Speculative bubbles in mass and luxury properties: an investigation of the Hong Kong residential market
AbstractFluctuations in housing prices not only affect the financial well-being of corporations and households, but also influence the stability of economies. One of the results derived from such fluctuations is known as price bubbles. We aim to investigate whether such housing price bubbles did exist in two different residential markets of Hong Kong. The results indicate that there are bubbles in the Hong Kong housing markets before 2003, and later within the luxury market by 2008. As to what the government could do to curb speculative activities with regard to housing, the introduction of a capital gains tax on short-term transactions of flats as well as a higher housing supply are regarded as effective means.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Construction Management and Economics.
Volume (Year): 29 (2011)
Issue (Month): 8 (July)
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Web page: http://www.tandfonline.com/RCME20
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