The role of speculation on housing price disparities

被引：0
|
作者：
Huang, Naqun [1 ]
Li, Hao [2 ]
Yang, Yanmin [1 ]
机构：
[1] Nanjing Audit Univ, Inst Urban Dev, Nanjing 211815, Jiangsu, Peoples R China
[2] Southeast Univ, Sch Econ & Management, 2 Southeast Univ Rd, Nanjing 211100, Jiangsu, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 96卷
基金：
中国国家自然科学基金;
关键词：
Housing prices; Neighborhood; Sales sequence; Speculator; Property under construction;
D O I：
10.1016/j.iref.2024.103622
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper explores the impact of speculation on disparities in home purchase prices within neighborhoods. Using administrative data on residential real estate transactions in Singapore's private housing market, our analysis reveals that housing unit prices increase over time within a neighborhood in the presence of speculators. However, this pattern remains stable after the implementation of macroprudential policies aimed at deterring speculation. Our mechanism analysis indicates that while speculative sales contribute to the increase in the price of neighboring units over time, speculative purchases have negligible effects. These findings underscore the potential of macroprudential policies in mitigating speculation and promoting housing affordability.
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页数：33
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