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Journal articles on the topic 'Real estate price bubble'

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Published: 3 June 2025

Last updated: 31 July 2025

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1

OHNISHI, TAKAAKI, TAKAYUKI MIZUNO, CHIHIRO SHIMIZU, and TSUTOMU WATANABE. "POWER LAWS IN REAL ESTATE PRICES DURING BUBBLE PERIODS." International Journal of Modern Physics: Conference Series 16 (January 2012): 61–81. http://dx.doi.org/10.1142/s2010194512007787.

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How can we detect real estate bubbles? In this paper, we propose making use of information on the cross-sectional dispersion of real estate prices. During bubble periods, prices tend to go up considerably for some properties, but less so for others, so that price inequality across properties increases. In other words, a key characteristic of real estate bubbles is not the rapid price hike itself but a rise in price dispersion. Given this, the purpose of this paper is to examine whether developments in the dispersion in real estate prices can be used to detect bubbles in property markets as the

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Oust, Are, and Ole Martin Eidjord. "International Real Estate Review." International Real Estate Review 23, no. 2 (2020): 267–308. http://dx.doi.org/10.53383/100302.

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The aim of this paper is to test whether Google search volume indices can be used to predict house prices and identify bubbles in the housing market. We analyze the data that pertain to the 2006?2007 U.S. housing bubble, taking advantage of the heterogeneous house price development in both bubble and non-bubble states in the U.S. Using 204 housing-related keywords, we test both single search terms and indices that comprise search term sets to see whether they can be used as housing bubble indicators. We find that several keywords perform very well as bubble indicators. Among all of the keyword

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Iancu, Laura Andreea, Andreea Elena Croicu, and Luana Cristina Rogojan. "An Investigation on Real Estate Market Dynamics and Bubble Formation Modeling." Proceedings of the International Conference on Business Excellence 17, no. 1 (2023): 1603–16. http://dx.doi.org/10.2478/picbe-2023-0144.

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Abstract A speculative bubble arises when the market price of a financial asset diverges from its fundamental value, resulting in abrupt and disproportionate hikes that cannot be rationally explained by its underlying intrinsic value. This behavior is often followed by market crashes, as observed during historical asset bubbles such as the Dutch Tulip Mania (1634-1637), the Mississippi bubble (1719-1720), the South Sea bubble (1720), the stock-market bubble of the US (1921-1929), the Japanese stock market and real estate bubbles (1986-1991), and the recent US housing bubble and the stock marke

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Brzezicka, Justyna, and Radosław Wisniewski. "Price Bubble In The Real Estate Market - Behavioral Aspects." Real Estate Management and Valuation 22, no. 1 (2014): 77–90. http://dx.doi.org/10.2478/remav-2014-0010.

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Abstract The article pertains to the topic of speculative price bubbles which arise in the real estate market. The individual parts of the article deal with the connection between the price bubble in the American real estate market and the global economic crisis, defining the concept of a price bubble with regard to the behaviors of market participants, providing a description of the environment generating price bubbles, and systematizing the reasons behind the formation of price bubbles. The analysis of behavioral aspects accompanying the existence of a price bubble is a key issue. The assume

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Brzezicka, Justyna. "Speculative Bubbles and their Components on the Real Estate Market–A Preliminary Analysis." Real Estate Management and Valuation 24, no. 1 (2016): 87–99. http://dx.doi.org/10.1515/remav-2016-0008.

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Abstract Various speculative phenomena arise on the real estate market, and the speculative bubble (SB) is one of the best known events of the type. Speculative bubbles still have many unidentified components, and are characterized by high research potential due to the multiple factors responsible for bubble creation, as well as considerable practical implications on account of the multivariate results describing the real estate market (REM) and its surroundings. Speculative price bubbles are associated mainly with changes in price trends on the real estate market. A thorough analysis of a spe

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Zhou, Yu, and Hongru Guo. "International Real Estate Review." International Real Estate Review 18, no. 3 (2015): 365–82. http://dx.doi.org/10.53383/100206.

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In this paper, monthly data from May 2004 to December 2011 are used to calculate the equilibrium housing price predicted by the economic fundamentals of Shenzhen and additional economic fundamentals of Hong Kong under the background of the Shenzhen Hong Kong cross-border integration. Equilibrium housing price is then compared against the actual housing price to test the degree of the Shenzhen housing price bubble during the studied period. We find that aided by the economic fundamentals of Hong Kong, the Shenzhen housing price can be better explained and the gap between the actual and equilibr

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Jia, Yuanzhi. "The Research of Real Estate Price Bubble in Case of Hengda Real Estate Company." Advances in Economics, Management and Political Sciences 106, no. 1 (2024): 306–11. http://dx.doi.org/10.54254/2754-1169/106/20241677.

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Real state bubble refers to a continuous process of abrupt increase of selling price which excesses value. Therefore the economy is so full of bubbles that cannot reflect material wealth. When the price is too high to afford by consumers, the whole industry have risk to collapse. In order to research reasons lead to real estate bubble, this paper uses liner regression method to explore factors that influence real state selling price. As a result, the real state selling price is positive relative to land price and resident disposable income and negatively relative to interest rate. Additionally

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Kloppenburg, Wolfgang. "Are Real Estate Prices Evolving into an Asset Price Bubble?" ACTA VŠFS 15, no. 1 (2021): 36–48. http://dx.doi.org/10.37355/acta-2021/1-02.

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The development of real estate prices is of extraordinary importance for the fi nancial and economic system, as undesirable developments could endanger fi nancial stability – as seen in the fi nancial crisis of 2008 and 2009. This applies not only to speculators, but also to private households, which have to borrow to pay the purchase price. The market has been “fueled” in particular by the monetary policy of the central banks – expansion of the money supply and low interest rates. Investors are looking for investment opportunities due to the money glut, and the real estate market still promis

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Deniz, Karakoyun Hulya. "Demand-side factors of housing price increases in Turkey: Blanchard-Quah SVAR model." Business and Economic Horizons 13, no. 2 (2017): 312–32. https://doi.org/10.15208/beh.2017.23.

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A bubble in the housing sector is defined as an unprecedented upsurge in house prices which cannot explained by fundamental determinants of the housing sector. This study examines demand-side factors of real estate sector in Turkey in order to expose whether house price increases in the country can be counted as a bubble. We use the Blanchard-Quah SVAR model to empirically reveal the relationships between the real mortgage interest rates, house price gap, price-rent-ratio and purchasing power parity. The results of the paper indicate that real interest rates and other varia

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Bago, Jean-Louis, Koffi Akakpo, Imad Rherrad, and Ernest Ouédraogo. "Volatility Spillover and International Contagion of Housing Bubbles." Journal of Risk and Financial Management 14, no. 7 (2021): 287. http://dx.doi.org/10.3390/jrfm14070287.

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This paper provides new empirical evidence on housing bubble timing, volatility spillover, and bubble contagion between Japan and its economic partners, namely, the United States, the Eurozone, and the United Kingdom. First, we apply a generalized sup ADF (GSADF) test to the quarterly price-to-rent ratio from 1970Q1 to 2018Q4 to detect explosive behaviors in housing prices. Second, we analyze the volatility spillover in housing prices between Japan and its economic partners using the multivariate time-varying DCC-GARCH model. Third, we assess bubble contagion by estimating a non-parametric mod

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Miles, William. "International Real Estate Review." International Real Estate Review 18, no. 4 (2015): 455–71. http://dx.doi.org/10.53383/100209.

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Since the recent turmoil in UK housing, there has been controversy over whether house prices in the past decade have entered a bubble. While there are numerous techniques employed to investigate the presence of bubbles, testing the significance of breaks in the dynamics of prices has been utilized in other research to detect such bubbles. This is important in itself, as changing parameters in housing time series models make forecasting and portfolio management more difficult. We examine thirteen regions of the UK as well as the national home prices. The results indicate that while there were s

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Yan, Weilun, and Youchen Zhou. "Analysis Of House Price Bubbles and Macroeconomic Policy Regulation." Highlights in Business, Economics and Management 24 (January 22, 2024): 1448–54. http://dx.doi.org/10.54097/a2e23654.

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House prices are a reflection of a country's economic growth and a city's overall competitiveness, and are determined by supply and demand after integrating various factors. Real estate is an important pillar industry all over the world, and almost everyone sees property as an important reflection of economic property. Real estate includes residential and commercial property. In 2023 real estate will remain an important and large industry. House prices are something that is closely watched in people's lives. When there is a change in house prices it can have an impact on the whole society and

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Berdaliyeva, Mukhabbatkhan. "ANALYSIS OF THE HOUSING PRICE BUBBLE INDEX AND SUB-INDICES IN UZBEKISTAN." Annali d'Italia 59 (September 26, 2024): 29–35. https://doi.org/10.5281/zenodo.13844422.

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This study analyzes the housing price bubble index and its sub-indices in Uzbekistan, a developing country with a rapidly growing real estate market. The research aims to identify potential housing price bubbles and their key drivers in Uzbekistan’s specific context.The study was conducted using extensive data on various economic indicators related to the housing market, including housing prices, construction costs, interest rates and income levels. By analyzing the housing price bubble index and its sub-indices, the study provides a clear understanding of the factors contributing to pot

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Martin, Vesna. "Residential real estate analysis in Serbia." Anali Ekonomskog fakulteta u Subotici, no. 00 (2023): 19. http://dx.doi.org/10.5937/aneksub2300019m.

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The analysis of Serbia's residential real estate market is the main goal of this paper. Price movements in that part of the market affect price and financial stability equally, which are thus the main goals of most central banks. Prior to the highly contagious COVID-19 pandemic, there was a gradual increase in the number of transactions involving real estate and prices, with oscillations observed throughout the second quarter of 2020. In this paper, we will present the available databases from the Serbian residential real estate market, as well as regulations that have been in place since the

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Chen, Yixuan. "The Current Situation of the Housing Market Bubble in Chinas First-tier Cities." Advances in Economics, Management and Political Sciences 117, no. 1 (2024): 94–99. http://dx.doi.org/10.54254/2754-1169/117/20242077.

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Abstract: With the progression of China's economy and urbanization, the real estate industry experienced rapid growth, accompanied by increasing speculative activities, which led to a continuous rise in housing prices and the formation of a bubble. Therefore, the focus of this study was the current state of China's real estate bubble and potential solutions. Given the issue of excessively high real estate prices, this study specifically examined the price trends and factors contributing to the real estate bubble in four Chinese cities: Beijing, Shanghai, Guangzhou, and Shenzhen. The research m

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Gao, Ying, and Hui Yang. "The measurement of financial support for real estate and house price bubbles and their dynamic relationship: An empirical study based on 31 major cities in China." National Accounting Review 6, no. 2 (2024): 195–219. http://dx.doi.org/10.3934/nar.2024009.

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<abstract> <p>In recent years, China's real estate prices have continued to rise, preventing the bursting of the house price bubble, and the various risks it triggers has become an important issue that governments at all levels have to face. In this paper, the backward sup ADF (BSADF) method was used to dynamically portray the evolution of real estate price bubbles in 31 large and medium-sized cities in China over a period of 11 years, from 2013 to 2021, and the dynamic relationship between the degree of financial support for real estate (hereinafter referred to as financial suppor

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GÜNDÜZ, Veclal, Erdem ÖNCÜ, Şükrü UMARBEYLİ, and Korkmaz ERGUN. "Assessing the Existence of Housing Bubbles in Istanbul, Ankara and Izmir: A GSADF Method Analysis of New and Old Housing Prices." Anadolu Üniversitesi Sosyal Bilimler Dergisi 23, no. 2 (2023): 501–16. http://dx.doi.org/10.18037/ausbd.1263525.

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Need for shelter is the main requirement for people. The majority of shelter needs is fulfilled through the acquisition of estates. Housing prices may have been overpriced for a variety of causes at various times. A bubble asset is created when house prices deviate from basic values. The existence of property market bubbles has recently received a lot of attention. House prices in three provinces (Istanbul, Ankara, and Izmir) were investigated in this study between April 2010 and October 2022 to assess whether there is a housing bubble. In order to see the difference more easily, both new (YKF

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Kim, Kyungwon, and Jae Song. "Managing Bubbles in the Korean Real Estate Market: A Real Options Framework." Sustainability 10, no. 8 (2018): 2875. http://dx.doi.org/10.3390/su10082875.

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The aim of this paper is to propose a real options framework to measure and manage bubbles in the Korean real estate market. The proposed framework carefully defines and utilizes the unique leasing mechanism in Korea, called the Jeonse system, a tentative contract for one or two years with a large amount of deposit, to represent the value of residence. Furthermore, the proposed framework applies the volatility with heteroscedasticity to improve the numerical accuracy in comparison to the traditional real options valuation model. The results of the model ultimately suggest the investment strate

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Brunnermeier, Markus, Simon Rother, and Isabel Schnabel. "Asset Price Bubbles and Systemic Risk." Review of Financial Studies 33, no. 9 (2020): 4272–317. http://dx.doi.org/10.1093/rfs/hhaa011.

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Abstract We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost 30 years. Banks’ systemic risk already rises during a bubble’s buildup and even more so during its bust. The increase in risk strongly differs across banks and by bubble. It depends on bank characteristics (especially bank size) and bubble characteristics and can become very large: in a median real estate bust, systemic risk increases by almost 70% of the median for banks with unfavorable characteristics. These results emphasize the importance of bank-level factors in the b

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Clithero, John, and Nathan Pealer. "International Real Estate Review." International Real Estate Review 8, no. 1 (2005): 110–27. http://dx.doi.org/10.53383/100063.

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Although there have been many recent studies of the housing market and the possible housing bubble, very few studies take a micro-oriented approach. We construct a repeat-sales housing price index from a new data set for Irvine, California to understand recent trends in its housing market. Our analysis for 1984 to 2003 suggests that Irvine’s housing market did demonstrate traits of a bubble during certain periods of time. In fact, the bubble of the late 1980s and early 1990s appears to have been even more pronounced in Irvine. Our analysis does not, however, demonstrate conclusively that Irvin

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IVANOV, Petar. "Detecting Housing Bubbles Throughthe Assessmentof House Price Deviations in Bulgaria." Construction Entrepreneurship and Real Property 1, no. 2 (2024): 40–53. https://doi.org/10.56065/cerp2024.1.2.40.

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This article attempts to assess the real deviations of house prices in Bulgaria from their long-term equilibrium levels. Moreover, we research the characteristics of house price bubbles on a global scale and introduce diagnostic tools for their identification on a local level. We compare the current price trends in Bulgaria versus those that already took place during the last documented house bubble that burst in 2008. For assessment of the price deviations, we evaluate a vector error correction model (VECM) that projects a curve for the equilibrium levels of the national house price index (HP

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Zhang, Yujie. "The Relationship between Real Estate Bubble and Financial Crisis Taking Shanghai as an Example." Advances in Economics, Management and Political Sciences 8, no. 1 (2023): 291–300. http://dx.doi.org/10.54254/2754-1169/8/20230331.

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In recent years, the real estate market has become increasingly hot, developing very quickly, and has become one of the important industries to promote the development of GDP in China. However, the rapid development of many negative effects, such as high prices and rising costs of living, has caused the real estate market to bubble, causing people to worry about whether it will cause a financial crisis, resulting in an economic crash. As a result, many scholars have conducted various studies on the real estate bubble, but they have not reached a consensus on the bubble. Economic crashes caused

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Chen, Chang, Haoyu Zhai, Zhiruo Wang, et al. "Experimental Research on the Impact of Interest Rate on Real Estate Market Transactions." Discrete Dynamics in Nature and Society 2022 (March 17, 2022): 1–14. http://dx.doi.org/10.1155/2022/9946703.

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Based on the close relationship between real estate and capital financing, this paper specifically discusses the impact of interest rate changes in China on real estate market transactions. Housing price regulation has been a hot and focused topic of economics research. It is important to explore the effect of interest rate on real estate market transactions, for the interest rate is an important tool for the government to carry out macrocontrol of the real estate market and affects residents’ consumption choices of goods. Currently, most scholars believe that interest rate changes have a sign

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Khan, Mohsin, Rup Singh, Arvind Patel, and Devendra Kumar Jain. "An examination of house price bubble in the real estate sector: the case of a small island economy – Fiji." International Journal of Housing Markets and Analysis 14, no. 4 (2021): 745–58. http://dx.doi.org/10.1108/ijhma-05-2020-0056.

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Purpose This paper aims to assess the equilibrium house price in the city of Suva (Fiji) and to analyse the house price bubble in the Fiji housing market. Design/methodology/approach This paper adopts a time series approach to determine the presence of house price bubbles in Fiji over the period from 1988 to 2018. Findings The findings suggest that real income, land cost, building material price, inflation rate, volatility, household size and wealth have a positive impact on house prices, whereas user cost of capital and political disturbances have a negative impact. The findings further indic

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Zhang, Shuning. "Discussion on the Key Factors of Real Estate Bubble Formation in The Process of Urbanization." Frontiers in Business, Economics and Management 12, no. 2 (2023): 40–43. http://dx.doi.org/10.54097/fbem.v12i2.14592.

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With the acceleration of global urbanization, the real estate market plays a vital role in urban development. However, the emergence of real estate bubble has become a global problem, which poses a serious threat to economic and social stability. The purpose of this study is to explore the key factors of real estate bubble formation in the process of urbanization, so as to reveal its complex mechanism and influence. It is found that financial factors are one of the main driving forces for the formation of the real estate bubble. Low interest rate policy, loose monetary policy and easy access t

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Demmler, Michael, and Denise Gómez Hernández. "QUANTITATIVE ANALYSIS OF THE BEHAVIOR OF NATIONAL MEXICAN REAL ESTATE PRICES." Hitos de Ciencias Económico Administrativas 25, no. 73 (2020): 490–507. http://dx.doi.org/10.19136/hitos.a25n73.3637.

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OBJECTIVE: To explain Mexican home prices using fundamental, macroeconomic variables in order to identify possible financial bubble tendencies within the Mexican national housing market during the period 2005 to 2018.  MATERIAL AND METHOD: The present study analyzes quarterly data of Mexican real estate market prices and various fundamental, macroeconomic variables during the period 2005 to 2018. The quantitative research approach of the study is based on descriptive statistics and regression analyses.  RESULTS: The main results of the study are as follows: First, a sim

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Idrovo-Aguirre, Byron J., Francisco J. Lozano, and Javier E. Contreras-Reyes. "Prosperity or Real Estate Bubble? Exuberance Probability Index of Real Housing Prices in Chile." International Journal of Financial Studies 9, no. 3 (2021): 51. http://dx.doi.org/10.3390/ijfs9030051.

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In this paper, we approached the concept of real estate bubble, analyzing the risk its bursting could generate for the Chilean financial market. Specifically, we analyzed the relationship between real housing prices, the economic activity index, and mortgage interest rates denominated in inflation-linked units from 1994 to 2020. The analysis was based on a second order Markov switching model with the predetermined variables mentioned later, whose parameters were obtained through the expectation–maximization algorithm. Then, we built a probability index as early warning indicator for potential

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Jiyanov, O'ktam, and Munavvar Alimova. "ANALYSIS OF HIGH HOUSING PRICES IN UZBEKISTAN AND IMPACT OF ISLAMIC FINANCING." Journal of Universal Science Research 2, no. 5 (2024): 140–47. https://doi.org/10.5281/zenodo.11194488.

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A price bubble is beginning to build in the real estate market when housing prices rise more quickly than local wages and rents. A "bubble" occurs when assets are consistently valued below their true worth; their presence cannot be established until it collapses. With several interconnected origins and reinforcing processes, the housing price bubble is a complex phenomenon that had a role in the global financial and economic crisis of 2007–2009[1]. [

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Dzikevičius, Audrius, Lukas Kazlauskas, and Šarūnas Bruzgė. "Evaluation of factors leading to formation of price-bubbles in the real estate market of Lithuania." Business: Theory and Practice 16, no. (4) (2015): 345–52. https://doi.org/10.3846/btp.2015.544.

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Recently, real estate market has been discussed more frequently in the framework of economic analysis. The global economic crisis of 2008 has demonstrated the severity of financial shock that can be caused by inconsiderate investments in the real estate market. The present article analyses business cycles and the phenomenon of a price-bubble in that context. Drawing on the analysis of reference literature we identify the main reasons that can lead to fluctuations of prices in the real estate market. Finally, drawing on correlation and regression analysis we determine which factors have the str

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Berk, Niyazi, Sabriye Biçen, and Nadire Seyidova. "Study on Measuring of Real Estate Speculative Bubble: Evidence from Turkey." European Journal of Multidisciplinary Studies 5, no. 1 (2017): 334. http://dx.doi.org/10.26417/ejms.v5i1.p334-338.

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The investor's expectation of future price increases on real estate is causing to further rise of prices. In the 1990s, Turkey’s real estate price / rental income ratio was around 10, now is between 17-20 years. On the other hand, as a result of insufficient innovation and incentive application of industry, some companies have left their core activity and moved to the consruction industry. Studies using time series analysis with Turkey’s data show that GDP growth and interest rates have a great impact on investment decisions of consruction companies. Using Turkstat, Bloomberg and Eurostat data

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Bago, Jean-Louis, Imad Rherrad, Koffi Akakpo, and Ernest Ouédraogo. "An Empirical Investigation on Bubbles Contagion in Scandinavian Real Estate Markets." Businesses 2, no. 1 (2022): 110–17. http://dx.doi.org/10.3390/businesses2010007.

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This paper investigates the presence of speculative bubbles in the Scandinavian countries namely Denmark, Finland, Norway, and Sweden over the period from 1980Q1 to 2018Q4 and searches for evidence of bubble migration among those countries. First, we apply the GSADF test developed by Phillips et al. (2015) on quarterly housing price-to-rent ratios to test for exuberance and episodic bubbles. Subsequently, we examine bubble migration between these markets using the non-parametric model with time-varying coefficients (NPM-TVC) developed by Greenaway-McGrevy and Phillips (2016). We find evidence

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Dzikevičius, Audrius, Lukas Kazlauskas, and Šarūnas Bruzgė. "Evaluation of factors leading to formation of price-bubbles in the real estate market of Lithuania." Verslas: Teorija ir Praktika 16, no. 4 (2015): 345–52. http://dx.doi.org/10.3846/btp.2015.544.

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Recently, real estate market has been discussed more frequently in the framework of economic analysis. The global economic crisis of 2008 has demonstrated the severity of financial shock that can be caused by inconsiderate investments in the real estate market. The present article analyses business cycles and the phenomenon of a price-bubble in that context. Drawing on the analysis of reference literature we identify the main reasons that can lead to fluctuations of prices in the real estate market. Finally, drawing on correlation and regression analysis we determine which factors have the str

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Walther, Herbert. "Forty years of real-estate bubbles in the US and the macroeconomy: a Keynesian perspective." European Journal of Economics and Economic Policies: Intervention 16, no. 3 (2019): 381–402. http://dx.doi.org/10.4337/ejeep.2019.03.07.

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This paper presents a dynamic, non-linear, stock–flow consistent aggregate Keynesian model with a banking sector, a household sector, a government sector, and a real-estate sector, to study the interactions between booms and busts in the real-estate sector and the macroeconomy. Using this model we try to simulate some ‘stylized facts’ about the US economy observable during the last four decades. It is argued that for various reasons house-price volatility in the US has increased since the 1980s: house prices seem to have followed a ‘cobweb’ pattern of accelerating instability, leading to the c

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Shao, Chenyang. "The Role of Financial Innovation in Spain's Housing Bubble." Advances in Economics, Management and Political Sciences 151, no. 1 (2025): 1–6. https://doi.org/10.54254/2754-1169/2024.19317.

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The Spain's Housing Bubble began from 1996 to 2007, during which the house price rose rapidly. During the 2008 global financial crisis, the Spanish housing market experienced a serious bubble burst. This paper aims to explore the reasons for the emergence and collapse of the Spanish housing bubble in 2008. Through the collation and research of relevant literature, it combs the important role and impact of financial innovation in it. The financial innovation before the housing bubble in 2008 was mainly characterized by the securitization of the housing market, deregulation and the massive inflo

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Lin, Ke. "The Influence of the Japanese Real Estate Bubble Economy on the Stability of the Financial System." Advances in Economics, Management and Political Sciences 164, no. 1 (2025): 96–100. https://doi.org/10.54254/2754-1169/2025.20736.

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The financial stability is critical to sustaining economic growth and minimising the financial risks and losses. As a pillar industry of the national economy, the real estate sector has a significant place in economic activities. Japan experienced a real estate boom last century but then witnessed a real estate bubble economy in the 1980s. The bubble economy adversely affected Japanese financial stability and caused a financial crisis in Japan. Based on the literature review method, this paper collects and collates the previous literature on this topic. This essay firstly talked about the form

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Lyu, Gaoyuan. "Comparative Analysis Between Japan's Real Estate Economy and China's Real Estate Status." Communications in Humanities Research 45, no. 1 (2024): 87–93. http://dx.doi.org/10.54254/2753-7064/45/20240099.

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Japan's real estate bubble economy in the 1990s caused a major blow to the Japanese economy, Japan entered the "disappearing 30 years". The causes of Japan's real estate bubble economy and the reasons why the bubble burst are worthy of the world's countries to learn from. 21st century since the rapid development of China's real estate economy, housing prices are growing rapidly. The real estate economy has been overheated in some areas, although the Chinese government has taken relevant measures to cool down, still can't relax the vigilance, people should always pay attention to the overheated

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Hsueh, Li-Min, Hsi-Peng Tseng, and Chang-Chiang Hsieh. "International Real Estate Review." International Real Estate Review 10, no. 1 (2007): 119–50. http://dx.doi.org/10.53383/100078.

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In this research, cross-sectional data for the township level obtained from the 1990 and 2000 Population and Housing Census are used to study the phenomenon of high housing vacancy rates in Taiwan. Three simultaneous equations for housing price, vacancy rate, and moving rate are derived and estimated using 3SLS. The estimation results show that, in 1990, in a booming market situation, both expected housing price and current housing price had a strong, positive impact on the vacancy rate; however, the housing vacancy rate did not display a negative impact on housing price as expected. The resul

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Yu, Xuyao. "The Relationship between Monetary Policy and the Housing Bubble." Highlights in Business, Economics and Management 1 (November 28, 2022): 71–74. http://dx.doi.org/10.54097/hbem.v1i.2321.

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Will monetary policy affect the price of housing and thus lead to a housing bubble? It is well known that the Fed's monetary policy decisions affect the U.S. and the world economy, guiding the direction of the economy through monetary policy adjustments. The real estate market has a huge volume and monetary policy has a profound impact on it. Loose monetary policy can lead to a boom in the real estate market, but too much of a boom can lead to a crisis. This article examines whether monetary policy affects housing bubbles by analyzing the views of Ben S. Bernanke and John B. Taylor and modelin

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Miles, William. "International Real Estate Review." International Real Estate Review 23, no. 3 (2020): 397–416. http://dx.doi.org/10.53383/100307.

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Asset prices and fundamentals can move apart, as is the case during bubble episodes. However, they should exhibit a stable relationship in the long run. For UK housing, previous studies have investigated whether house prices share a long run relationship with income. Results thus far have not yet found such stability in the interaction of the two variables. These previous papers have imposed linear adjustment on the relationship. Nonlinear adjustment, however, has been shown to be a feature in a number of housing market relationships. In this study, we utilize a data set that consists of home

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Walters, Eddison T. "Evidence From Data Analysis, Fifteen Developed Countries and the United States Home Prices Increase Between 1990 to 2006 Result of Advancement In Technology, Worldwide Economic Collapse and Great Recession Result of False Information by Media and Economic Policy Failures: Walters Real Estate Bubble Impossibility Price Transparency Theory, Real Estate Bubble Is Impossible, An End to Economic Policies Based on False Information." International Business Research 13, no. 11 (2020): 114. http://dx.doi.org/10.5539/ibr.v13n11p114.

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Based on the findings of the current study, policymakers must take a hard look at the media and themselves, because the world can no longer blame the subprime mortgage industry for causing the Global Financial Crisis of 2007 and 2008. The public must demand answers from the media and policymakers explaining how an economic crisis that could have been avoided resulted in the collapse of the global economy. The lack of evidence supporting the theory of a financial bubble and a real estate bubble called for further investigation of factors leading to the Global Financial Crisis of 2007 and 2008.

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Aguilera Alvial, C. "Real estate boom in Chile and fundamentals on house prices." Finance, Markets and Valuation 6, no. 1 (2020): 1–26. http://dx.doi.org/10.46503/bbhd9810.

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This article studies the fundamentals of housing prices based on the Real Index of Housing Prices (IRPV), given that in recent times in Chile there has been a sustained increase in price levels and seeks to find evidence on the existence of a possible speculative bubble in the real estate market. Following the methodology of various Chilean and international authors, the Engle & Granger Co-integration methodology was applied. Furthermore, the results of the previous methodology were compared using the Johansen Co-integration test. Then a method to find structural breaks is applied. As a re

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Wei, Shih-Yung, Nan-Yu Chu, and Wei-Chiang Hong. "A Straightforward Approach to Estimate the Abnormal Return in Taiwan." International Journal of Applied Evolutionary Computation 5, no. 4 (2014): 34–43. http://dx.doi.org/10.4018/ijaec.2014100103.

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The fluctuation of real estate prices has been a subject of public attention, and related studies are often unable to effectively measure changes due to limitations in information acquisition and modeling. In fact, the existence of abnormal return of the real estate market can be regarded as an important indicator of fluctuations in prices or a bubble. Therefore, based on the Capital Asset Pricing Model, combined with time series analysis, this paper establishes a more convenient method of analysis to explore price changes of Taiwan's real estate market from 1998 to 2012. The empirical results

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Zhang, Baoling. "The Link Between Monetary Policy and the Housing Bubble in Spain." Advances in Economics, Management and Political Sciences 152, no. 1 (2025): 35–41. https://doi.org/10.54254/2754-1169/2024.19429.

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In the 1990s, the Spanish economy grew rapidly, but due to the internal dependence on real estate, the external impact of the economic crisis resulted in the emergence of the real estate bubble. Through this event, this paper uses the income capitalization model to analyze the impact of monetary policy, especially interest rates, on house prices and also delves into the reasons for the formation of the real estate bubble, including factors, such as labor market reform, immigration policy, bank lending policy and interest rate changes. The focus is to use the income capitalization model and rel

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Xiong, Hanfei. "Risk Logic and Policy Enlightenment of Real Estate Bubble and Financial Crisis." SHS Web of Conferences 151 (2022): 01016. http://dx.doi.org/10.1051/shsconf/202215101016.

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With the rapid growth of economy, residents’ demand for real estate is not only limited to residential function, but also as an important investment product to buy. Therefore, under the joint action of these two demands, the real estate prices in China have increased rapidly. At present, the predicament of the real estate industry, especially the fluctuation of house prices, can easily cause the illusion that the real estate bubble is squeezed out or reduced, thus neglecting to guard against it and causing great disaster. Both the expansion and bursting of bubbles will lead to wealth transfer

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LOCATELLI, RONALDO LAMOUNIER, HAROLDO MARCIO INÊS, JOSÉ EDSON LARA, and FERNANDO TADEU PONGELUPE NOGUEIRA. "REAL ESTATE MARKET OF A BRAZILIAN METROPOLIS: SUSTAINED GROWTH OR SPECULATIVE BUBBLE?" RAM. Revista de Administração Mackenzie 18, no. 2 (2017): 211–36. http://dx.doi.org/10.1590/1678-69712016/administracao.v18n2p211-236.

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ABSTRACT Purpose: To analyze the real estate sector of a Brazilian metropolis in the recent period of great valuation of the asset in the country and to investigate if there are signs of a speculative bubble in this market. Originality/gap/relevance/implications: This article presents a version of the Case-Shiller Index, which describes the evolution of the relationship between house prices and rental prices and uses models in order to identify if the rise in property prices rests on good economic fundamentals. Key methodological aspects: The approach is quantitative and involves the construct

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Miller, Norman G., Michael A. Sklarz, and Thomas Thibodeau. "International Real Estate Review." International Real Estate Review 8, no. 1 (2005): 27–43. http://dx.doi.org/10.53383/100059.

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This research examines how well nominal income, nominal interest rates and employment explain temporal variation in nominal metropolitan area house prices. Rather than use a traditional model of real house prices, we explain nominal house prices with a measure of "intrinsic" house value that combines local economic factors with an affordable price based upon what the local median income household could afford to pay at prevailing interest rates. The affordable price variable captures local household income trends and current interest rates. We then relate temporal variation in observed house p

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Walters, Eddison. "Eddison Walters Housing Market Globalization Theory: Building On, Eddison Walters Real Estate Housing Technology Structural Change Transformational Theory." European Journal of Accounting, Auditing and Finance Research 12, no. 10 (2024): 52–59. http://dx.doi.org/10.37745/ejaafr.2013/vol12n105259.

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Today’s housing affordability crisis has been caused by failure to acknowledge technological advancements that globalized housing markets that were once local. Policymakers, banking regulators, and the academic community slept at the wheel. On the heels of the Dot.com bubble, policymakers eagerly stepped in to avoid another economic crisis, accepting the false theory of a real estate housing bubble. Policymakers never considered that the growth in home prices could be real. Two decades after the declaration of a housing bubble, home prices continue to increase rapidly today. Evidence is clear

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Chirchir, Dan, Mirie Mwangi, and Cyrus Iraya. "Property Supply, Economic Factors and House Prices in Nairobi Kenya." Journal of African Real Estate Research 9, no. 2 (2024): 55–86. https://doi.org/10.15641/jarer.v9i2.1457.

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Residential real estate is an important asset class for both institutional and individual investors. The housing bubble in the US led to a global financial crisis in 2007 – 2008. As such, understanding the factors that influence property prices is central to the investment process and portfolio management. The objective of the paper was to first construct a Nairobi house price index and then determine the relationship among economic factors, property supply, and house prices. The study period was ten years (2011Q1 to 2020Q4). Autoregressive Distributed Lag (ARDL) model was adopted to estimate

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Miller, Chen L. "International Real Estate Review." International Real Estate Review 21, no. 2 (2018): 227–50. http://dx.doi.org/10.53383/100260.

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This paper demonstrates, theoretically and empirically, that shared equity mortgages are a better affordable housing solution than high-leverage lending, in terms of both default reduction and cost to mortgage insurers. Their effectiveness in reducing strategic default is increased when shared equity contracts are conducted in expensive house price areas, during housing bubble periods, with long holding terms, or for borrowers with high expected returns. The paper develops numerical examples with the use of simulation and back-testing, which are applied to Los Angeles. The results show that Lo

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Castello-Sirvent, Fernando. "Spanish Real Estate Bubble: A Classroom Experiment." Multidisciplinary Journal for Education, Social and Technological Sciences 3, no. 2 (2016): 185. http://dx.doi.org/10.4995/muse.2016.6377.

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<p>The European Higher Education Area (EHEA) requires development of teaching methodologies that encourage active participation by students in the autonomous learning process, taking the figure of the professor as the mediator. On the other hand, the economy is a fundamental aspect in today’s society insofar that it contributes to explaining the behaviour of individuals. In this sense, the experimental economy applied in lecture rooms is presented as an innovative educational procedure that is perfectly adapted to university teaching, since it facilitates acquisition and consolidation of

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