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Is HOA capitalized in housing price? Evidence from Chongqing, China

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  • Feng Deng

Abstract

Purpose - International research has found that Homeowners Association (HOA) is capitalized in housing price in the West. Is that result applicable in Chinese cities? In China there is also widespread applause for HOA. Will that leave trail in the housing market? This paper aims to answer these questions by presenting empirical evidence from 113 private gated communities in Chongqing, China. Design/methodology/approach - The data set comes from three different sources including a telephone survey. The research methodology includes hedonic models with an endogenous dummy variable of the presence of HOA in a community. Findings - HOA is not capitalized in housing price. Research limitations/implications - The empirical finding helps to explain why about 80% of private communities in big Chinese cities have not formed an HOA. Originality/value - This is the first empirical study on HOA capitalization in housing price in China.

Suggested Citation

  • Feng Deng, 2021. "Is HOA capitalized in housing price? Evidence from Chongqing, China," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 15(1), pages 94-107, February.
    • Handle: RePEc:eme:ijhmap:ijhma-10-2020-0125
    DOI: 10.1108/IJHMA-10-2020-0125
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    More about this item

    Keywords

    China; Capitalization; Housing price; Neighborhood governance; Homeowners association; Private community; D23; D71; R31;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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