Availability, Affordability and Volatility : The Case of the Hong Kong Housing Market

Research output: Journal Publications and ReviewsRGC 21 - Publication in refereed journalpeer-review

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Original languageEnglish
Pages (from-to)383-428
Journal / PublicationInternational Real Estate Review
Issue number3
Publication statusPublished - 1 Sept 2015


Housing prices in Hong Kong have gained international attention. This study suggests that the housing supply may be insufficient. Consistent with previous studies, we confirm that merely increasing the land supply may not increase the housing supply. We also find preliminary evidence for widening income inequality, which, when combined with unavailability, can lead to unaffordability in the housing market. Given the current housing supply elasticity with respect to price, Hong Kong is not more volatile than major cities in the United States. Thus, by improving housing availability and thereby increasing housing supply elasticity, this could effectively decrease housing price volatility.

Research Area(s)

  • Granger Causality, Housing Affordability, Housing Availability, Housing Volatility, Land Policies

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