The first real estate bubble? Land prices and rents in medieval England c. 1300–1500

Bell, Adrian R.; Brooks, Chris; Killick, Helen

doi:10.1016/j.ribaf.2022.101700

Cited by 4 publications

(1 citation statement)

References 45 publications

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“…Moreover, Jiang and Qiu [ 39 ] argued that the land purchase price has a greater positive impact on the average selling price of residential commercial housing when considering residents’ disposable income. Therefore, scholars believe that housing prices and land prices do not present a one-way influence relationship [ 40 , 41 ]. Housing prices and land prices interact in a dynamic process that needs to be analyzed from a more comprehensive perspective.…”

Section: Literature Reviewmentioning

confidence: 99%

Land finance, infrastructure investment and housing prices in China

Chen,

Chen

2023

PLoS ONE

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Housing prices in China have experienced rapid growth in recent decades, and land finance has long been discussed as an important factor in this growth. In this paper, we explore the interactions among housing prices, land transfer revenue and infrastructure investment from the perspective of government revenue and expenditure. Based on the panel data of 35 large and medium-sized cities in China from 2000 to 2017, the empirical results show that land transfer revenue, infrastructure investment and housing prices are causally related and result in positive feedback. The grouped regression results show that infrastructure investment has greater impacts on housing prices in eastern region cities than in the other cities. In contrast, in the central and western regions, land sales revenue has a greater impact on housing prices, indicating that cities in less-developed areas are more dependent on land finance than are those in more developed regions. Finally, we use the vector error correction model (VECM) to add control variables for robustness testing. The results show that land transfer income and infrastructure investment have a positive impact on housing prices. Our results provide some references for the stable development of housing markets in China.

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Section: Literature Reviewmentioning

confidence: 99%

Land finance, infrastructure investment and housing prices in China

Chen,

Chen

2023

PLoS ONE

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Valuing public land in land policy: The role of accountancy regulations

Korthals Altes

2024

Land Use Policy

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Macroeconomic drivers effect on housing sale prices in China

Wang,

Hussain,

Yan

2024

IJHMA

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Purpose The purpose of this study is to conduct a thorough empirical investigation of the intricate relationship between urban housing sales prices and land supply prices in China, with the aim of elucidating the underlying economic principles governing this dynamic interplay. Design/methodology/approach Using monthly data of China, the authors use the asymmetry nonlinear autoregressive distributed lag (NARDL) model to test for nonlinearity in the relationship between land supply price and urban housing prices. Findings The empirical results confirm the existence of an asymmetric relationship between land supply price and urban housing prices. The authors find that land supply price has a positive and statistically significant impact on urban housing prices when land supply is increasing. Policymakers should strive to strike a balance between safeguarding residents’ housing rights and maintaining market stability. Research limitations/implications Although the asymmetric effect of land supply price has been identified as a significant contributor in this study, it is important to note that the research primarily relies on time series data and focuses on analysis at the national level. Although time series data offer a macroscopic perspective of overall trends within a country, they fail to adequately showcase the structural variations among different cities. Practical implications To ensure a stable housing market and meet residents’ housing needs, policymakers must reexamine current land policies. Solely relying on restricting land supply to control housing prices may yield counterproductive results. Instead, increasing land supply could be a more viable option. By rationally adjusting land supply prices, the government can not only mitigate excessive growth in housing prices but also foster the healthy development of the housing market. Originality/value First, the authors have comprehensively evaluated the impact of land supply prices in China on urban housing sales prices, examining whether they play a facilitating or mitigating role in the fluctuation of these prices. Second, departing from traditional linear analytical frameworks, the authors have explored the possibility of a nonlinear relationship existing between land supply prices and urban housing sales prices in China. Finally, using an advanced NARDL model, the authors have delved deeper into the asymmetric effects of land supply prices on urban housing sales prices in China.

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The first real estate bubble? Land prices and rents in medieval England c. 1300–1500

Cited by 4 publications

References 45 publications

Land finance, infrastructure investment and housing prices in China

Land finance, infrastructure investment and housing prices in China

Valuing public land in land policy: The role of accountancy regulations

Macroeconomic drivers effect on housing sale prices in China

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