Version 1
: Received: 23 February 2024 / Approved: 23 February 2024 / Online: 23 February 2024 (09:45:30 CET)
Version 2
: Received: 24 February 2024 / Approved: 26 February 2024 / Online: 26 February 2024 (14:16:51 CET)
How to cite:
Yiu, C.Y.; Murray, T. Analysing the Dynamics of Housing Price-Vacancy Relationship in the Hong Kong Housing Markets. Preprints2024, 2024021361. https://doi.org/10.20944/preprints202402.1361.v2
Yiu, C.Y.; Murray, T. Analysing the Dynamics of Housing Price-Vacancy Relationship in the Hong Kong Housing Markets. Preprints 2024, 2024021361. https://doi.org/10.20944/preprints202402.1361.v2
Yiu, C.Y.; Murray, T. Analysing the Dynamics of Housing Price-Vacancy Relationship in the Hong Kong Housing Markets. Preprints2024, 2024021361. https://doi.org/10.20944/preprints202402.1361.v2
APA Style
Yiu, C.Y., & Murray, T. (2024). Analysing the Dynamics of Housing Price-Vacancy Relationship in the Hong Kong Housing Markets. Preprints. https://doi.org/10.20944/preprints202402.1361.v2
Chicago/Turabian Style
Yiu, C.Y. and Thomas Murray. 2024 "Analysing the Dynamics of Housing Price-Vacancy Relationship in the Hong Kong Housing Markets" Preprints. https://doi.org/10.20944/preprints202402.1361.v2
Abstract
This study investigates the relationship between housing prices and vacancy rates in Hong Kong, offering insights distinct from previous cross-sectional analyses. Addressing limitations in data availability and methodological approaches, the study examines annual data spanning multiple housing size categories to uncover nuanced dynamics in the housing market. Two major contributions emerge: firstly, the analysis reveals the price elasticity of vacancy, elucidating how housing prices respond to changes in vacancy rates over time. Secondly, by considering housing vacancy changes as outcomes of the interactions between supply and demand, the study challenges the conventional independence assumption between these variables. The results support the hypothesis that housing vacancies exert a negative impact on housing prices, holding other factors constant. These findings have significant implications for policymakers, urban planners, and real estate investors, providing valuable insights for crafting targeted interventions and informing investment decisions.
Keywords
vacancy; Hong Kong; determinants of house prices; housing supply; housing demand
Subject
Business, Economics and Management, Economics
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
