Relationship between Proportion of Private Housing Completions, Amount of Private Housing Completions, and Property Prices in Hong Kong
|
|
- Joanna April Warner
- 5 years ago
- Views:
Transcription
1 Relationship between Proportion of Private Housing Completions, Amount of Private Housing Completions, and Property Prices in Hong Kong Bauhinia Foundation Research Centre May 2014
2 Background Tackling Hong Kong s housing problem is the top priority of the current Government, and the shortage of housing supply is viewed as the crux of the prevailing housing problem. 1 In order to resolve the housing shortage problem, the Government aims to provide a total of 470,000 units in the coming ten years, of which 60% will be public housing. 2 For the first five-year period ( ), the Government plans to provide about 80,000 public housing units, and the private sector is expected to produce about 68,000 flats. 3 For the second fiveyear period ( ), the Government aims to build about 200,000 public housing units, and the private sector is expected to complete about 122,000 flats The Government is trying to tackle the housing shortage by increasing the overall housing supply. 5 It is worth noting that the Government intends to increase the proportion of public housing in the future housing completions. While some grassroots groups have argued that the proportion of public housing completions should reach at least 60%, or even 70%, others are concerned about the decline in the proportion of private housing completions and its impact on the property market. 6 People are worried that once the amount of private housing completions declines, property prices may rise further. 3. In fact, even though the proportion of public and private housing completions varied over the past ten years in Hong Kong, property prices still kept rising. Is there any relationship between the proportion of private housing completions and property prices? And it is worth examining whether there is any relationship between the amount of private housing completions and property prices. 1 The 2013 Policy Address, 16 January, The 2014 Policy Address, 15 January, Private housing completions are defined as those units granted an Occupation Permit which is a statutory document issued by the building department certifying the satisfactory completion of a new building, including those private flats converted from subsidised sale flats. 4 Speech from the Secretary for Transport and Housing at a special meeting of the Legislative Council Panel on the 2014 Policy Address, press release by Information Services Department, 28 January, Same as 2. 6 Cheung Bing-leung: maintain the recommended ratio public and private housing as 6:4, the RTHK website, 21 December,
3 Study Objectives and Methodology 4. This study aims to examine two areas as follows: (1) the relationship between the proportion of private housing completions and property prices in Hong Kong; and (2) the relationship between the amount of private housing completions and property prices in Hong Kong. By using the housing statistics over the past ten years ( ), we first examine the situation of the proportion of private housing completions and changes in property prices, and further explore whether the two variables are related in terms of their correlation coefficient. Besides, we employ the Granger causality test (details on Page 6) to examine if the lead-lag relationship exists between the changes in both private housing completions and property prices. Study Limitations 5. This study is not focusing on property market analysis, so other important factors that may affect property prices, including the quantitative easing policy in the United States, the hot money inflow from the Mainland, the linked exchange rate system, etc., are not covered in this study. In addition, previous property journals generally focused on the relationship between two variables, such as the examination of the causal relationship between property prices and rents in Hong Kong (Cheung et al., 1995) 7, and the analysis of the association between property prices and the performance of real estate stocks in Hong Kong (Newell and Chau, 1996) 8. Given the premise that the land supply is mainly managed by the Government, our analysis will only focus on the relationship between the proportion of private housing completions and property prices, and the relationship between the amount of private housing completions and property prices. 7 Cheung, Y.L., Tsang, S.K., and Mak, S.C. (1995) The causal relationships between residential property prices and rentals in Hong Kong: , Journal of Real Estate Finance and Economics, 10: Newell, G., and Chau, K.W. (1996) Linkages between direct and indirect property performance in Hong Kong, Journal of Property Finance, 7:
4 Study Findings The proportion of private housing completions and changes in property prices 6. According to the data of housing completions in the past ten years ( ), the average proportions of the public and private housing completions were 42:58 for the period of and 62:38 for the period of respectively (see Table 1). In , the average proportion of private housing completions was higher than that of public housing completions, and property prices rose nearly 70% over the same period. Although property prices fell by 12% in 2003, due to the outbreak of Severe Acute Respiratory Syndrome (commonly known as the SARS ) in Hong Kong, property prices rebounded rapidly by 27% in The cumulative increase of 68% was recorded in the following five years between 2003 and In , the average proportion of public housing completions was higher than that of private housing completions, and property prices still increased by 70%. 7. Thus, even though the average proportions of public and private housing completions in two periods ( and ) were different (i.e. a higher proportion of private housing in and a higher proportion of public housing in ), property prices still kept rising as a result of the continuously low supply of private housing completions. 3
5 Table 1: Number of Public and Private Housing Completions, Proportion of Private Housing Completions and Changes in Property Price Index during Year Public Housing Units (including public rental housing and subsidised sale flats Private Housing Units (excluding village houses) Total Number of Housing Completions Public and Private Housing Proportion of Completions ,268 26,397 40, : 65 Average Proportion of Completions Year-on- Year Changes in Property Price Index -11.9% ,947 26,036 46, : % ,691 17,321 42, : : % ,430 16,579 21, : % ,805 10,471 17, : % ,831 8,776 34, : % ,391 7,157 26, : % ,495 13,405 20, : : % ,787 9,449 27, : % ,778 10,149 19, : % Source: Information note on Long Term Housing Strategy by Legislative Council Secretariat, Hong Kong Housing Authority, and Rating and Valuation Department. 68% 71% 9 Proportion of public housing completions = Public housing completions / Total housing completions; Proportion of private housing completions = Private housing completions / Total housing completions. 4
6 Number of Units The relationship between the proportion of private housing completions and property prices 8. We try to examine the relationship between the proportion of private housing completions and property prices in terms of their correlation coefficient 10. Data from 2003 to 2012 show that the correlation coefficient between the proportion of private housing completions and property prices is , which indicates a negative correlation between the two variables. However, with the p-value of , it shows that their relationship is not statistically significant (see Table 2). 9. It is noted that private housing completions in Hong Kong over the past ten years ( ) was only 45% of that in (see Table 1 and Figure 1). Under the circumstances of continuous shortage of private housing completions, property prices kept rising, regardless of the proportion of private housing completions. This may account for no significant relationship between the proportion of private housing completions and property prices. Figure 1: Number of Private Housing Completions for Every Ten-year during , , , , , ,000 50, , , , The correlation coefficient is used to reflect the relationship between two variables. When the value is greater than 0, it means that the two variables are positively correlated; when the value is less than 0, it means that the two variables are negatively correlated. 11 The degree of correlation can be generally divided into three levels: low correlation when the absolute value is less than 0.4; significant correlation when the absolute value is between 0.4 and 0.7; high correlation when the absolute value is between 0.7 and p-value is the probability that reflects the possibility of an event occurring; generally p- value<=0.01 indicates very significant, p-value<=0.05 indicates moderate significant, and p- value<=0.1 indicates slight significant. 5
7 Source: Rating and Valuation Department. Table 2: Correlation between Proportion of Private Housing Completions and Changes in Property Price Index during Proportion of Private Housing (including all classes) Year Private Housing Property Price Year-on-Year Changes in Completions Index 13 Property Price Index % % % % % % % % % % % % % % % % % % % % Correlation = (p-value = 0.50) Source: Information note on Long Term Housing Strategy by Legislative Council Secretariat, and Rating and Valuation Department. The relationship between the amount of private housing completions and property prices 10. We try to employ the Granger causality test 14 to examine whether the lead-lag relationship exists between the changes in both private housing completions and property prices. 11. By using the Granger causality test, we first examine two sets of data, including year-on-year changes in private housing completions (in percentage) and year-on-year changes in property prices (in percentage) over the past ten years ( ). The test results over the past ten years ( ) show that there is no lead-lag relationship between the changes in private housing completions in previous one year, two years or three years and the changes in property prices in the current year. Similarly, there is no lead-lag relationship between the changes in property prices in previous one year, two years or three 13 Based on 1999 = The Granger causality test is a statistical hypothesis test for determining whether the leadlag relationship between the two variables exists at the same period of time. 6
8 years and the changes in private housing completions in the current year (see Table 4(A)). 12. We further examine the same set of data covering the period of (see Table 3) by using the Granger causality test. Taking five years as the general completion period for a residential housing project 15 into account, we include the changes in both private housing completions and property prices in previous five years in our analysis. The test results show that there is no lead-lag relationship between the changes in private housing completions in previous one year, three years or five years and the changes in property prices in the current year for the period of (see Table 4(B)). However, there is lead-lag relationship between the changes in property prices in previous five years and the changes in private housing completions in the current year. It may be related to several major financial crises in Hong Kong in the past, which led to a slump in the economy and also in the property market. Developers might therefore have lost confidence in the property market, which was reflected in the reduction of private housing completions after five years. 15 Lot owners are required to obtain an occupation permit from the Building Authority within the Building Covenant period generally ranges from 48 to 72 months from the date of the land lease document. We try to use the mid-point, 60 months (five years) as the general completion period for a residential housing project in our analysis. 7
9 Table 3: Number of Private Housing Completions, Percentage Changes in Private Housing Completions, Property Price Index, and Percentage Changes in Property Price Index during Year Private Housing Completions (excluding village houses) Year-on-Year Changes in Private Housing Completions Property Price Index , Year-on-Year Changes on Property Price Index ,380 0% % ,222-5% % ,673-4% % ,173-2% % ,621-4% % ,875-9% % ,202-6% % ,278-4% % ,322 1% % ,790 3% % ,262 5% % ,035 12% % ,397 3% % ,036-6% % ,321-6% % ,579-7% % ,471-20% % ,776-18% % ,157-24% % ,405-6% % ,449-13% % ,149-1% % Source: Rating and Valuation Department. 8
10 Table 4: Results of Granger Causality Test for Changes in Private Housing Completions and Changes in Property Price Index Null Hypothesis (1 ) (A) Assuming changes in private housing completions in year (t-1) do not have lead-lag effect on changes in property prices in year (t) (2) Assuming changes in property prices in year (t-1) do not have lead-lag effect on changes in private housing completions in year (t) Assuming changes in private housing completions in year (t-2) do not have lead-lag effect on changes in property prices in year (t) Assuming changes in property prices in year (t-2) do not have lead-lag effect on changes in private housing completions in year (t) Assuming changes in private housing completions in year (t-3) do not have lead-lag effect on changes in property prices in year (t) Assuming changes in property prices in year (t-3) do not have lead-lag effect on changes in private housing completions in year (t) Null Hypothesis (B) Assuming changes in private housing completions in year (t-1) do not have lead-lag effect on changes in property prices in year (t) Assuming changes in property prices in year (t-1) do not have lead-lag effect on changes in private housing completions in year (t) Assuming changes in private housing completions in year (t-3) do not have lead-lag effect on changes in property prices in year (t) Assuming changes in property prices in year (t-3) do not have lead-lag effect on changes in private housing completions in year (t) F statistics p-value (3) F statistics p-value Results Results 9
11 Null Hypothesis (B) Assuming changes in private housing completions in year (t-5) do not have lead-lag effect on changes in property prices in year (t) Assuming changes in property prices in year (t-5) do not have lead-lag effect on changes in private housing completions in year (t) F statistics p-value Results ** Notes (1): The null hypothesis is generally assumed true until evidence indicates otherwise. (2): In brief, assuming year t is 2012, where we test if property prices in 2012 are affected by private housing completions in previous year(s) (one year, three years or five years), we adopt the Granger causality test by using the changes in private housing completions in previous one year (i.e. 2011, t- 1), three years (i.e. 2009, t-3) or five years (i.e. 2007, t-5) to examine whether the lead-lag relationship exists between private housing completions and property prices. (3): When the p-value < 0.1, the null hypothesis can be rejected. Conclusion 13. In recent years, Hong Kong s property prices have continued to rise and exceeded what most people can afford, leading to a strong demand of affordable housing supply in the society. According to the statistics from the Rating and Valuation Department, the property price index was in August 2013, recording a new historical high. At the same time, the sufficient global liquidity and the sustained low interest rate environment were still pushing up the property prices. Based on the above data analysis, we can conclude the following two key points: (i) There is no relationship between the proportion of private housing completions and property prices in terms of their correlation coefficient. In recent years, the amount of Hong Kong s private housing completions has decreased (see Table 3), but under such circumstances property prices have continued to rise. Based on the projections by the Long Term Housing Strategy Steering Committee, the quantity demand of Hong Kong s private housing 10
12 would be 18,800 units per year from 2014 to However, the average private housing completions only met 14,500 units per year from 2003 to Hence, in order to assist home ownership and maintain a healthy growth in the property market, the adequate private housing completion is essential, while the proportion of private housing completions is relatively less important; and (ii) In general, previous changes in private housing completions should have some effects on property prices, but our study finds that their relationship does not exist in Hong Kong. There is no lead-lag relationship between the changes in private housing completions in previous one year, two years, or three years and the changes in property prices in the current year. It might be due to the continuous low level of private housing completions over the past ten years ( ), which makes the changes in private housing completions irrelevant. Nevertheless, when examining the data from a longer period of time ( ), we find that the changes in private housing completions can be affected by the changes in five years ago. It reflects that developers become prudent and conservative due to the prevailing economic downturn, which affects private housing completions after five years. 14. In conclusion, in order to tackle Hong Kong s housing problem, it is necessary for the Government to raise the land supply for housing completions. Since the Government has introduced the demand side management measures 17, property prices eventually cooled down in the third quarter of However, the property prices are still at a high level and most people who intend to purchase their own home still cannot afford home ownership. Hence, we are of the view that the Government should expedite the land supply for housing completions on the one hand, while implementing the demand management measures on the other hand, to curb speculative activities leading to the continuous rise in property prices. 16 Long Term Housing Strategy Consultation Document, Long Term Housing Strategy Steering Committee, September The demand side management measures include Special Stamp Duty, Buyer Stamp Duty as well as Double Stamp Duty and Residential Properties (First-hand Sales) Ordinance introduced in November 2010, October 2012 and February 2013 respectively. 11
13 ~END~ 12
Journal of Business & Economics Research Volume 1, Number 9
Property Value, User Cost, and Rent: An Investigation of the Residential Property Market in Hong Kong Ying-Foon Chow (E-mail: yfchow@baf.msmail.cuhk.edu.hk), Chinese University of Hong Kong, China Nelson
More informationRESIDENTIAL PROPERTY PRICE INDEX
EUROSYSTEM RESIDENTIAL PROPERTY PRICE INDEX Q4 Main developments in residential property prices during Q4 Residential property prices (houses and apartments) recorded a smaller reduction in the fourth
More informationThe Change of Urban-rural Income Gap in Hefei and Its Influence on Economic Development
2017 2 nd International Conference on Education, Management and Systems Engineering (EMSE 2017) ISBN: 978-1-60595-466-0 The Change of Urban-rural Income Gap in Hefei and Its Influence on Economic Development
More informationLand Supply and Housing Price: A Case in Beijing. Jinhai Yan
Land Supply and Housing Price: A Case in Beijing Jinhai Yan Department of Land and Real Estate Management of Renmin University of China, Beijing 100872 P.R.China Abstract Recently housing price in Beijing
More informationMarket Insights & Strategy Global Markets
Market Insights & Strategy Global Markets UAE Real Estate Review 2016 Q2 Please find below a quick snapshot of the key topics covered in this note: Pricing trends - Sales In June 2016, monthly average
More informationTrends in Affordable Home Ownership in Calgary
Trends in Affordable Home Ownership in Calgary 2006 July www.calgary.ca Call 3-1-1 PUBLISHING INFORMATION TITLE: AUTHOR: STATUS: TRENDS IN AFFORDABLE HOME OWNERSHIP CORPORATE ECONOMICS FINAL PRINTING DATE:
More informationHousing as an Investment Greater Toronto Area
Housing as an Investment Greater Toronto Area Completed by: Will Dunning Inc. For: Trinity Diversified North America Limited February 2009 Housing as an Investment Greater Toronto Area Overview We are
More informationCONSUMER CONFIDENCE AND REAL ESTATE MARKET PERFORMANCE GO HAND-IN-HAND
CONSUMER CONFIDENCE AND REAL ESTATE MARKET PERFORMANCE GO HAND-IN-HAND The job market, mortgage interest rates and the migration balance are often considered to be the main determinants of real estate
More informationNAB COMMERCIAL PROPERTY SURVEY Q4 2017
EMBARGOED UNTIL 11.30 AM WEDNESDAY 21 FEBRUARY 2018 NAB COMMERCIAL PROPERTY SURVEY Q4 2017 Date February 2018 NAB Behavioural & Industry Economics KEY FINDINGS The NAB Commercial Property Index (a measure
More informationPOLICY BRIEFING.
High Income Social Tenants - Pay to Stay Author: Sheila Camp, LGiU Associate Date: 2 August 2012 Summary This briefing covers two housing consultations; the most recent, the Pay to Stay consultation concerns
More informationDeterminants of residential property valuation
Determinants of residential property valuation Author: Ioana Cocos Coordinator: Prof. Univ. Dr. Ana-Maria Ciobanu Abstract: The aim of this thesis is to understand and know in depth the factors that cause
More informationREAL ESTATE SENTIMENT INDEX 1 st Quarter 2014
About Real Estate Sentiment Index (RESI) The Real Estate Sentiment Index (RESI) is jointly developed by the Real Estate Developers Association of Singapore (REDAS) and the Department of Real Estate (DRE),
More informationVolume Title: Well Worth Saving: How the New Deal Safeguarded Home Ownership
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Well Worth Saving: How the New Deal Safeguarded Home Ownership Volume Author/Editor: Price V.
More informationBriefing: Rent Convergence
30 September 2013 Briefing: Rent Convergence Summary of key points: The end of rent convergence threatens to cause issues with viability and capacity for some of our members. The Federation has communicated
More informationHigh Level Summary of Statistics Housing and Regeneration
High Level Summary of Statistics Housing and Regeneration Housing market... 2 Tenure... 2 New housing supply... 3 House prices... 5 Quality... 7 Dampness, condensation and the Scottish Housing Quality
More informationTest Scientifically the Determinants of Housing Price
EYTalk Dec 12, 2016 Test Scientifically the Determinants of Housing Price Edward Yiu Legislative Council Member 1 Two Major Hypotheses Insuff Supply Housing Supply Real Interest Rate Ultra Low IR Land
More informationMONETARY POLICY AND HOUSING MARKET: COINTEGRATION APPROACH
MONETARY POLICY AND HOUSING MARKET: COINTEGRATION APPROACH Doh-Khul Kim, Mississippi State University - Meridian Kenneth A. Goodman, Mississippi State University - Meridian Lauren M. Kozar, Mississippi
More informationHGAR HUDSON GATEWAY ASSOCIATION OF REALTORS, INC.
HGAR HUDSON GATEWAY ASSOCIATION OF REALTORS, INC. HUDSON GATEWAY ASSOCIATION OF REALTORS, INC. 60 South Broadway, White Plains, New York 10601 914.681.0833 Fax 914.681.6044 www.hgar.com 9 Coates Drive,
More informationHow Did Foreclosures Affect Property Values in Georgia School Districts?
Tulane Economics Working Paper Series How Did Foreclosures Affect Property Values in Georgia School Districts? James Alm Department of Economics Tulane University New Orleans, LA jalm@tulane.edu Robert
More informationFilling the Gaps: Stable, Available, Affordable. Affordable and other housing markets in Ekurhuleni: September, 2012 DRAFT FOR REVIEW
Affordable Land and Housing Data Centre Understanding the dynamics that shape the affordable land and housing market in South Africa. Filling the Gaps: Affordable and other housing markets in Ekurhuleni:
More informationCOMPARISON OF THE LONG-TERM COST OF SHELTER ALLOWANCES AND NON-PROFIT HOUSING
COMPARISON OF THE LONG-TERM COST OF SHELTER ALLOWANCES AND NON-PROFIT HOUSING Prepared for The Fair Rental Policy Organization of Ontario By Clayton Research Associates Limited October, 1993 EXECUTIVE
More informationFilling the Gaps: Active, Accessible, Diverse. Affordable and other housing markets in Johannesburg: September, 2012 DRAFT FOR REVIEW
Affordable Land and Housing Data Centre Understanding the dynamics that shape the affordable land and housing market in South Africa. Filling the Gaps: Affordable and other housing markets in Johannesburg:
More informationEconomic and monetary developments
Box 4 House prices and the rent component of the HICP in the euro area According to the residential property price indicator, euro area house prices decreased by.% year on year in the first quarter of
More informationThe Uneven Housing Recovery
AP PHOTO/BETH J. HARPAZ The Uneven Housing Recovery Michela Zonta and Sarah Edelman November 2015 W W W.AMERICANPROGRESS.ORG Introduction and summary The Great Recession, which began with the collapse
More informationDocument under Separate Cover Refer to LPS State of Housing
Document under Separate Cover Refer to LPS5-17 216 State of Housing Contents Housing in Halton 1 Overview The Housing Continuum Halton s Housing Model 3 216 Income & Housing Costs 216 Indicator of Housing
More informationSurvey on the Current Status of Industrial Buildings for Arts Activities and Future Demand Report Summary
Survey on the Current Status of Industrial Buildings for Arts Activities and Future Demand Report Summary 1. Target Group 1.1 Users of industrial buildings Arts practitioners and groups of the performing
More informationGREEN PAPER : HOUSING SUBSIDY TO TENANTS OF PUBLIC HOUSING
GREEN PAPER : HOUSING SUBSIDY TO TENANTS OF PUBLIC HOUSING Copyright: All rights reserved Information of this website, unless otherwise indicated, is protected by copyright and you may infringe it if you
More informationThe Relationship Between Micro Spatial Conditions and Behaviour Problems in Housing Areas: A Case Study of Vandalism
The Relationship Between Micro Spatial Conditions and Behaviour Problems in Housing Areas: A Case Study of Vandalism Dr. Faisal Hamid, RIBA Hamid Associates, Architecture and Urban Design Consultants Baghdad,
More informationTHE RELATIONSHIP BETWEEN RESIDENTIAL LAND PRICES AND HOUSE PRICES IN LAGOS STATE, NIGERIA
THE RELATIONSHIP BETWEEN RESIDENTIAL LAND PRICES AND HOUSE PRICES IN LAGOS STATE, NIGERIA Gambo, Y. L. Department of Estate Management, Abubakar Tafawa Balewa University, Bauchi, Nigeria E-mail: yusuf_gambo@yahoo.com
More informationThe impact of the global financial crisis on selected aspects of the local residential property market in Poland
The impact of the global financial crisis on selected aspects of the local residential property market in Poland DARIUSZ PĘCHORZEWSKI Szczecińskie Centrum Renowacyjne ul. Księcia Bogusława X 52/2, 70-440
More informationAsian Journal of Empirical Research
2016 Asian Economic and Social Society. All rights reserved ISSN (P): 2306-983X, ISSN (E): 2224-4425 Volume 6, Issue 3 pp. 77-83 Asian Journal of Empirical Research http://www.aessweb.com/journals/5004
More informationRESIDENTIAL PROPERTY PRICE INDEX (RPPI)
EUROSYSTEM RESIDENTIAL PROPERTY PRICE INDEX (RPPI) 2018 Q1 The residential property price index is still on an upward trend 1 The RPPI 1 (houses and apartments) increased by 0,6% in 2018Q1. This was the
More informationEstimating National Levels of Home Improvement and Repair Spending by Rental Property Owners
Joint Center for Housing Studies Harvard University Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners Abbe Will October 2010 N10-2 2010 by Abbe Will. All rights
More informationRESIDENTIAL PROPERTY PRICE INDEX (RPPI)
EUROSYSTEM RESIDENTIAL PROPERTY PRICE INDEX (RPPI) 2017Q1 Residential property prices continued to increase moderately in 2017Q1 1 The RPPI (houses and apartments) recorded the third consecutive marginal
More informationPerformance of the Private Rental Market in Northern Ireland
Summary Research Report July - December Performance of the Private Rental Market in Northern Ireland Research Report July - December 1 Northern Ireland Rental Index: Issue No. 8 Disclaimer This report
More informationUsing Historical Employment Data to Forecast Absorption Rates and Rents in the Apartment Market
Using Historical Employment Data to Forecast Absorption Rates and Rents in the Apartment Market BY CHARLES A. SMITH, PH.D.; RAHUL VERMA, PH.D.; AND JUSTO MANRIQUE, PH.D. INTRODUCTION THIS ARTICLE PRESENTS
More informationQ compared to Q from expert s point of view OVERVIEW
CBRE MarketView Office Market Hamburg www.cbre.de Q4 211 OVERVIEW Q4 211 compared to Q3 11 Q4 1 Take-up Vacancy Prime rent Prime yield Completions Q4 211 from expert s point of view Heiko Fischer, Head
More informationRESIDENTIAL PROPERTY PRICE INDEX (RPPI)
EUROSYSTEM RESIDENTIAL PROPERTY PRICE INDEX (RPPI) 2017Q2 Moderate recovery in the Residential Property Price Index 1 The RPPI (houses and apartments) recorded an increase of 0,5% on a quarterly basis
More informationHennepin County Economic Analysis Executive Summary
Hennepin County Economic Analysis Executive Summary Embrace Open Space commissioned an economic study of home values in Hennepin County to quantify the financial impact of proximity to open spaces on the
More informationMODELLING HOUSE PRICES AND HOME OWNERSHIP. Ian Mulheirn and Nishaal Gooroochurn
MODELLING HOUSE PRICES AND HOME OWNERSHIP Ian Mulheirn and Nishaal Gooroochurn NIESR - 1 June 2018 OBJECTIVES Explain the drivers of house prices and home ownership in the UK. Use the model to explain
More informationRESIDENTIAL PROPERTY PRICE INDEX
EUROSYSTEM RESIDENTIAL PROPERTY PRICE INDEX 212 Price declines continue in 212 Residential property prices (houses and apartments) decreased by a further 1% during the first quarter of 212, compared to
More informationGENERAL ASSESSMENT DEFINITIONS
21st Century Appraisals, Inc. GENERAL ASSESSMENT DEFINITIONS Ad Valorem tax. A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and
More informationQuarterly Housing Market Update
Quarterly Housing Market Update An Overview New Hampshire s current housing market performance, as well as its overall economy, is slowly improving, with positives such as increasing employment and rising
More informationREAL ESTATE VALUATION IN TRANSITION ECONOMIES. Dr. Nikolai TRIFONOV, FRICS, HonAAPOR, HonOKO, HonOSV. Belarusian Society of Valuers, President
REAL ESTATE VALUATION IN TRANSITION ECONOMIES Dr. Nikolai TRIFONOV, FRICS, HonAAPOR, HonOKO, HonOSV European Real Estate Society, Director at Large Responsible for Central and Eastern Europe Relations
More informationMinneapolis St. Paul Residential Real Estate Index
University of St. Thomas Minneapolis St. Paul Residential Real Estate Index Welcome to the latest edition of the UST Minneapolis St. Paul Residential Real Estate Index. The University of St Thomas Residential
More informationAssessment-To-Sales Ratio Study for Division III Equalization Funding: 1999 Project Summary. State of Delaware Office of the Budget
Assessment-To-Sales Ratio Study for Division III Equalization Funding: 1999 Project Summary prepared for the State of Delaware Office of the Budget by Edward C. Ratledge Center for Applied Demography and
More informationExamples of Quantitative Support Methods from Real World Appraisals
Examples of Quantitative Support Methods from Real World Appraisals Jeffrey A. Johnson, MAI Integra Realty Resources Minneapolis / St. Paul Tony Lesicka, MAI Central Bank 1 Overview of Presentation EXAMPLES
More informationStatus of HUD-Insured (or Held) Multifamily Rental Housing in Final Report. Executive Summary. Contract: HC-5964 Task Order #7
Status of HUD-Insured (or Held) Multifamily Rental Housing in 1995 Final Report Executive Summary Cambridge, MA Lexington, MA Hadley, MA Bethesda, MD Washington, DC Chicago, IL Cairo, Egypt Johannesburg,
More informationAVA. Accredited Valuation Analyst - AVA Exam.
NACVA AVA Accredited Valuation Analyst - AVA Exam TYPE: DEMO http://www.examskey.com/ava.html Examskey NACVA AVA exam demo product is here for you to test the quality of the product. This NACVA AVA demo
More informationDemocratising Property Investments
Democratising Property Investments What I wish to share today 1. Property sector outlook 2. How theedgeproperty.com can help you make better property investment decisions Property Sector Outlook The property
More informationRents for Social Housing from
19 December 2013 Response: Rents for Social Housing from 2015-16 Consultation Summary of key points: The consultation, published by The Department for Communities and Local Government, invites views on
More informationLSL New Build Index. The market indicator for New Builds September The New Build Housing Market
LSL New Build Index The market indicator for New Builds September 2018 In the year to end Aug 2018 new build house prices rose on average by 5.1% across the UK which is down on last year s figure of 9.8%
More informationEvaluation of Vertical Equity in Residential Property Assessments in the Lake Oswego and West Linn Areas
Portland State University PDXScholar Center for Urban Studies Publications and Reports Center for Urban Studies 2-1988 Evaluation of Vertical Equity in Residential Property Assessments in the Lake Oswego
More informationHousing Price Forecasts. Illinois and Chicago PMSA, January 2018
Housing Price Forecasts Illinois and Chicago PMSA, January 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationA Comparative Analysis of Affordable Housing in Saudi Arabia
j A Comparative Analysis of Affordable Housing in Saudi Arabia By Dr. Adel S. Al-Dosary Presented To Low Cost Building Systems in Urban Settlement Symposium May 16-19, 2005,Amman, Jordan ١ Outline of Presentation
More informationA matter of choice? RSL rents and home ownership: a comparison of costs
sector study 2 A matter of choice? RSL rents and home ownership: a comparison of costs Key findings and implications Registered social landlords (RSLs) across the country should monitor their rents in
More informationRESIDENTIAL PROPERTY PRICE INDEX
EUROSYSTEM RESIDENTIAL PROPERTY PRICE INDEX Larger decrease in residential property prices during the first quarter of 1 Residential property prices (houses and apartments) recorded a larger decline in
More information820 First Street, NE, Suite 510, Washington, DC Tel: Fax:
820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org March 16, 2004 HUD S RELIANCE ON RENT TRENDS FOR HIGH-END APARTMENTS TO CRITICIZE
More informationREAL ESTATE SENTIMENT INDEX 2 nd Quarter 2018
About Real Estate Sentiment Index (RESI) The Real Estate Sentiment Index (RESI) is jointly developed by the Real Estate Developers Association of Singapore (REDAS) and the Department of Real Estate (DRE),
More informationHOUSING AFFORDABILITY
HOUSING AFFORDABILITY (RENTAL) 2016 A study for the Perth metropolitan area Research and analysis conducted by: In association with industry experts: And supported by: Contents 1. Introduction...3 2. Executive
More informationHousing Price Forecasts. Illinois and Chicago PMSA, September 2016
Housing Price Forecasts Illinois and Chicago PMSA, September 2016 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationAPAC REALTY REPORTS NET PROFIT OF S$24.2 MILLION IN FY2018
APAC REALTY REPORTS NET PROFIT OF S$24.2 MILLION IN FY2018 Declares final dividend of 2.5 cents per share; including the interim dividend of 2.0 cents per share, bringing the total dividend for FY2018
More informationSection 5: Fair Housing Index
Section 5: Fair Housing Index Introduction The Fair Housing Index is a measure developed specifically for Analyses of Impediments to Fair Housing. The index combines the effects of several demographic
More informationPlanning and Development Department Building and Development Permit Summary Report
Planning and Development Department 21 Building and Development Permit Summary Report February 22, 21 2 21 Building and Development Permit Summary Table of Contents Introduction... 3 Building Permits...
More informationHong Kong Monetary Authority
Hong Kong Monetary Authority Research Memorandum 1/22 3 July 22 WHAT DRIVES PROPERTY PRICES IN HONG KONG? Key Points: This paper studies the determinants of property prices in Hong Kong. The estimates
More informationSusanne E. Cannon Department of Real Estate DePaul University. Rebel A. Cole Departments of Finance and Real Estate DePaul University
Susanne E. Cannon Department of Real Estate DePaul University Rebel A. Cole Departments of Finance and Real Estate DePaul University 2011 Annual Meeting of the Real Estate Research Institute DePaul University,
More informationRESIDENTIAL MARKET ANALYSIS
RESIDENTIAL MARKET ANALYSIS CLANCY TERRY RMLS Student Fellow Master of Real Estate Development Candidate Oregon and national housing markets both demonstrated shifting trends in the first quarter of 2015
More informationThe Housing Price Bubble, Monetary Policy, and the Foreclosure Crisis in the U.S.
The Housing Price Bubble, Monetary Policy, and the Foreclosure Crisis in the U.S. John F. McDonald a,* and Houston H. Stokes b a Heller College of Business, Roosevelt University, Chicago, Illinois, 60605,
More informationHousing Price Forecasts. Illinois and Chicago PMSA, August 2016
Housing Price Forecasts Illinois and Chicago PMSA, August 2016 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public
More informationTaiwan Real Estate Market in Post Asian Financial Crisis Period
Taiwan Real Estate Market in Post Asian Financial Crisis Period Wen-Chieh Wu * and Chin-Oh Chang ** This version: June 30, 2002 This paper will be presented at the International Conference of Asian Crisis,
More informationLack of supporting evidence It is not accepted that there is evidence to support the requirement of Sec 56 (2) Housing Act 2004
DASH Services Response to Nottingham City Council s consultation on proposed designation for additional licensing under Section 56 of the Housing Act 2004 Introduction DASH Services operates the DASH Landlord
More information6 Central Government as Initiator: Housing Action Trusts
6 Central Government as Initiator: Housing Action Trusts The Housing Act 1988 sets up a framework within which the Secretary of State will be able to appoint Housing Action Trusts to take over council
More informationHousing Bulletin Monthly Report
October 21 1 Housing Bulletin Monthly Report Housing Starts show Slight improvement in September CANADA Housing Starts 2, 15, 1, 5, Sep 8 Oct 8 Nov 8 Dec 8 Preliminary Housing Starts in Alberta and Canada
More informationFactors affecting capitalization rates in Hong Kong
Title Factors affecting capitalization rates in Hong Kong Other Contributor(s) University of Hong Kong Author(s) Leung, Ching-ching; 梁晶晶 Citation Issued Date 2004 URL http://hdl.handle.net/10722/48850
More informationWeekly Market Activity Report
Weekly Market Report A RESEARCH TOOL FROM THE MINNEAPOLIS AREA ASSOCIATION OF REALTORS BROUGHT TO YOU BY THE UNIQUE DATA-SHARING TRADITIONS OF THE REALTOR COMMUNITY For Week Ending June 30, 2018 Publish
More informationThe purpose of the appraisal was to determine the value of this six that is located in the Town of St. Mary s.
The purpose of the appraisal was to determine the value of this six that is located in the Town of St. Mary s. The subject property was originally acquired by Michael and Bonnie Etta Mattiussi in August
More informationThe buy-to-let market
The buy-to-let market 16.1 Introduction...1 Fig 1: Buy-to-let & first time buyer mortgages, UK 2000-2006...1 16.2 Buy-to-let investors...2 Table 1: Number of buy-to-let sales, Cambridge sub-region (estimates),
More informationMedian Income and Median Home Price
Homeownership Remains Unaffordable; Rental Affordability Showing Signs of Improvement Richard E. Taylor, Research Manager at MaineHousing MaineHousing has released the 217 Maine Homeownership and Rental
More informationA Model to Calculate the Supply of Affordable Housing in Polk County
Resilient Neighborhoods Technical Reports and White Papers Resilient Neighborhoods Initiative 5-2014 A Model to Calculate the Supply of Affordable Housing in Polk County Jiangping Zhou Iowa State University,
More informationTHE HONG KONG HOUSING AUTHORITY. Memorandum for the Subsidised Housing Committee
PAPER NO. SHC 1/2004 THE HONG KONG HOUSING AUTHORITY Memorandum for the Subsidised Housing Committee Survey on Applicants of Home Purchase Loan Scheme (HPLS) and Home Assistance Loan Scheme (HALS) 2003
More informationSHOULD THE GREEN BELT BE PRESERVED?
SHOULD THE GREEN BELT BE PRESERVED? A SOCIAL MARKET FOUNDATION INTERNAL COMMISSION Interim Findings August 2007 SMF Director: Ann Rossiter Commission Chair: Alex Isaac Commission Secretary: Kurt Mueller
More information3 November rd QUARTER FNB SEGMENT HOUSE PRICE REVIEW. Affordability of housing
3 November 2011 3 rd QUARTER FNB SEGMENT HOUSE PRICE REVIEW JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 011-6490125 John.loos@fnb.co.za EWALD KELLERMAN: PROPERTY MARKET ANALYST 011-6320021 ekellerman@fnb.co.za
More informationBrisbane CBD Office Market: the 1990s Vs Now
September 2013 Brisbane CBD Office Market: the 1990s Vs Now Key Points Figure 1: Brisbane CBD Sub-lease Vacancy % of Total Stock 3.0 2.5 2.0 1.5 1.0 1993 2002 2009 2013 Total market vacancy in Q2/2013
More informationUp-to-date national trends in property prices and transactions
Up-to-date national trends in property prices and transactions ***FOR IMMEDIATE RELEASE*** haart s National Housing Market Monitor May 2016 Sellers need to be realistic in setting prices in order to sustain
More information1. INTRODUCTION .., Since, Sri Lanka's economy turn in to!tee market economy policy, there has been a. 1.1 Background
1 Since, Sri Lanka's economy turn in to!tee market economy policy, there has been a significant growth in the residential real estate industry in Sri Lanka. During the last As this booming of apartments
More informationCity and County of San Francisco
City and County of San Francisco Office of the Controller - Office of Economic Analysis Residential Rent Ordinances: Economic Report File Nos. 090278 and 090279 May 18, 2009 City and County of San Francisco
More informationFocus article: Metropolitan and rural housing market developments
Focus article: Metropolitan and rural housing market developments Introduction The upswing in the South African residential property market which started around was driven by a wide range of economic,
More informationPOLICY BRIEFING. ! Housing and Poverty - the role of landlords JRF research report
Housing and Poverty - the role of landlords JRF research report Sheila Camp, LGIU Associate 27 October 2015 Summary The Joseph Rowntree Foundation (JRF) published a report in June 2015 "Housing and Poverty",
More informationJournal of the Statistical and Social Inquiry Society of Ireland Vol. XXXIV. (read before the Society, 14 April 2005)
Journal of the Statistical and Social Inquiry Society of Ireland Vol. XXXIV SYMPOSIUM ON THE IRISH HOUING MARKET: ISSUES AND PROSPECTS (read before the Society, 14 April 2005) Abstract The housing sector
More informationA STUDY OF OPM RATIO: PUBLIC V/S PRIVATE SECTOR BANKS
A STUDY OF OPM RATIO: PUBLIC V/S PRIVATE SECTOR BANKS Authors: Parekh Komal, Sharma Sandhya (Finance) Abstract In this research paper we have done a study of OPM ratio of different banks in India. The
More informationReview of the Prices of Rents and Owner-occupied Houses in Japan
Review of the Prices of Rents and Owner-occupied Houses in Japan Makoto Shimizu mshimizu@stat.go.jp Director, Price Statistics Office Statistical Survey Department Statistics Bureau, Japan Abstract The
More informationCONTENTS. Executive Summary 1. Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry
CONTENTS Executive Summary 1 Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry Residential Trends 7 Existing Home Sales 11 Property Management Market 12 Foreclosure
More informationTHE HONG KONG HOUSING AUTHORITY. Memorandum for the Home Ownership Committee
HOC 13/98 THE HONG KONG HOUSING AUTHORITY Memorandum for the Home Ownership Committee Legal Costs and Conveyancing Arrangement for Home Ownership Scheme Conveyancing PURPOSE To inform Members of the effects
More informationResearch. A Capital Value production. An analysis of the Dutch residential (investment) market 2017
Research A Capital Value production An analysis of the Dutch residential (investment) market 2017 Summary In 2016, the development of the housing market was turbulent. Key events included a historic residential
More informationYoung-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability
Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability September 3, 14 The bad news is that household formation and homeownership among young adults
More informationAn Introduction to Social Housing
An Introduction to Social Housing This is an introductory guide to social housing and the role of housing providers in England and Scotland (where Riverside has stock). It focuses on the following key
More informationThe effect of atrium façade design on daylighting in atrium and its adjoining spaces
Design and Nature V 9 The effect of atrium façade design on daylighting in atrium and its adjoining spaces S. Samant Department of the Built Environment, University of Nottingham, UK Abstract Atrium buildings
More informationHousing Price Forecasts. Illinois and Chicago PMSA, January 2019
Housing Price Forecasts Illinois and Chicago PMSA, January 2019 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationTENNESSEE HOUSING MARKET
1st Quarter 212 TENNESSEE HOUSING MARKET David A. Penn, Director Business and Economic Research Center Jennings A. Jones College of Business Middle Tennessee State University This quarterly series is supported
More informationNorthgate Mall s Effect on Surrounding Property Values
James Seago Economics 345 Urban Economics Durham Paper Monday, March 24 th 2013 Northgate Mall s Effect on Surrounding Property Values I. Introduction & Motivation Over the course of the last few decades
More information