A Time Series Analysis of Japanese Land Prices after the War

Yoshioka, Takaaki; Yamada, Hiroyuki

doi:10.5736/jares1985.16.2_54

Cited by 2 publications

(2 citation statements)

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“…The authors found that GDP does not have significant relation with residential property price. Yoshioka and Yamada (2002) found that the money supply, either directly or indirectly through interest rate and bank credit, played a significant role in determining property prices. Similarly, Fengyun (2013) found that money supply might have influenced an increase in property prices, especially during the real estate bubble period.…”

Section: Macroeconomic Drivers Towards Residential Property Pricesmentioning

confidence: 99%

A Dynamic Relationship Between Consumer Confidence and Residential Property Price: Empirical Evidence for Malaysia

Ismail

Nayan

2021

IJPS

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In recent years, the real estate market has become a major interest for economists and researchers. In general, property prices are influenced by the supply and demand of the real estate market. In addition to the individual's positive expectation of the real estate market would raise the demand for housing and hence, house price indexes would increase. This study provides new knowledge on how consumer confidence in the housing industry affects residential property prices in Malaysia. Previous studies on the effect of consumer perception towards residential property in Malaysia are scarce. Therefore, the objective of this study is to determine how consumer confidence affect residential property price in Malaysia. Our study differs by focusing on the effect of consumer confidence on the housing industry and macroeconomic drivers toward residential property prices in Malaysia over the period 2004:Q1 to 2018:Q4. By using the autoregressive distributed lag (ARDL) test, the empirical results have shown the presence of long-run adjustment and indicate that consumer confidence towards the housing industry and many macroeconomic variables significantly affect residential property prices. From this finding, we have suggested that government and policymakers should be able to understand consumer confidence in the housing industry to increase consumer satisfaction and to improve consumer sentiment towards the residential property market in Malaysia.

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Section: Macroeconomic Drivers Towards Residential Property Pricesmentioning

confidence: 99%

A Dynamic Relationship Between Consumer Confidence and Residential Property Price: Empirical Evidence for Malaysia

Ismail

Nayan

2021

IJPS

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“…Money supply: Money supply affects the economy through the changes of monetary price, bank credit and quantity theory of money (Liu, 2013) . Importance of money supply and any shock to money supply will correlate in housing price increasing relationships on housing price (Su et al , 2019; Yoshioka and Yamada ,2002; Lastrapes, 2002). Hence, a positive effect between money supply and housing price is expected.…”

Section: Literature Reviewmentioning

confidence: 99%

Residential property market in Malaysia: an analysis of price drivers and co-movements

Thaker

Ariff

Subramaniam

2020

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PurposeThe purpose of this paper is to identify the drivers of residential price as well as the degree co-movement of housing among different states in Malaysia.Design/methodology/approachThis study adopted an advanced econometrics technique: the dynamic autoregressive-distributed lag (DARDL) and – the time-frequency domain approach known as the wavelet coherence test. The DARDL model was applied to identify the cointegrating relationships and the CWT was used to analyze the co-movement and lead–lag relationships among four states’ regional housing prices. The extracted data were mainly on annual basis and comprised macroeconomics and financial factors. Information with regard to residential prices and other variables was extracted from the National Property Information Centre (NAPIC) website, the Central Bank of Malaysia Statistics Report, the Department of Statistics, Malaysia, I-Property.com and the World Bank (WB). The data covered in this study were the pool data from four main states in Malaysia and different categories of residential properties.FindingsThe empirical results indicate that there were long-run cointegration relationships between the housing price and capital gain and loss, rental per square feet, disposable income, inflation, number of marriages, deposit rate, risk premium and loan-to-value (LTV) ratio. While the wavelet analysis shows that (1) in the long run, Kuala Lumpur housing price having strong co-movement with Selangor, Penang and Melaka housing prices except for Johor and (2) the lead–lag relationship also postulates Kuala Lumpur housing price having in-phase category with Selangor, Penang and Melaka housing prices except for Johor.Practical implicationsThis study offers relevant practical implications. First, the study proposes an active collaboration between the private sector and government support which may help to smooth the pricing issue of residential properties. More low-cost residential projects are needed for focus groups including middle- and low-income earners. Furthermore, the results are expected to provide real estate investor in Malaysia, an improved understanding of the regional housing market price dynamics.Originality/valueThe findings of this study were obtained from various reliable sources; therefore, the results reflected the analysis of price drivers and co-movements. Furthermore, findings from this study lend some support to the argument on the rise of residential prices and offer several policy implications from a practical point of view with regard to the residential market.

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A Time Series Analysis of Japanese Land Prices after the War

Cited by 2 publications

References 5 publications

A Dynamic Relationship Between Consumer Confidence and Residential Property Price: Empirical Evidence for Malaysia

A Dynamic Relationship Between Consumer Confidence and Residential Property Price: Empirical Evidence for Malaysia

Residential property market in Malaysia: an analysis of price drivers and co-movements

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