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Availability, Affordability and Volatility: The Case of the Hong Kong Housing Market

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  • Charles Ka Yui Leung

    (City University of Hong Kong)

Abstract

Housing prices in Hong Kong have gained international attention. This study suggests that the housing supply may be insufficient. Consistent with previous studies, we confirm that merely increasing the land supply may not increase the housing supply. We also find preliminary evidence for widening income inequality, which, when combined with unavailability, can lead to unaffordability in the housing market. Given the current housing supply elasticity with respect to price, Hong Kong is not more volatile than major cities in the United States. Thus, by improving housing availability and thereby increasing housing supply elasticity, this could effectively decrease housing price volatility.

Suggested Citation

  • Charles Ka Yui Leung, 2015. "Availability, Affordability and Volatility: The Case of the Hong Kong Housing Market," International Real Estate Review, Global Social Science Institute, vol. 18(3), pages 383-428.
    • Handle: RePEc:ire:issued:v:18:n:03:2015:p:383-428
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    1. Skyscrapers and Housing Affordability: Debunking Misconceptions
      by Jason Barr in Skynomics Blog on 2021-03-23 12:10:58

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    Cited by:

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    7. Charles Ka Yui Leung & Joe Cho Yiu Ng & Edward Tang, 2020. "Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations," Globalization Institute Working Papers 380, Federal Reserve Bank of Dallas.
    8. Terence Tai‐Leung Chong & Alex Wing‐Ho Yiu, 2019. "Nexus between visitor arrivals and residential property rents in Hong Kong," Pacific Economic Review, Wiley Blackwell, vol. 24(3), pages 464-478, August.
    9. Quan Gan & Maggie Rong Hu & Wayne Xinwei Wan, 2022. "Contract rescission in the real estate presale market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(4), pages 1054-1106, December.
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    12. Yung Yau & Tin Choi Cheung, 2021. "Revisiting the Concept of the Property State: Private Landowners and Suburban Development in Hong Kong," American Journal of Economics and Sociology, Wiley Blackwell, vol. 80(2), pages 427-464, March.

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    More about this item

    Keywords

    Land Policies; Housing Availability; Housing Affordability; Housing Volatility; Granger Causality;
    All these keywords.

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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