Availability, Affordability and Volatility : The Case of the Hong Kong Housing Market
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 383-428 |
| Journal / Publication | International Real Estate Review |
| Volume | 18 |
| Issue number | 3 |
| Publication status | Published - 1 Sep 2015 |
Link(s)
Abstract
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
Bibliographic Note
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Citation Format(s)
Availability, Affordability and Volatility : The Case of the Hong Kong Housing Market. / Leung, Charles Ka Yui; Tang, Edward Chi Ho.
In: International Real Estate Review, Vol. 18, No. 3, 01.09.2015, p. 383-428.Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
