Abstract
Housing markets has long been studied by researchers. This paper aims to investigate the tax policy (Special Stamp Duty) impact on housing markets in spatial clustered pattern, which has scarcely been considered in previous studies. To fill in this gap, a group of second hand housing transaction records in Hong Kong is examined by spatial scan statistics and multivariate logistic regression analysis. Our methodology differs from previous studies that it is location-oriented. Our new findings point out that the recent execution of Special Stamp Duty would cause venturi effect in housing markets: the overall transaction volume would significantly move downwards and more high transaction regions would be formed. The location factor has a significant and positive relationship with the change of transaction status. Moreover, the venturi effect provides us valuable information to understand the housing investment behavior as well as the short-term feedback for government and policy makers. © 2014 Elsevier Ltd.
| Original language | English |
|---|---|
| Pages (from-to) | 7-16 |
| Journal | Land Use Policy |
| Volume | 42 |
| DOIs | |
| Publication status | Published - Jan 2015 |
| 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
- Clustering
- Housing markets
- Polytomous
- Spatial scan
- Venturi effect
