Housing Markets in a Pandemic: Evidence from Historical Outbreaks

Francke, Marc; Korevaar, Matthijs

doi:10.2139/ssrn.3566909

Cited by 40 publications

(41 citation statements)

References 63 publications

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“…However, there is a lack of research linking COVID-19 and housing price. Relative to financial assets, the liquidity of house properties is lower and housing price response the shock may be lagging behind, and there is still uncertainty surrounding the impact of COVID-19 on housing market ( Francke and Korevaar, 2020 ). Therefore, we explore the impact of confirmed COVID-19 cases in the residential community on the housing price, using community-level data from China.…”

Section: Introductionmentioning

confidence: 99%

“…In general, assessing the impact of epidemics on housing price is challenging, as epidemics are infrequent, such that data availability is limited ( Francke and Korevaar, 2020 ), and there are only several studies on the issue. Using 44 housing estates in Hong Kong, China, Wong (2008) found that the average price declines by 1.6% for estates with the outbreak of 2003 SARS.…”

Section: Introductionmentioning

confidence: 99%

“…Using 44 housing estates in Hong Kong, China, Wong (2008) found that the average price declines by 1.6% for estates with the outbreak of 2003 SARS. Francke and Korevaar (2020) examined the effect of the plague in 17th-century Amsterdam and cholera in 19th-century Paris on housing price, and found that the outbreaks resulted in declines in housing price by 13% and 10%, respectively. For the impact of COVID-19, Ling et al.…”

Section: Introductionmentioning

confidence: 99%

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The impact of COVID-19 on housing price: Evidence from China

Qian

Qiu

Zhang

2021

Finance Research Letters

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Using data on monthly community-level confirmed COVID-19 cases and housing price in China, we investigate the impact of COVID-19 on housing price. With the difference-in-difference method, we find that the housing price of the communities with confirmed COVID-19 cases would reduce by 2.47%. The impact persists three months and the extent of the impact basically becomes greater as time goes on. The results are robust after the parallel pre-trend test and the placebo test. Moreover, the impact of COVID-19 on housing price only exists in regions with a higher infection level of COVID-19 or worse medical treatment conditions.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The impact of COVID-19 on housing price: Evidence from China

Qian

Qiu

Zhang

2021

Finance Research Letters

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“…and 2020, and compares it to the situation in Europe and globally. Regulatory measures were usually put in place in extraordinary times including both world wars (see Kholodilin et al, 2019) and, most recently, in the light of the global economic crisis triggered by the pandemic (see also Francke and Korevaar, 2020). Besides such extreme events, the intensity of rental housing market regulations has been generally increasing over the last years following a decades-long deregulation trend: most notably in Germany yet also more generally in Europe as well as the world in its entirety.…”

Section: A Visual History Of Rent Control In Germanymentioning

confidence: 99%

Forward to the Past: Short-Term Effects of the Rent Freeze in Berlin

2021

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In 2020, Berlin enacted a rigorous rent-control policy: the "Mietendeckel" (rent freeze), aiming to stop rapidly growing rental prices. We evaluate this newly enacted but old-fashionably designed policy by analyzing its immediate supply-side effects. Using a rich pool of rent advertisements reporting asking rents and comprehensive dwelling characteristics, we perform hedonic-style Difference-inDifference analyses comparing trajectories of dwellings inside and outside the policy's scope. We find no immediate effect upon announcement of the policy. Yet advertised rents drop significantly upon the policy's enactment. Additionally, we document a substitution effect affecting the rental markets of Berlin's (unregulated) satellite city Potsdam and adjacent smaller municipalities. On top, the supplemental quantity analyses reveal a stark reduction of the number of advertised rental units hampering a successful housing search for newcomers, (young) first-time renters and tenants aiming for a different housing opportunity.

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“…Also, given the size of Russian Federation, there is a considerably uneven development or individual regions [18] and their respective housing markets [5]. It is our understanding that widening the scope of research of government support measures from traditional institutional approaches (for example "too-big-to-fail" institutions logic that drives government support and reinforce existing biases [13]) to spatial analysis may enrich the discussion and provide a more adequate framework for housing policy development as current pandemic-driven downturn may significantly housing markets (as evidenced by historical examples [7]).…”

Section: Introductionmentioning

confidence: 99%

Socio-economic Aspects of Intra-regional Distribution of Government Support of Housing Construction Industry

Sternik

Teleshev

2020

Lecture Notes in Networks and Systems

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The article discusses interrelationship between government support measures to multi-family housing construction industry (MFC) implemented by the government of Russian Federation during the crisis and potential socioeconomic effects of such support as well as the prospects of reaching the goals of the National project "Housing and urban environment". Our hypothesis regarding the levels of support measures for housing sector for different regions is that it needs to be synchronized with the size of the clusters (defined as Russian regions or subjects of Russian Federation) and their respective forecast of economic development. Based on our analysis, we conclude that this requirement is not fulfilled, which results in skewed support for housing construction companies (and their projects) in only a handful of Russian regions thereby posing risks of reaching goals of National project "Housing and urban environment". We also expect that the government will continue expanding the measures of housing construction support with a potential of an increased housing sector centralization.

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Housing Markets in a Pandemic: Evidence from Historical Outbreaks

Cited by 40 publications

References 63 publications

The impact of COVID-19 on housing price: Evidence from China

The impact of COVID-19 on housing price: Evidence from China

Forward to the Past: Short-Term Effects of the Rent Freeze in Berlin

Socio-economic Aspects of Intra-regional Distribution of Government Support of Housing Construction Industry

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