It is widely accepted that land supply plays an important role in restricting housing supply and adjusting housing price level. This study aims to explore the dynamic relationship and causality between land supply and housing price with the cases of Hong Kong and Guangzhou, which are two close relative Chinese cities under the framework of ‘One country, two systems’. This study employs the vector auto-regression (VAR), Vector Error Correction Model (VECM) and Granger Causality test to disentangle the complicated relationship, long-run and short-run, between land supply and housing price. Besides, the dynamic analysis of VAR and VECM are conducted using innovation accounting methods such as impulse response function (IRF) and variance decomposition (VDC). The empirical results show that the land supply and housing price are co-integrated in Hong Kong during the sample period between 2001 and 2011, and a long-run unilateral causality is confirmed from housing price to land supply for Hong Kong. Regarding Guangzhou, although there is no co-integration between land supply and housing price during 2001 and 2011, Granger causality from land supply to housing price shows a time lag of 10 quarters. These findings imply the relative efficient market economy in the Hong Kong housing market compared to Guangzhou, which is also consistent with the differences in land leasing systems and housing markets in Hong Kong and Guangzhou. This study not only sheds light on the discrepancies of land leasing systems and housing market mechanism between capitalism and socialism, but also provides implications for policy makers in formulating strategy to improve housing affordability. / published_or_final_version / Real Estate and Construction / Master / Master of Philosophy

Tam Chun Yu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 141-147). / Abstracts in English and Chinese. / Abstract --- p.I / Acknowledgements --- p.III / Table of Contents --- p.IV / List of Tables --- p.V / List of Figures --- p.VI / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Literature Review --- p.5 / Chapter 2.1 --- Real Estate Literature --- p.5 / Chapter 2.2 --- Financial Literature --- p.6 / Chapter 2.3 --- Impulse Response --- p.10 / Chapter Chapter 3. --- Methodology --- p.12 / Chapter 3.1 --- Augmented Dickey Fuller Test --- p.12 / Chapter 3.2 --- GARCH Model --- p.14 / Chapter 3.3 --- VAR Model --- p.16 / Chapter Chapter 4. --- Data Description --- p.18 / Chapter Chapter 5. --- Empirical Results --- p.20 / Chapter 5.1 --- Overview for the Data Set --- p.21 / Chapter 5.2 --- ADF Test --- p.22 / Chapter 5.3 --- GARCH Model --- p.22 / Chapter 5.4 --- VAR Model --- p.24 / Chapter 5.5 --- Impulse Response (IR) --- p.34 / Chapter Chapter 6. --- Conclusion --- p.38 / Appendix 1. Variable Definition --- p.41 / Appendix 2. Tables --- p.44 / Appendix 3. Figures --- p.61 / Appendix 4. Comparison of IR for different model in full sample case --- p.93 / Appendix 5. Comparison of IR for different model in first sub period --- p.109 / Appendix 6. Comparison of IR for different model in second sub period --- p.125 / Bibliography --- p.141

by Siu Wai-Fun. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 55-57). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF ILLUSTRATIONS --- p.vi / LIST OF TABLES --- p.vii / ACKNOWLEDGEMENT --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- THE SOURCES OF HOUSING DEMAND --- p.4 / Demographic Demand --- p.4 / Keen Desire for Home Ownership --- p.5 / Investment Demand --- p.6 / Speculative Demand --- p.8 / Chapter III. --- THE SYSTEM OF HOUSING SUPPLY --- p.10 / Framework for Land Supply and Housing Production --- p.10 / New Land Disposal --- p.11 / Redevelopment of Existing Properties --- p.12 / Constraints on Land Supply for Residential Development --- p.12 / Production of Private Domestic Units --- p.13 / Chapter IV. --- CHANGES IN HOUSING PRICES --- p.15 / Housing Price Fluctuations --- p.16 / Affordability of Housing --- p.18 / Ownership Affordability --- p.19 / Rental Affordability --- p.20 / Chapter V. --- MODELLING HOUSING PRICES --- p.21 / Factors Affecting Price Movements --- p.21 / Demand Side Factors --- p.21 / Supply Side Factors --- p.23 / The Findings --- p.25 / Chapter VI. --- IMPLICATIONS TO GOVERNMENT'S HOUSING POLICIES --- p.27 / Implications from Housing Price Model --- p.27 / Government's Actions to Stabilise Housing Prices --- p.28 / Role of Speculators --- p.29 / Chapter VII. --- CONCLUSIONS AND POLICY CONSIDERATIONS --- p.30 / BIBLIOGRAPHY --- p.55

Lau, Wai Chun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 78-79). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgments --- p.iv / Table of Contents --- p.v / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Background --- p.4 / Chapter 2.1 --- Overview of Land Policies in Hong Kong --- p.4 / Land Policies and Private Housing Market --- p.4 / Current Application List System --- p.6 / Chapter 2.2. --- Hypotheses on the Interaction of Housing Prices and Land Sales --- p.6 / Demand-Supply Analysis --- p.6 / Revaluation Hypothesis --- p.8 / Chapter 3. --- Literature Review --- p.11 / Chapter 3.1. --- Relevant Literature about Interaction of Land and Housing Prices --- p.11 / Peng and Wheaton (1994) --- p.11 / Tse(1998) --- p.13 / Ho and Ganesam (1998) --- p.14 / Chapter 3.2. --- Hedonic Approach in the Studies of Hong Kong Real Estate Market --- p.16 / Chapter 4. --- Data Sources and Descriptions --- p.18 / Chapter 4.1 --- Land Sale Data --- p.18 / Chapter 4.2. --- Housing Transaction Data --- p.21 / Chapter 5. --- Methodology --- p.26 / Chapter 5.1 --- Model Specification --- p.26 / Chapter 5.2. --- Hypothesis Testing --- p.27 / Chapter 5.3. --- Functional Form and Estimation Method --- p.30 / Chapter 6. --- Empirical Results --- p.31 / Chapter 6.1. --- Hedonic Mode! Results --- p.31 / Chapter 6.2. --- Discussion on Pre-sale and Post-sale Housing Prices --- p.33 / Chapter 6.3. --- Robustness Checking --- p.36 / Variations in Specification --- p.36 / Time Variable Control --- p.38 / Estimation with Restricted samples --- p.40 / Chapter 7. --- Conclusions --- p.42 / Table 1 Selected Land Auction Records (1994 - 2005) --- p.45 / Table 2 List of Estates Covered in the Study --- p.49 / Table 3a Sampling Period and Number of Observations in Each Case Study --- p.54 / Table 3b Descriptive Statistics of Independent Variables in the Estimation of Model 1 --- p.56 / Table 4 Definition of Independent Variables in Model 1 --- p.60 / Table 5 OLS Estimates of Model 1 with Full Samples --- p.61 / Table 6 Goodness-of-Fit of Model 1 --- p.65 / Table 7 Coefficients of Dummy Variables in Model 1 --- p.66 / Table 8 Estimated Price Change from Model 1 --- p.70 / Table 9a Price Differences and Auction Results (All Cases) --- p.72 / Table 9b Price Differences and Auction Results (Cases with price differences at 10% significance level) --- p.72 / Table 10 Estimated Price Differences by Varying Model Specification and Sample Selection --- p.73 / Figure 1 Private Housing Prices and New Construction Units (1992 ~ 2005) --- p.76 / Figure 2 Mass CCI (1994 ~2006) --- p.77 / References --- p.78

This study examines the dynamic interaction between housing prices, stock prices and the repo rate in the Stockholm region by using the Johansen tests for cointegration. Several studies have been done on this topic, but the results are mixed across the world, and not many have been done in Scandinavia. This study contributes to the literature by examining eleven years of monthly data for the housing prices in the Stockholm region. We find evidence of a long-run relationship between housing prices, stock prices and the interest rate. There is a negative relationship between housing prices and the interest rate as well as between stock prices and the interest rate, but a positive relationship between housing prices and stock prices.  However, the results are somewhat sensitive to model specification and therefore further studies on the topic are encouraged.

published_or_final_version / Urban Planning / Master / Master of Science in Urban Planning

published_or_final_version / Real Estate and Construction / Master / Master of Science in Construction Project Management

published_or_final_version / abstract / Economics and Finance / Master / Master of Philosophy

This study employs the data from real estate transactions provided by the Department of Land Administration. This study uses the Hedonic Price method and the Difference-in-Difference method to analyze the impact of indoor and outdoor properties on housing prices. In our study, the properties of floor space, stories, age, proximity to MRT stations, and proximity to elementary schools are important factors affecting the housing prices. The results estimated by Difference-in-Difference method show that the coefficient on homes within 500 meters distance of the MRT stations and the coefficient after MRT operating are both significantly positive on housing prices. Although the coefficient on the interaction term is positive, it is not statistically significant.

Housing price studies is the first step of housing market analysis. Prices are determined at the intersection point of supply and demand curves, which determine equilibrium point that represents equilibrium price and quantity level. At a point in time demand factors are more important in determining the prices because short-run supply curve is almost vertical. However, in the long run supply of housing, and its certain attributes, will increase if price premium arises in the previous periods. In most of the studies, house prices are analyzed by using hedonic price index technique, which enables us to have information about the demand side of housing sector. In the hedonic price framework, heterogeneous goods are considered as aggregations of characteristics, and implicit marginal prices for these characteristics are calculated. When &lsquo / Hedonic Price Analysis&rsquo / is applied to the housing sector, it shows us the price of each housing attribute and gives information about the preferences and willingness to pay of the people for each attribute. Therefore, at the end of such an analysis it is possible to see which attributes are valued most by house buyers in the city. The aim of this thesis is to reveal the implicit prices of housing attributes in the housing market of Ankara, for the year 2006, with the purpose of gaining more information about the demand side of the housing sector. For this purpose, hedonic pricing method is used with the data that are extracted from appraisal reports which include information about main attributes and estimated price of each dwelling unit.