Property heterogeneity and convergence club formation among local house prices

Holmes, Mark J.; Otero, Jesús; Panagiotidis, Theodore

doi:10.1016/j.jhe.2018.09.002

Cited by 41 publications

(58 citation statements)

References 36 publications

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“…The housing market plays a key role in shaping the economy both at the state and local levels. A very important part of the housing market is house prices that affect not only economic matters, but also labor mobility between regions and the affordability of housing (HOLMES et al 2019). Therefore, knowledge of how house prices behave over time is crucial.…”

Section: Introductionmentioning

confidence: 99%

“…On this basis, many researchers study the convergence of housing prices, especially on the regional level. A leading role in this matter seems to be played by research in the UK and USA (HOLMES, GRIMES 2008;HOLMES et al 2011;KIM, ROUS 2012;MONTAGNOLI, NAGAYASU 2015;HOLMES et al 2019). Moreover, there is a rapid growth in studies on the convergence of regional house prices in China (ZHANG, MORLEY 2014;MENG et al 2015;MAO 2016;CHOW et al 2016).…”

Section: Introductionmentioning

confidence: 99%

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House Price Convergence on the Primary and Secondary Markets: Evidence from Polish Provincial Capitals

Tomal

2019

Real Estate Management and Valuation

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The aim of this study is to identify whether there is a common house price trend across provincial capitals in Poland. The log t regression is the main method of analysis. Additionally, traditional convergence tests based on the concepts of β- and σ-convergence are used. The obtained results indicate that the cities do not share a common price in the long-run. There are, however, convergence clubs on both primary and secondary markets. In each club, house prices across cities tend to converge to their own steady state. Moreover, research on the driving forces of convergence reports that factors affecting housing prices differ among the clubs. Therefore, policymakers should adjust housing policies in accordance with the characteristics of a given club. In turn, the σ-convergence model demonstrated a very interesting finding, namely, a U-shape pattern of convergence, both on the primary and secondary markets. This pattern is strictly correlated with the level of prices on the markets.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

House Price Convergence on the Primary and Secondary Markets: Evidence from Polish Provincial Capitals

Tomal

2019

Real Estate Management and Valuation

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“…The size, position and environmental features of the selected land-plot can influence the thermal comfort of the future house and the energy savings due to sun exposure in the world (Almumar, 2019). Also, studies are still ongoing to compare housing prices in apartment buildings and detached houses (Holmes et al, 2019) by analysing housing information in future recession periods (Christiansen et al, 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

The Residence Plot Selection Model for Family House in Vilnius by Neutrosophic Waspas Method

Baušys

Juodagalvienė

Žiūrienė

et al. 2020

International Journal of Strategic Property Management

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Good quality dwelling and the environment are related to the values of citizens’ existence. It can be highlighted as important questions in creating a sustainable living environment. The research and analysis carried out so far include global planning of the plot of a particular country or city according to economic aspects. Meanwhile, our model, which covers the key social aspects of choosing a residential house, will fill this gap. We propose an original problem formulated which includes the planning of the plot of a particular city according to economic, environmental and social aspects. Our work aims to investigate the criteria for the selection of single-family houses and to develop a theoretical evaluation model based on decision-making methods. The presented study deals with the problem of selecting a one-family house plot using the Weighted Aggregate Sum Product Assessment Methods (WASPAS) and the Step-Wise Weight Assessment Ratio Analysis Method (SWARA). During the research, parameters related to plot selection were evaluated: infrastructure, distance, cost, privacy, security and aesthetic view.

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“…In 1986, Baumol and Abramovitz applied this theory to empirical research [20,21], regional convergence has gradually become an important topic. Currently, the studies of convergence and divergence mainly focus on economic growth, income, consumption expenditure, energy intensity, housing prices, and unemployment [22][23][24][25][26][27][28][29][30][31][32], and the types of convergence are various, including σ convergence (reflecting a decreasing trend of the urbanization level gap between regions or countries over time), β convergence (convergence only after controlling the factors affecting steady state), club convergence (convergence within subsamples), and stochastic convergence (examining whether the initial deviations from some hypothetical long-term equilibrium of an investigated indicator decrease over time). Correspondingly, the methods of measuring convergence are also different, such as CV sigma-convergence and beta-convergence, club convergence approach, Markov chain and spatial Markov chain methods, and econometric approach.…”

Section: Literature Reviewmentioning

confidence: 99%

Does Population Mobility Contribute to Urbanization Convergence? Empirical Evidence from Three Major Urban Agglomerations in China

et al. 2020

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Population mobility accelerates urbanization convergence and mitigates the negative impact of the spatial agglomeration effect on urbanization convergence, which is the most important conclusion in this paper. Taking 38 cities in China’s three urban agglomerations (the Yangtze River Delta, the Pearl River Delta, and the Beijing–Tianjin–Hebei region) from 2005 to 2016 as research subjects, the study first shows that there is a large gap in the level of urbanization between the three major urban agglomerations, but the gap has been constantly narrowed and presents a trend of absolute convergence and conditional convergence. Furthermore, without adding a population mobility variable, the combination of the diffusion effect of high-urbanization cities and the high growth rate of low-urbanization cities causes the inter-regional urbanization level to be continuously convergent in the Yangtze River Delta region; however, the combination of the agglomeration effect of high-urbanization cities and the high growth rate of low-urbanization cities causes the inter-regional urbanization to be divergent in the Pearl River Delta and the Beijing–Tianjin–Hebei region. Under the influence of population mobility, the “catch-up” effect in low-urbanization regions is greater than the agglomeration effect in high-urbanization regions, which promotes the continuous convergence of inter-regional urbanization.

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Property heterogeneity and convergence club formation among local house prices

Cited by 41 publications

References 36 publications

House Price Convergence on the Primary and Secondary Markets: Evidence from Polish Provincial Capitals

House Price Convergence on the Primary and Secondary Markets: Evidence from Polish Provincial Capitals

The Residence Plot Selection Model for Family House in Vilnius by Neutrosophic Waspas Method

Does Population Mobility Contribute to Urbanization Convergence? Empirical Evidence from Three Major Urban Agglomerations in China

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