ease of use and usefulness, and information and system quality are the four main factors that affect the willingness of customers to use real estate digital platforms. After the spread of the pandemic, the impact of these factors on customer adoption of the platforms has been reduced. Therefore, the results of this study will be helpful in formulating and developing a digital marketing strategy for the New Zealand real estate industry in the post-pandemic era.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"24 10","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72616596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Willingness to Purchase a House during Economic Lost Decades in Japanese Urban Housing Market","authors":"Chien-Wen Yang, Fang-Ni Chu, Wan-I Chen, Ming-chi Chen","doi":"10.53383/100346","DOIUrl":"https://doi.org/10.53383/100346","url":null,"abstract":"The willingness to purchase a house is closely related to previous experiences with housing market changes. This paper establishes the variable effects of willingness to purchase a house based on experience to analyze how experience with the Lost Decade (1991 to 2001) in Japan has influenced its housing market. This study finds that when the regional house-price levels are less deviated from those of Tokyo, willingness to purchase a house is relatively higher, which inhibits the growth of rent prices. Grouping data into urban and non-urban areas shows that the negative impact of willingness to purchase a house is higher in non-urban areas. This indicates an urban–rural gap in the country and house prices in the urban areas can self-adjust so that willingness to purchase a house does not reflect significantly on the rental market. Experience with the cumulative house prices of each prefecture from 1985 to 2015 relative to the Tokyo standard is calculated for deviation to determine whether the cumulative experience of long-term past losses could be used to analyze divergence in the regional housing markets.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"6 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82291405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Forecasting COVID-19 Infection Rates with Artificial Intelligence Model","authors":"J. Yang","doi":"10.53383/100354","DOIUrl":"https://doi.org/10.53383/100354","url":null,"abstract":"This study applies an artificial intelligence (AI) based model to predict the infection rate of coronavirus disease 2019 (COVID-19). The results provide information for managing public and global health risks regarding pandemic controls, disease diagnosis, vaccine development, and socio-economic responses. The machine learning algorithm is developed with the Python program to analyze pathways and evolutions of infection. The finding is robust in predicting the virus spread situation. The machine learning algorithms predict the rate of spread of COVID -19 with an accuracy of nearly 90%. The algorithms simulate the virus spread distance and coverage. We find that self-isolation for suspected cases plays an important role in containing the pandemic. The COVID-19 virus could spread asymptotically (silent spreader); therefore, earlier doctor consultation and testing of the virus could reduce its spread in local communities.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"34 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87930839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impact of Teleworking on Childcare Time During the COVID-19 Pandemic: The Role of Owner-Occupied Housing","authors":"Takuya Ishino, Yoichi Mizumura, Kazuto Sumita, Takuya Yoshida, Norifumi Yukutake","doi":"10.53383/100350","DOIUrl":"https://doi.org/10.53383/100350","url":null,"abstract":"Stay-at-home restrictions in several countries to prevent any further transmission of the COVID-19 virus during the pandemic have exogenously encouraged many workers and companies to adopt telework. This study discusses the relationship between teleworking and childcare participation, taking the housing environment into consideration by utilizing data from the Japan Household Panel Survey and its supplementary modules on COVID-19, which were conducted in 2020. After controlling for individual and household attributes, region, and housing characteristics, we find that regular employed male teleworkers living in owner-occupied detached housing increase the ratio of childcare time to work time by 31.6 percentage points than workers living in other housing arrangements during the pandemic. Regular employed female teleworkers increase the same ratio by 125.7 percentage points in September when regular schooling resumed. This suggests that sufficient space and housing ownership may have a substantial effect on time devoted for childcare by teleworkers.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"23 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90423284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Property Values as a Function of Law and Policy","authors":"Edward S W Ti","doi":"10.53383/100359","DOIUrl":"https://doi.org/10.53383/100359","url":null,"abstract":"Real estate values can be viewed as a function of law and policy. Using case law references, Hansard records, statutory instruments, and secondary literature, this paper articulates how the legal system impacts property values, in both expected and unexpected ways. While valuation is often viewed through the prism of real estate economics and finance, this paper highlights the reality that a more extended interpretation of understanding property valuation can be obtained by recognising that legal rules often impact asset values, sometimes in a surprising fashion. Recognising the links among law, policy, and property values is relevant to practitioners and policymakers alike.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"30 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80329676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Enduring Crises: The Link Between Corporate Real Estate and Economic Policy Uncertainty","authors":"Alistair Ingham","doi":"10.53383/100347","DOIUrl":"https://doi.org/10.53383/100347","url":null,"abstract":"This article examines the relationship between corporate real estate (CRE) and economic policy uncertainty (EPU), and how this relationship may aid companies in their decision-making, which form the impetus for this research. Multiple linear regressions are conducted to analyse corporate-level financial performance, using return on assets and market price as indicators, with regard to macroeconomic indicators such as gross domestic product (GDP) growth, inflation, and EPU. A vector error correction model is also used to ascertain the short- and long-term dynamics at play. The results reveal a statistically significant impact by both CRE and EPU on financial performance, as well as a significant interaction between the two variables. This novel estimate affirms that there is indeed a link between CRE held and financial performance during times of economic uncertainty. This article also establishes a link between CRE ownership and company sector, and explores the relationship between the maturity and ownership concentration of companies, with reference to the CRE held, thus providing the basis to show the different decision-making processes of companies at different stages of their lifecycle, and in different sectors.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"20 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87044033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Özer, Serap Kamışlı, Muhammed Aslam Chelery Komath, Özlem Sayilir
{"title":"Asymmetric Causal Relations Between COVID-19 Economic Supports and Real Estate Price Shocks","authors":"M. Özer, Serap Kamışlı, Muhammed Aslam Chelery Komath, Özlem Sayilir","doi":"10.53383/100352","DOIUrl":"https://doi.org/10.53383/100352","url":null,"abstract":"The goal of this study is to examine the nature of causal relations between COVID-19 related economic supports and real estate shocks in 58 countries over the period of January 1, 2020 and September 3, 2022. To carry out the research, we first decompose the positive and negative shocks of real estate prices for each country. Second, we apply the wavelet transformation to real estate price index shocks and Oxford COVID-19 Government Response Economic Support Index by using a discrete wavelet transform. Finally, we employ the fractional frequency flexible Fourier form Toda-Yamamoto causality test to obtain the causal relations. The results of the study show that in most countries, COVID-19 economic supports have causal effects on real estate prices. Real estate market reactions differ across different time periods. Most of the asymmetric responses of the market takes place in the medium- and long-term. Our results may provide valuable insights for policymakers to develop appropriate housing policies to create an environment for a stable real estate market and enhance price stability when monitoring real estate market developments.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"415 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77725778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Lease Decay and the Prices of Private Residential Properties in Singapore","authors":"Sophronia Sia","doi":"10.53383/100348","DOIUrl":"https://doi.org/10.53383/100348","url":null,"abstract":"Singapore's residential properties sold mainly on 99-year and freehold leases are useful for studying how changing leases and age affect property values. This paper uses the hedonic model to analyze the effect of lease decay on transaction prices for non-landed, private residential 99-year leasehold properties. The results find a negative effect of leasedecay on the transaction price, or more specifically, a 1% increase in theremaining lease increases prices by 1.46%. The effects of decay differbetween freehold and leasehold properties, thus implying that age hasnegative effects on freehold property prices but positive effects onleasehold prices. The results show that older properties could increasein value after controlling for the physical decay effect.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"94 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76323659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Mortgage Market Induced Booms and Busts in the Housing Market in a Modified DiPasquale-Wheaton Model","authors":"T. Borgersen, A. Emblem","doi":"10.53383/100344","DOIUrl":"https://doi.org/10.53383/100344","url":null,"abstract":"In this paper, we offer a nontechnical pedagogical tool that demonstrates the interrelationship between the mortgage market and the housing market. While the importance of the mortgages in the housing market is well established in the literature, an instructive model is still needed. We present a novel and straightforward extension of the DiPasquale and Wheaton (DPW) model, with a price-rent (PR) ratio that incorporates the loan-to-value (LTV) ratio. In our modified DPW model, the LTV adjusted PR ratio allows for an explicit analysis of the opposing effects of lending gain and risk pricing on the user costs of housing. Moreover, the model highlights how changes in the mortgage market may contribute to booms and busts in the markets for both owner-occupied and rental housing.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"34 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83913457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}