Abstract
Previous literature has explored Guangzhou's real estate market bubble problem, by using the perspective of rent receipts to measure the fundamental housing value. Since there is high proportion of owner-occupied property in Guangzhou; and that the household income is considered a key factor affecting housing price level, this article is from the perspective of household income, by the present asset market model, it sets up housing price model that analysis of the bubble phenomenon, and uses the state-space model that can be estimated characteristics by unobservable variables. The article estimates the price bubble and analyzes the size of the bubble at different times. The housing price in Guangzhou from January 2004 to December 2008 is studied. The results concluded that the housing market bubble peaked in October 2007 at around 43% of the market housing price. © 2009 Vilnius Gediminas Technical University.
| Original language | English |
|---|---|
| Pages (from-to) | 287-298 |
| Journal | International Journal of Strategic Property Management |
| Volume | 13 |
| Issue number | 4 |
| DOIs | |
| Publication status | Published - Dec 2009 |
| Externally published | Yes |
Bibliographical note
Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to [email protected].Research Keywords
- Bubble
- Housing price
- Income
- State-space model
Publisher's Copyright Statement
- This full text is made available under CC-BY 4.0. https://creativecommons.org/licenses/by/4.0/
