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Addae-Dapaah, K and Ching, W H (2003) Effects of property acquisition and disposal on property stock value. Journal of Financial Management of Property and Construction, 8(03), 139–54.

Chau, K W, Wong, S K and Yiu, C Y (2003) Price discovery function of forward contracts in the real estate market: an empirical test. Journal of Financial Management of Property and Construction, 8(03), 129–38.

Dowse, G (2003) Qualitative residential market forecasts: the Auckland experience. Journal of Financial Management of Property and Construction, 8(03), 193–201.

Hui, E C M and Yiu, C Y (2003) Market dynamics of private residential real estate price - an empirical test in Hong Kong. Journal of Financial Management of Property and Construction, 8(03), 155–66.

  • Type: Journal Article
  • Keywords: boom and bust; rational expectations; market fundamentals
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
  • Abstract:
    This paper tests empirically the market fundamental dynamics of private residential real estate prices in Hong Kong. The time series date from the first quarter of 1984 to the fourth quarter of 2000. Employing the simultaneous regression analysis with autoregressive and lagged independent variables, it shows that the dynamics of private residential real estate price can be explained by the expectation of economic growth, lagged unemployment rate and inflation rate. This reflects the rational expectation as well as the adaptive expectation of users and investors in the property market. Owing to the long period of payment in property mortgage loans, the results agree with our contention that unemployment rate casts a serious doubt on job security and it imposes a great impact on housing demand. Furthermore, transaction volume is also found to display positive effects on housing price.

Newell, G and Karantonis, A (2003) The predictive accuracy of investor sentiment for commercial property in Australia. Journal of Financial Management of Property and Construction, 8(03), 117–28.

Parker, D, MacFarlane, J, Peng, V and Murray, J (2003) Forecasting property market cycles: An application of the RICS model to the Sydney CBD office market. Journal of Financial Management of Property and Construction, 8(03), 178–92.

Pornchokchai, S and Perera, R (2003) Housing market in Bangkok after the financial crisis of 1997: lessons learned from the perspective of housing developers. Journal of Financial Management of Property and Construction, 8(03), 167–78.