Abstract | Keywords | Export | Availability | Bookmark

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper examines the determinants of residential property prices in Hong Kong SAR during 1980–98. It uses time-series analysis techniques to characterize price developments, establish empirical regularities, and provide measures of the deviations of actual price changes from “trend.” The analysis suggests that at the peak of the boom, in mid-1997, the level of property prices may have been 40–45 percent above levels suggested by developments in “fundamentals.” The analysis highlights the role of demand-side factors, and the data are not inconsistent with the notion that the property market may be subject to speculative bubbles.

Financial Risk Management --- Infrastructure --- Macroeconomics --- Real Estate --- Price Level --- Inflation --- Deflation --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Nonagricultural and Nonresidential Real Estate Markets --- Financial Crises --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Housing Supply and Markets --- Property & real estate --- Economic & financial crises & disasters --- Land prices --- Asset bubbles --- Housing prices --- Asset prices --- Prices --- Financial crises --- National accounts --- Saving and investment --- Hong Kong Special Administrative Region, People's Republic of China