Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets Policy
This research analyzes the relationship between housing and rental prices in 26 first-tier and second-tier cities in China before and after the policy of simultaneous rental and sales markets. The PVAR model and monthly panel data of these cities from June 2010 to December 2018 were employed. The st...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2021-09-01
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| Series: | Real Estate Management and Valuation |
| Subjects: | |
| Online Access: | https://doi.org/10.2478/remav-2021-0019 |
| _version_ | 1818736528150495232 |
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| author | Wu Guancen Li Chen Niu Xing Li Ping Tao Li |
| author_facet | Wu Guancen Li Chen Niu Xing Li Ping Tao Li |
| author_sort | Wu Guancen |
| collection | DOAJ |
| description | This research analyzes the relationship between housing and rental prices in 26 first-tier and second-tier cities in China before and after the policy of simultaneous rental and sales markets. The PVAR model and monthly panel data of these cities from June 2010 to December 2018 were employed. The study found that, before the policy of simultaneous rental and sales markets took effect, the housing and rental prices were relatively independent of each other, whereas the rental market in second-tier cities is affected more considerably by the sales market. After the enactment of the policy on simultaneous rental and sales markets, rental prices have a positive effect on housing prices, with this effect being more obvious in second-tier cities. The rental prices with the first-order lag have a significant negative impact on current rental price in first-tier cities. Considering the features of the housing market in different cities, the implementation of the simultaneous rental and sales markets policy needs to be more targeted and attention should be paid to preventing simultaneous irrational growth, both on the sales and rental markets. |
| first_indexed | 2024-12-18T00:38:35Z |
| format | Article |
| id | doaj.art-653b0cdc4583471b907a6344a9c29bc0 |
| institution | Directory Open Access Journal |
| issn | 2300-5289 |
| language | English |
| last_indexed | 2024-12-18T00:38:35Z |
| publishDate | 2021-09-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Real Estate Management and Valuation |
| spelling | doaj.art-653b0cdc4583471b907a6344a9c29bc02022-12-21T21:26:57ZengSciendoReal Estate Management and Valuation2300-52892021-09-01293293810.2478/remav-2021-0019Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets PolicyWu Guancen0Li Chen1Niu Xing2Li Ping3Tao Li4School of Management, Shanghai University, Shanghai, ChinaSchool of Management, Shanghai University, Shanghai, ChinaSchool of Social and Public Administration, East China University of Science and Technology, Shanghai, ChinaSchool of Management, Shanghai University, Shanghai, ChinaSchool of Management, Shanghai University, Shanghai, ChinaThis research analyzes the relationship between housing and rental prices in 26 first-tier and second-tier cities in China before and after the policy of simultaneous rental and sales markets. The PVAR model and monthly panel data of these cities from June 2010 to December 2018 were employed. The study found that, before the policy of simultaneous rental and sales markets took effect, the housing and rental prices were relatively independent of each other, whereas the rental market in second-tier cities is affected more considerably by the sales market. After the enactment of the policy on simultaneous rental and sales markets, rental prices have a positive effect on housing prices, with this effect being more obvious in second-tier cities. The rental prices with the first-order lag have a significant negative impact on current rental price in first-tier cities. Considering the features of the housing market in different cities, the implementation of the simultaneous rental and sales markets policy needs to be more targeted and attention should be paid to preventing simultaneous irrational growth, both on the sales and rental markets.https://doi.org/10.2478/remav-2021-0019housing pricerental pricepvar modelr30r31 |
| spellingShingle | Wu Guancen Li Chen Niu Xing Li Ping Tao Li Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets Policy Real Estate Management and Valuation housing price rental price pvar model r30 r31 |
| title | Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets Policy |
| title_full | Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets Policy |
| title_fullStr | Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets Policy |
| title_full_unstemmed | Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets Policy |
| title_short | Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets Policy |
| title_sort | evolution of relationship between housing and rental prices and inter urban differences in china under the context of the simultaneous rental and sales markets policy |
| topic | housing price rental price pvar model r30 r31 |
| url | https://doi.org/10.2478/remav-2021-0019 |
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