ABSTRACT

This book explores how econometric modelling can be used to provide valuable insight into international housing markets. Initially describing the role of econometrics modelling in real estate market research and how it has developed in recent years, the book goes on to compare and contrast the impact of various macroeconomic factors on developed and developing housing markets. Explaining the similarities and differences in the impact of financial crises on housing markets around the world, the author's econometric analysis of housing markets across the world provides a broad and nuanced perspective on the impact of both international financial markets and local macro economy on housing markets. With discussion of countries such as China, Germany, UK, US and South Africa, the lessons learned will be of interest to scholars of Real Estate economics around the world.

chapter 1|7 pages

Introduction

chapter 3|18 pages

Risk averse real estate entrepreneurs in mainland China

A Probit model approach

chapter 4|23 pages

Forecasting real estate stock prices in Hong Kong

A State Space model approach

chapter 5|12 pages

Market sentiment and property prices in Hong Kong

A heteroscedasticity-and-auto correlation-consistent approach

chapter 6|9 pages

Superstition and Hong Kong housing prices

A Hedonic Pricing approach

chapter 8|15 pages

The impact of the subprime financial crisis on the German and Norwegian real estate markets

L1, the Chow test and the Quantile regression approach

chapter 9|16 pages

Housing prices and external shocks' impact on South Africa and the Czech Republic's housing prices

A Vector Error Correction model and impulse response functions approach

chapter 12|5 pages

Conclusion

Should mainstream economists neglect and undermine real estate economics? The ‘Wh' questions in the international housing markets, macroeconomy and econometric models context