Determinants of Housing Price in ASEAN-5 Countries: Panel Data Approach

Ooi, Ai-Yee; Shari, Aminah; Jores, Ricky

doi:10.1166/asl.2017.9864

Cited by 2 publications

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“…Generally, macroeconomic events have been claimed to have critical impacts on every societal level, including household members, policymakers, business operators and economists (Jack et al , 2017). Ong (2013), Pillaiyan (2015), Ooi et al (2017) and Chan et al (2018) suggested that several macroeconomic factors, such as population, gross domestic product (GDP), the consumer sentiment index (CF) and the number of approved residential loans, are bound to influence Malaysian housing prices. Thus, economic growth (e.g.…”

Section: Introductionmentioning

confidence: 99%

Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysia

Cheng

Ling

2023

IJHMA

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Purpose Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely, gross domestic product (GDP), consumer confidence index (CF), existing stocks (ES), incoming supply (IS) and completed project (CP) on serviced apartment price changes. Design/methodology/approach To achieve more accurate, quality price changes, a serviced apartment price index (SAPI) was constructed through a self-developed hedonic price index model. This study has collected 1,567 transaction data in Kuala Lumpur, covering 2009Q1–2018Q4 for price index construction and data were analysed using the vector autoregressive model, the vector error correction model and the fully modified ordinary least squares (OLS) (FMOLS). Findings Results of the regression model show that only GDP, ES and IS were significantly associated with SAPI, with an R2 of 0.7, where both ES and IS have inverse relationships with SAPI. More precisely, it is predicted that the price of serviced apartments will be reduced by 0.56% and 0.21% for every 1% increase in ES and IS, respectively. Practical implications Therefore, government monitoring of serviced apartments’ future supply is crucial by enforcing land use-planning regulations via stricter development approval of serviced apartments to safeguard and achieve more stable property prices. Originality/value By adopting an innovative approach to estimating the response of price change to supply and demand in a situation where there is no price indicator for serviced apartments, the study addresses the knowledge gap, especially in terms of understanding what are the key determinants of, and to what extent they influence, the SAPI.

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Section: Introductionmentioning

confidence: 99%

Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysia

Cheng

Ling

2023

IJHMA

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“…Los autores concluyen que los déficits de cuenta corriente están asociados con una apreciación real considerable de los bienes raíces y que este efecto se mantiene controlando variables como la tasa de interés real, el crecimiento del PIB y la inflación. Por otro lado, Ooi et al (2017) encontraron una relación significativa y positiva entre el precio de la vivienda y las variables socioeconómicas IPC, población y desempleo, en los países Asean-5 (Indonesia, Malasia, Singapur, Filipinas y Tailandia). Sin embargo, en el caso del PIB, la relación se mostró negativa.…”

Section: Introductionunclassified

Riesgos inmobiliarios económicos-sociodemográficos y rentabilidad de los activos inmobiliarios.

2023

Proceedings From the International Congress on Project Management and Engineering

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The real estate sector has been particularly vulnerable in recent times to different types of factors that can compromise the viability of real estate businesses. Following project management terminology, real estate risks are factors that can affect the objective of projects in this sector, which is generally to provide profitability. Real estate risks are of a diverse nature, a part of them only affect the asset object of investment, for example, a buildable area that is not in accordance with demand. Another types of real estate risks are those that affect all the assets of a certain geographical context. Here are different economic and sociodemographic systemic factors such as the labor market, the level of income in the environment or economic growth. This paper analyses the relationship that exists over time between the evolution of different systemic risks and the evolution of the price of real estate assets, the latter considered as a measure of the revaluation or profitability of the assets. This makes it possible to identify factors that contribute to early warning of adverse behaviour of real estate as an investment. This work is developed in the territorial context of the urban area of the municipality of Seville.

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Determinants of Housing Price in ASEAN-5 Countries: Panel Data Approach

Cited by 2 publications

References 0 publications

Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysia

Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysia

Riesgos inmobiliarios económicos-sociodemográficos y rentabilidad de los activos inmobiliarios.

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