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Are Asia-Pacific Housing Prices Too High For Comfort?

  • Eloisa T Glindro

    (Bangko Sentral ng Phlipinas)

  • Tientip Subhanij

    (Bank of Thailand)

  • Jessica Szeto

    (Hong Kong Monetary Authority)

  • Haibin Zhu

    (Bank for International Settlements)

Registered author(s):

    The paper investigates the characteristics of house price dynamics and the role of institutional features in nine Asia-Pacific economies. On average, house prices tend to be more volatile in markets with lower supply elasticity and more flexible business environment. At the national level, the current run-up in house prices mainly reflects adjustment to improved fundamentals rather than speculative housing bubbles. It, however, does not preclude the existence of bubbles in some market segments.

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    Paper provided by Economic Research Department, Bank of Thailand in its series Working Papers with number 2008-11.

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    Length: 57 pages
    Date of creation: Nov 2008
    Date of revision:
    Handle: RePEc:bth:wpaper:2008-11
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