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Evaluation Of Housing Market And Its Associated Housing Finance Systems In Emerging Markets: With Reference To South East Asia

Author

Listed:
  • Rosli Said
  • Rohayu Ab Majid
  • Md Nasir Daud
  • Widiyanti

Abstract

Housing market and its associated housing finance systems continue to remain opportune to explore in South-east Asia. These include the expanse of different sub-markets within the systems, each with its own peculiarities. An approach has been taken to concentrate on the housing market on account of its importance as a tool toward social gratification as well as of investment. A key aspect of this original paper is to analyse the inter-relationship between the housing market and housing finance system in countries with emerging economies. Malaysia and Indonesia have been chosen as representative of the middle nation of South-east Asia, bridging the divide between the more advanced and less developed countries within the group. The paper employs cointegration analysis including causality and vector error correction models (VECM) to investigate this relationship. The key findings show that the housing markets in both countries are cointegrated, and market disequilibrium is corrected each year by changes in house prices of each country as a result of a combination of changes within the housing finance systems. The analysis was conducted over the period of 2002 – 2012 due to the unavailability of longer series in Indonesia which become the main constraint of the study.

Suggested Citation

  • Rosli Said & Rohayu Ab Majid & Md Nasir Daud & Widiyanti, 2014. "Evaluation Of Housing Market And Its Associated Housing Finance Systems In Emerging Markets: With Reference To South East Asia," AfRES afres2014_145, African Real Estate Society (AfRES).
  • Handle: RePEc:afr:wpaper:afres2014_145
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    More about this item

    Keywords

    Cointegration; Emerging Markets; housing; Indonesia; Malaysia; VECM;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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