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Immigration and the Neighborhood: New Evidence from Recent Immigrants in Hong Kong

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  • Chang, Zheng

    () (City University of Hong Kong)

Abstract

This study examines the causal effect of the recent inflow of high-skilled immigrants on the housing value of the properties of Hong Kong natives. We categorize homebuyers into local, Mainland Chinese, and other foreigners, and construct neighborhood-level housing profiles based on housing transactions from 2011 to 2016. We estimate the impact of immigrants on housing value at the neighborhood level. By using instrumental variable estimation, we find that recent immigrant inflow does not generate significant impact on the willingness of Hong Kong natives to pay for housing units.

Suggested Citation

  • Chang, Zheng, 2018. "Immigration and the Neighborhood: New Evidence from Recent Immigrants in Hong Kong," International Real Estate Review, Asian Real Estate Society, vol. 21(4), pages 549-566.
  • Handle: RePEc:ire:issued:v:21:n:04:2018:p:549-566
    as

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    References listed on IDEAS

    as
    1. Libertad Gonzalez & Francesc Ortega, 2013. "Immigration And Housing Booms: Evidence From Spain," Journal of Regional Science, Wiley Blackwell, vol. 53(1), pages 37-59, February.
    2. Jessie Bakens & Peter Mulder & Peter Nijkamp, 2013. "Economic Impacts Of Cultural Diversity In The Netherlands: Productivity, Utility, And Sorting," Journal of Regional Science, Wiley Blackwell, vol. 53(1), pages 8-36, February.
    3. Card, David, 2001. "Immigrant Inflows, Native Outflows, and the Local Labor Market Impacts of Higher Immigration," Journal of Labor Economics, University of Chicago Press, vol. 19(1), pages 22-64, January.
    4. Saiz, Albert, 2007. "Immigration and housing rents in American cities," Journal of Urban Economics, Elsevier, vol. 61(2), pages 345-371, March.
    5. Fischer, Andreas M., 2012. "Immigrant language barriers and house prices," Regional Science and Urban Economics, Elsevier, vol. 42(3), pages 389-395.
    6. Accetturo, Antonio & Manaresi, Francesco & Mocetti, Sauro & Olivieri, Elisabetta, 2014. "Don't stand so close to me: The urban impact of immigration," Regional Science and Urban Economics, Elsevier, vol. 45(C), pages 45-56.
    7. repec:wsi:wschap:9789814719902_0007 is not listed on IDEAS
    8. Albert Saiz & Susan Wachter, 2011. "Immigration and the Neighborhood," American Economic Journal: Economic Policy, American Economic Association, vol. 3(2), pages 169-188, May.
    9. Kaivan Munshi, 2003. "Networks in the Modern Economy: Mexican Migrants in the U. S. Labor Market," The Quarterly Journal of Economics, Oxford University Press, vol. 118(2), pages 549-599.
    10. Dominique M. Gross & Nicolas Schmitt, 2003. "The Role of Cultural Clustering in Attracting New Immigrants," Journal of Regional Science, Wiley Blackwell, vol. 43(2), pages 295-318, May.
    11. Gianmarco I.P. Ottaviano & Giovanni Peri, 2016. "The economic value of cultural diversity: evidence from US cities," World Scientific Book Chapters,in: The Economics of International Migration, chapter 7, pages 229-264 World Scientific Publishing Co. Pte. Ltd..
    12. Mohammad Arzaghi & J. Vernon Henderson, 2008. "Networking off Madison Avenue," Review of Economic Studies, Oxford University Press, vol. 75(4), pages 1011-1038.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Immigration; Housing Price; Neighborhood; Externality; Hong Kong;

    JEL classification:

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

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