Spatial Variation in the Determinants of House Prices and Apartment Rents in China

Spatial Variation in the Determinants of House Prices and Apartment Rents in China This paper provides an examination of China’s residential real estate market at the county level using data from that country’s 2000 census. The market is a new one, having only been fully established in 1998. The analysis in the paper is in the form of an aggregate (county-level) hedonic model specified in two versions. Global parameters results are estimated using spatial error model specifications while more local effects are estimated by geographically weighted regression. Global results are typical in that structural characteristics such as floor space and contextual characteristics such as level of in-migration are important in residential prices. Local results, however, indicate significant spatial variation in the effect of both structural amenities and locational context on housing prices. In a simpler specification, rents are shown to respond positively to both median house prices levels and the supply of apartments available at market prices, but also with significant spatial variation across China. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Spatial Variation in the Determinants of House Prices and Apartment Rents in China

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Publisher
Springer US
Copyright
Copyright © 2010 by Springer Science+Business Media, LLC
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-010-9262-3
Publisher site
See Article on Publisher Site

Abstract

This paper provides an examination of China’s residential real estate market at the county level using data from that country’s 2000 census. The market is a new one, having only been fully established in 1998. The analysis in the paper is in the form of an aggregate (county-level) hedonic model specified in two versions. Global parameters results are estimated using spatial error model specifications while more local effects are estimated by geographically weighted regression. Global results are typical in that structural characteristics such as floor space and contextual characteristics such as level of in-migration are important in residential prices. Local results, however, indicate significant spatial variation in the effect of both structural amenities and locational context on housing prices. In a simpler specification, rents are shown to respond positively to both median house prices levels and the supply of apartments available at market prices, but also with significant spatial variation across China.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Jul 23, 2010

References

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