Demographic cycles, migration and housing investment

Monnet, Éric; Wolf, Clara

doi:10.1016/j.jhe.2017.09.001

Cited by 16 publications

(15 citation statements)

References 30 publications

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“…In this context, it should be noted that the net impact of immigration is determined by the results of the competition between former residents and newcomers both on the housing market and the labor market. The increase in housing demand that migration may bring about is suggested to be higher when housing supply is more elastic, migrants participate in the labor market complementarily to natives, migrants aim at homeownership, and when in the perception of former residents local amenities improve as a result of increased migration and cultural diversity (Accetturo et al, 2014;Card, 1990;Monnet and Wolf, 2017;Sanchis-Guarner, 2017).…”

Section: Literature Reviewmentioning

confidence: 99%

The effect of asylum seeker reception centers on nearby house prices: Evidence from The Netherlands

Daams

Proietti

Veneri

2019

Journal of Housing Economics

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With 20,945 asylum applications in 2016, the Netherlands received the tenth highest number of asylum requests in Europe. From the time of their arrival, and until a decision on their asylum requests is made, asylum seekers are sheltered in asylum seeker reception centers (ASRCs) across the country. This paper tests whether the opening of reception centers affects the prices of nearby houses. In doing so, likely differential effects across urban and non-urban areas, as well as for ASRCs of distinct capacities to host asylum seekers, are considered. The analysis uses hedonic regressions that are based on a staggered difference-in-differences design. Estimation comes from 2009-2017 information on the transaction prices of houses (N = 347,479) and the locations and opening dates of nearby ASRCs (N = 75). The results indicate that the opening of ASRCs causes the prices of some houses to fall by approximately 9.3%. However, this estimated effect pertains solely to single-family houses in less densely populated areas and for ASRC of high hosting capacity, whereas in cities no economically or statistically significant effects are found. The findings of this study have implications for the design of public policies that regard the spatial dispersion of ASRCs. 'stated preferences', see for example Facchini et al. (2016), Grigorieff et al. (2017), or Hopkins et al. (2018, which may allow socially acceptable answers to impact findings. Unlike such studies, we consider preferences that are revealed in local housing markets. To our

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Section: Literature Reviewmentioning

confidence: 99%

The effect of asylum seeker reception centers on nearby house prices: Evidence from The Netherlands

Daams

Proietti

Veneri

2019

Journal of Housing Economics

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“…3). The majority of migrants tend to prefer more developed regions compared to the current residence [9], moving from sparsely populated areas with low wages to the nearby regional economic centers, where the prosperous employment is offered.…”

Section: B Price Per Square Meter and Migration Metricsmentioning

confidence: 99%

Regional housing market in Russia: analysis of dependencies between indicators of migration, construction volume and housing affordability

Klypin¹,

Vyunov²

2018

Proceedings of the International Scientific Conference "Competitive, Sustainable and Secure Development of the Regional Economy

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“…Various papers have studied the determinants of housing bubbles (e.g. Kim & Lim, 2016;Liu, Nowak, & Rosenthal, 2016;Monnet & Wolf, 2017;Oberg, 2017). However, few have studied the determinants of their duration.…”

Section: Introductionmentioning

confidence: 99%

Determinants of housing bubbles' duration in OECD countries

Amador-Torres

Gómez-González

Sanín-Restrepo

2018

International Finance

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We study the determinants of housing price bubbles' duration for a set of OECD countries between 1970 and 2015. Our topic of study is of major importance, as duration is a proxy for other dimensions, such as the magnitude of bubbles, the extent of macroeconomic imbalances, and the chance that a rational bubble turns into an irrational one. We answer two related questions: (i) Does prolonged domestic monetary‐policy easing increase the duration of housing price bubbles? (ii) Does prolonged monetary‐policy easing in the United States influence the housing bubbles' duration in other OECD countries? We show that the answer to the first question is a clear yes but that the answer to the second question is not as clear. Our main result is that monetary‐policy tightening can accelerate the termination of a housing bubble. In this sense, our findings provide support for ‘leaning against the wind’ policies.

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Demographic cycles, migration and housing investment

Cited by 16 publications

References 30 publications

The effect of asylum seeker reception centers on nearby house prices: Evidence from The Netherlands

The effect of asylum seeker reception centers on nearby house prices: Evidence from The Netherlands

Regional housing market in Russia: analysis of dependencies between indicators of migration, construction volume and housing affordability

Determinants of housing bubbles' duration in OECD countries

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