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Population Aging, Mobility, and Real Estate Price: Evidence from Cities in China

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  • Xinrui Wang

    (School of Tourism Management, Sun Yat-Sen University, Guangzhou 510275, China)

  • Eddie Chi-Man Hui

    (Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong 999077, China)

  • Jiuxia Sun

    (School of Tourism Management, Sun Yat-Sen University, Guangzhou 510275, China)

Abstract

Demographic factors are crucial to the sustainable development of one country. China’s population is aging at an accelerating rate and, together with the increasing mobility between cities, some special demographic issues have formed, which is quite related to the urban real estate market. The paper aims to investigate how the population aging and mobility affect housing prices at the city level, by using a set of two-period panel data of 294 prefecture-level cities in China. The results show that an increase in elderly dependency ratio by 1% leads to a rise in housing prices by 0.368%. Meanwhile, an increase in urbanization level by 1% drives up housing prices by about 0.139%, and a rise in the ratio of inter-regional migration by 1% will increase housing prices by about 1.038%. Furthermore, the policy of purchase limits could weaken the positive impacts of elderly dependency ratio and inter-regional migration on housing prices and, thus, plays a moderating role on the relationship between demographic structure and housing prices.

Suggested Citation

  • Xinrui Wang & Eddie Chi-Man Hui & Jiuxia Sun, 2018. "Population Aging, Mobility, and Real Estate Price: Evidence from Cities in China," Sustainability, MDPI, vol. 10(9), pages 1-13, September.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:9:p:3140-:d:167461
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    Cited by:

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    3. Sidong Zhao & Kaixu Zhao & Ping Zhang, 2021. "Spatial Inequality in China’s Housing Market and the Driving Mechanism," Land, MDPI, vol. 10(8), pages 1-33, August.
    4. Jie Lyu & Xiaolei Li, 2019. "Effectiveness and Sustainability of Grain Price Support Policies in China," Sustainability, MDPI, vol. 11(9), pages 1-13, April.
    5. Seunghun Chung & Oudom Hean, 2023. "The Effects of Aging Populations on U.S. Communities," Economies, MDPI, vol. 11(11), pages 1-9, November.
    6. Yihua Wang & Tomoko Kinugasa, 2022. "The relationship between demographic change and house price: Chinese evidence," International Journal of Economic Policy Studies, Springer, vol. 16(1), pages 43-65, February.
    7. Sheen Low & Fahim Ullah & Sara Shirowzhan & Samad M. E. Sepasgozar & Chyi Lin Lee, 2020. "Smart Digital Marketing Capabilities for Sustainable Property Development: A Case of Malaysia," Sustainability, MDPI, vol. 12(13), pages 1-40, July.
    8. Cheng-Hong Yang & Borcy Lee & Yu-Da Lin, 2022. "Effect of Money Supply, Population, and Rent on Real Estate: A Clustering Analysis in Taiwan," Mathematics, MDPI, vol. 10(7), pages 1-17, April.

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