Abstract
We argue that shocks to a housing market are transmitted through the hierarchy of quality tiers within a housing market. The result is the prediction of waves of house price changes accompanied by changes in transaction volume. Our study is related to existing models of spatial ripple effects across housing markets. The data are from the Hong Kong housing market. The findings from Granger causality tests strongly support the argument that domino effects within a single housing market occur in response to external shocks. © 2007 Springer Science+Business Media, LLC.
| Original language | English |
|---|---|
| Pages (from-to) | 299-316 |
| Journal | Journal of Real Estate Finance and Economics |
| Volume | 37 |
| Issue number | 4 |
| DOIs | |
| Publication status | Published - Nov 2008 |
| Externally published | Yes |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 10 Reduced Inequalities -
SDG 11 Sustainable Cities and Communities
Research Keywords
- Domino effect
- Downpayment
- Equity effects
- Homeownership
- Housing
- Price dynamics
- Privatization
- Public housing
- Ripple effect
Policy Impact
- Cited in Policy Documents
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