Exploring the Case for Expert-defined Housing Submarket Boundaries

Expressway Proximity Effects on Property Prices in Hangzhou, China: Multidimensional Housing Submarket Approach

Journal of Urban Planning and Development ◽

10.1061/(asce)up.1943-5444.0000757 ◽

2022 ◽

Vol 148 (1) ◽

Author(s):

Haizhen Wen ◽

Zaiyuan Gui ◽

Chuanhao Tian ◽

Yan Song ◽

Ganghua Zhou

Keyword(s):

Proximity Effects ◽

Property Prices ◽

Housing Submarket

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International Real Estate Review

International Real Estate Review ◽

10.53383/100147 ◽

2012 ◽

Vol 15 (1) ◽

pp. 1-42

Author(s):

Heeho Kim ◽

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SaeWoon Park ◽

Sun Hye Lee ◽

◽

...

Keyword(s):

House Prices ◽

House Price ◽

Bank Lending ◽

Government Policies ◽

High Price ◽

Subprime Crisis ◽

Long Run ◽

Short Run ◽

Price Escalation ◽

Housing Submarket

This paper studies the abnormal price behavior of Kangnam, a premium (high price) housing submarket in Seoul, Korea, which addresses the correlation between house prices, bank lending, and other factors, including income. Kangnam experienced the most dramatic price escalation during the study period (1999-2009) despite Korean government policies to stabilize house prices in 2005 and the U.S. subprime crisis in 2008. The empirical result shows that even though the house price in a premium market is, to some degree, positively influenced by income, it is not affected by bank lending in the short-run while negatively affected in the long-run. This suggests that a premium housing submarket has a peculiar price dynamics of its own unlike the other submarkets which seem to comply more or less with our notion of a general economic theory, especially in terms of house prices and bank lending.

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Creating a gap that can be filled: Constructing and territorializing the affordable housing submarket in Gauteng, South Africa

Environment and Planning A Economy and Space ◽

10.1177/0308518x19885391 ◽

2020 ◽

Vol 52 (1) ◽

pp. 173-199

Author(s):

Siân Butcher

Keyword(s):

Housing Market ◽

Affordable Housing ◽

Market Failure ◽

Housing Prices ◽

Housing Markets ◽

Shape Space ◽

City Region ◽

Domestic Capital ◽

Housing Submarket ◽

Property Markets

As the housing bubble burst in overheated property markets around the world, South Africa’s so-called ‘affordable housing market’ appeared to be bucking the trend. From 2010, affordable housing prices were rising and selling quickly, especially in Gauteng, Johannesburg’s city-region, chronically short of actually affordable housing and with a growing black middle class. Touted as ‘SA’s best-kept investment secret’, the affordable housing market offered a lifeline to the property industry and the potential to democratize segregated property markets. Yet, in practice, the tapping of South Africa’s lower-income housing market by capital has been a limited one, narrowly catering to particular subjects and spaces. Drawing on heterodox approaches to ‘actually existing markets’ and qualitative fieldwork conducted in Johannesburg between 2012 and 2013, this paper traces how the boundaries of the affordable housing and mortgage submarket are produced and shift through the investments of multiple communities with their own theories of housing markets and different interests in ‘making the market work’. Despite these investments and contestations, the submarket is narrowly territorialized within developer-driven housing largely in Gauteng for public-sector workers, to optimize the market within mortgage capital’s frameworks of risk, return, race and space. The South African mortgaged affordable housing submarket is not so much in need of market information or constitutive of a new frontier of global finance, as a territorial fix for domestic capital vis-à-vis development imperatives. To investigate struggles over this submarket, I draw together socio-institutional approaches to markets with critical political economy of housing markets and put them into conversation with critical development studies scholarship on markets. This combination allows us to make space for multiple projects of ‘improvement’ and profit in our analyses of market-making, as well as how these are shaped by, and shape, space and conjuncture. I seek to contribute to a growing literature on the geographies of markets from a Global South context where housing is framed as both a market good and constitutional right by examining a case of apparent ‘market failure’.

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