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This paper constructs a partial equilibrium of housing flow market to investigate the impact of foreign investment upon housing prices. The theoretical model demonstrates that the inflow of foreign investment will result in the appreciation of house prices. The empirical results illustrate that the foreign investment has a trivial impact on the house prices. In addition, the paper finds that the household...
This paper analyzes the factors driving housing market cycle in China from 1986 to 2009 by extending the traditional stock-flow model. The conclusions are as follows. (1) Land supply, housing stock, population and income affect housing price significantly. (2) Housing price greatly affects housing construction with an elasticity of 1.28. (3) Expectation rather than user cost is the main determining...
Real estate market is a complex system. As an important part of it, the determination of price relates to the developers' investment income[1]. Therefore, how to scientifically determine the selling price of real estate projects is that all developers have to face, as well as the problem that customers widespread concerned. In this study, we described several key models in current market and analyzed...
The escalating housing price crisis and financial deficiencies in recent years made the government to reflect on how and to what extent that money supply affects the housing market in China. This paper analyzes the relationship among monetary policy, foreign speculative funds, and house prices in China, using monthly data from January 2003 through December 2009. A VAR system procedure is employed...
This paper develops a partial equilibrium model of housing flow market and investigates the relationship of property tax and housing price in the two typical scenarios of perfect monopoly and perfect competition. The model documents that the imposition and elevation of property tax will cause the housing price decline in whatever cases of market structure. The greater the degree of monopoly is, the...
Every country and city seeks to achieve the equality in public education. In the big cities in China, where primary school enrollment is determined by the region and the vicinity of the residence to the school, the equality of the regional distribution of public educational resources becomes a focus of public attention. This research revealed a significant effect of public education distribution on...
This paper develops a flow-stock model of housing market to investigate the impacts of property tax, supply and demand elasticity upon housing price. The model indicates that the imposition and escalation of the property tax will cause housing price fall in the event that the elasticity of supply is greater than that of demand and vice versa. Using the housing market data of 33 large and medium cities...
A new property hedonic price evaluation model restructured based GIS is proposed in order to improve the accuracy of feature variable quantization of property hedonic model. This paper offers a specific procedure of modeling and implements the model by programming, and, based on this model, develops a property evaluation system. Eventually, put the system into practice in Ganzhou, which indicates...
Housing is a kind of heterogeneous product; every housing unit includes different characteristic aggregation. Hedonic price theory is an effective method to study the quantitative relation between housing characteristic and price. This paper applies hedonic price theory to the housing market in Shijiazhuang. After collecting and trimming 2075 housing price and characteristic samples in Shijiazhuang...
In this paper, we briefly analyze the theoretical foundation of residential hedonic price model- Lancaster theory of consumer preferences and Rosen's supply and demand equilibrium model about hedonic market. The residential hedonic price model in this research is set up on the nonlinear relationships between prices and hedonic variables in Rosen's theory, in which the residential prices were chosen...
First, this article looked back upon the channels that the stock market affects the real estate's disbursement and made a brief literature summary on the effect that the stock market brings about to the real estate's disbursement. Next, the article put up a linear model on the basis of Modigliani life cycle model, which shows the stock market's effect on the real estate's disbursement, and carried...
It is generally acknowledged that the price of real estate are highly complicated and are interrelated with a multitude of factors. It will be advantageous if the parties to a dispute have some insights to some degree. This paper introduces a hybrid genetic algorithm (HGA) approach to instance selection in artificial neural networks (ANNs) for housing price determinants. ANN has preeminent learning...
Based on study on references concerned, the critical factors affecting real estate prices in Shanghai are determined in this paper according to Grey incidence as well as Grey clustering principle. Afterwards, the regression model on real estate prices in Shanghai and other related variables is established with data collected from 1994 to 2008 and the real estate prices between 2009 and 2013 have been...
According to residential hedonic price theory, house price is constituted of all the utilities that it brings to the residents. Any single house price should stand for all its characteristics. Under the impact of global financial crisis and with the economy background gets worse nowadays, the housing industry in China is facing an unprecedented challenge. For many developers, it is important and urgent...
Real estate demand is an important factor to affect the real estate balanced and healthy development, an accurate analysis of the macro factors and the real estate demand relationship could give the government, land agents and house purchasers more effective services. In this paper, it uses factor analysis, system dynamics feedback diagram and multiple regression methods of econometrics. By use of...
With the reform of residential policies in China, housing market is of great concern to many people. Both from practitioners and academics are there a large body of researches on this issue, normatively and positively. This paper investigates into factors that influence housing prices based on present situations in China, and establishes a system dynamics model to explore the mechanism of the market...
In addition to considering construction costs, real estate project pricing still needs to consider market condition, socio-economic, natural and physical, road traffic and building situations, the income level of residents as well as the influence of national policy and many other factors, due to extreme complexity, unclarity, difficulty in determinacy and quantization of these factors, in real estate...
Land market and real estate market, housing price and land demand are closely related to each other. The price elasticity of land supply, floor area ratio and fee rate are the important variables that influence the land market and real estate market. By employing the model analysis of four-quadrant for markets interaction, this paper focuses on the interactive relationship between land market and...
Low-rent houses need good property service like commodity houses based on the social security of houses and the attribute of property management. The paper designs a static matrix game model between the government and the property service enterprises, and it puts forward the government must adopt the effective strategy to attract the enterprises voluntarily entering into the low-rent housing property...
This paper uses Hedonic theory to deduce that the degree of residential segregation depends on the degree of consumer preference for location, and consumer preference for different location attribute will result in the different urban space structure. Based on the theoretical analysis, this paper introduces structural equation model to conduct an empirical analysis in Xipsilaan housing market. The...
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