FACTORS OF REGIONAL SPILLOVER EFFECTS ON HOUSING PRICES: A LITERATURE REVIEW

With the development of the metropolitan real estate market in recent years, there has been a trend of residents spilling out of the metropolis, especially in the wake of COVID-19. Housing prices in the regional areas have increased. The factors that cause the spillover are unclear. This paper aimed to excavate the potential factors that make households move away from metropolitan areas to regional areas through a literature review. Literature was searched in Google Scholar using selected keywords. The spillover effect was assessed by considering the economic, geographic, demographic and social characteristics. Understanding the factors of the spillover effect is conducive to real estate valuation, provides informed information for governments formulating regional planning and land policies, advises developers to compose commercial strategy, and helps buyers to make choices.