This book explores how econometric modelling can be used to provide valuable insight into international housing markets. Initially describing the role of econometrics modelling in real estate market research and how it has developed in recent years, the book goes on to compare and contrast the impact of various macroeconomic factors on developed and developing housing markets. Explaining the similarities and differences in the impact of financial crises on housing markets around the world, the author's econometric analysis of housing markets across the world provides a broad and nuanced perspective on the impact of both international financial markets and local macro economy on housing markets. With discussion of countries such as China, Germany, UK, US and South Africa, the lessons learned will be of interest to scholars of Real Estate economics around the world.
1. Introduction, 2. Applied Econometric Models in International Housing Markets: Theories and Applications, 3. Risk Averse Real Estate Entrepreneurs in Mainland China: A Probit Model Approach, 4. Forecasting Real Estate Stocks Prices in Hong Kong: A State Space Model Approach, 5. Market Sentiment and Property Prices in Hong Kong: A State Space Model Approach, 6. Superstitious and Hong Kong Housing Prices: A Hedonic Pricing Approach, 7. Negative Environmental Externalities and Housing Price: A Hedonic Model Approach, 8. The Impact of Subprime Financial Crisis on Germany and Norway Real Estate Market: L1, Chow Test and Quantile Regression Approach, 9. Housing Prices and External Shocks’ Impact on South Africa and Czech Republic’s Housing Prices: A Vector Error Correction Model and Impulse Response Functions Approach, 10. Factors which Drive the Ups and Downs of Housing Prices in Canada: A Cobb: Douglass Approach, 11. An Econometric Analysis on REITs Cycles in Hong Kong, Japan, the US and the UK, 12. Conclusion: Should the Mainstream Economists Neglect and Undermine Real Estate Economics? The ‘wh-’ Questions in International Housing Markets, Macro-economy and Econometric Models Context
The Routledge Studies in International Real Estate Series presents a forum for the presentation of cutting edge research into international real estate issues published to Routledge’s exacting academic standards. Books in the series will be broad in their conceptual scope and reflect an inter-disciplinary approach to Real Estate as an academic discipline.