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Japanese Purchases, Exchange Rates, and Speculation in Residential Real Estate Markets

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Abstract

Several luxury single-family home markets in Hawaii have experienced significant price movements in 1987 and 1988, along with a tremendous influx of Japanese buyers. Most noteworthy is the Waialae-Kahala neighborhood in Honolulu, where average price increases of over 60% in the past two years have occurred. This surge in prices has stimulated a great deal of speculative interest. The purpose of this article is to examine the effect of exchange rates (yen/dollar) and Japanese buyers on selected residential market prices and turnover. Using the most exhaustive and complete data set available in Hawaii covering 1986 through early 1988, hedonic pricing models as well as descriptive statistics are used to examine the effects of strong foreign interest in local housing submarkets.

Suggested Citation

  • Norman G. Miller & Michael A. Sklarz & Nicholas Ordway, 1988. "Japanese Purchases, Exchange Rates, and Speculation in Residential Real Estate Markets," Journal of Real Estate Research, American Real Estate Society, vol. 3(3), pages 39-49.
  • Handle: RePEc:jre:issued:v:3:n:3:1988:p:39-49
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    1. Bergsten, C. Fred & Keohane, Robert O. & Nye, Joseph S., 1975. "International economics and international politics: a framework for analysis," International Organization, Cambridge University Press, vol. 29(01), pages 3-36, December.
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    Cited by:

    1. George Cashman & David Harrison & Michael Seiler, 2014. "Advisor Choice in Asia-Pacific Property Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 48(2), pages 271-298, February.
    2. Yu Liu & Paul Gallimore & Jonathan Wiley, 2015. "Nonlocal Office Investors: Anchored by their Markets and Impaired by their Distance," The Journal of Real Estate Finance and Economics, Springer, vol. 50(1), pages 129-149, January.
    3. Yang Hu & Les Oxley, 2016. "Bubbles in US Regional House Prices: Evidence from House Price/Income Ratios at the State Level," Working Papers in Economics 16/06, University of Waikato.

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    JEL classification:

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

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