Household Income, Asset Location and Real Estate Value: Evidence from REITs

2021 ◽  
Author(s):  
Zifeng Feng
Keyword(s):  
Real Estate ◽  
Household Income ◽  
Asset Location

scholarly journals International Real Estate Review

2014 ◽  
Vol 17 (3) ◽  
pp. 415-444
Author(s):  
Kazuya Tani ◽  
◽  
Yoshiyuki Kikuchi ◽  
Hideo Takaoka ◽  
Shubin Lin ◽  
...  
Keyword(s):  
Real Estate ◽  
Public Housing ◽  
Household Income ◽  
Annual Household Income ◽  
Acquisition Process ◽  
Commercial Housing ◽  
Household Incomes ◽  
The Relationship ◽  
Housing Units

The purpose of this paper is to clarify the housing acquisition process by providing profiles of residents in Shanghai. A questionnaire was prepared for residents in both public housing and commodity housing to analyze the relationship between the purchase prices of housing units and the annual household incomes of the buyers. The ability to purchase private condominium units depends on whether the purchasers already possess any real properties. In Shanghai, the number of condominiums supplied by private developers has been rapidly increasing in recent years and represented about 40% of the number of households in 2009. However, as these prices are about 9 to 14 times the average annual household income, we believe that a path from renting public housing to owning commercial housing, which was a relocation process commonly witnessed in the 1980s in Japan, is considerably difficult to be followed by regular residents in Shanghai.

The portfolio effect of pension reforms: evidence from Italy

2010 ◽  
Vol 10 (1) ◽  
pp. 75-97 ◽  
Author(s):  
RENATA BOTTAZZI ◽  
TULLIO JAPPELLI ◽  
MARIO PADULA
Keyword(s):  
Real Estate ◽  
Social Security ◽  
Household Income ◽  
Pension Reforms ◽  
Italian Survey ◽  
Social Security Wealth ◽  
Portfolio Effect ◽  
Pension Benefits ◽  
Social Security Benefits

AbstractWe estimate the portfolio effect of changes in social security wealth exploiting a decade of Italian pension reforms. The Italian Survey of Household Income and Wealth records detailed portfolio data and elicits expectations of retirement outcomes, thus allowing us to measure expected social security wealth and assess to what extent Italian households perceive the innovations brought about by the reforms. We find that households have responded to cuts in pension benefits mostly by increasing real estate wealth, and that this response is stronger among households able more accurately to estimate future social security benefits. We also compute that for the average household consumable wealth increases by 40 percent of the reduction in social security wealth.

HOW WILL THE LAND REVENUE POLICY REFORM AFFECT CHINA’S ECONOMY? A SIMULATION ANALYSIS BASED ON GENERAL EQUILIBRIUM

2020 ◽  
pp. 1-17
Author(s):  
HAISHENG HU ◽  
WANHAO DONG ◽  
CHIEN-LUNG HSU ◽  
JIUN-NAN PAN
Keyword(s):  
Real Estate ◽  
General Equilibrium ◽  
Computable General Equilibrium ◽  
Household Income ◽  
Land Reform ◽  
Local Governments ◽  
Manufacturing Industry ◽  
Simulation Analysis ◽  
Policy Reform ◽  
Negative Impact

The aim of this paper is to simulate the effect of land revenue policy reform in China under the shock of tax policy reform. To this end, this research has built a computable general equilibrium model and collected data from China’s input–output table for 2017 to construct the China land revenue social accounting matrix for 2017. Five scenarios of land reform policy have been considered. The first scenario concerns a reduction in the construction land supply; the simulation shows that the reform will lead to increasing real estate prices, which will result in a crowding-out effect for the manufacturing industry. The second scenario involves levying a property tax nationwide, which will restrain the trend of the increase in the real estate price and increase the local governments’ revenue, although household income and economic growth will be restrained. The third scenario has to do with a reduction in the deed tax. The simulation shows that this reform can alleviate the negative impact on the economy. The fourth scenario is related to a combination of the first and second scenarios, which will lead to a decrease in employment demand and an increase in land financial revenue. Finally, the fifth scenario is also a combined policy involving the first, second and third scenarios, which will result in higher urban and rural household income than the fourth scenario.

scholarly journals Using Multiplier Analyses in Analyzing the Roles of Japanese Industrial Sectors

2019 ◽  
Vol 8 (5C) ◽  
pp. 229-232
Keyword(s):  
Real Estate ◽  
Household Income ◽  
Final Demand ◽  
Japanese Economy ◽  
The Real ◽  
The Real Estate ◽  
Output Multiplier ◽  
Industrial Sectors ◽  
Real Estate Sector ◽  
Income Multiplier

The purpose of this study is to analyze the roles of industrial sectors in the Japanese national economy by using simple output multiplier, and simple household income multiplier, the analysis tools in Input-Output (IO) analysis. The analysis period of the study is 2011. The results show that, on the period of analysis, manufacturing sector had the highest simple output multiplier value. Therefore, one can argue that an additional final demand for the sector would generate the most attractive effect to the Japanese economy by using the multiplier on the period of analysis. Conversely, the lowest value of the multiplier was owned by the real estate sector in 2011. On the other hand, from the point of view of simple household income multiplier, the highest value was owned by the construction sector on the analysis period. This result indicates that an additional yen of final demand for the sector would generate the highest new household income on the period of analysis. On the contrary, as with the previous multiplier, the real estate sector had the lowest simple household income multiplier value in 2011.

scholarly journals International Real Estate Review

2008 ◽  
Vol 11 (1) ◽  
pp. 113-127
Author(s):  
Elif Alkay ◽  
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Household Income ◽  
Housing Prices ◽  
Housing Price ◽  
Market Area ◽  
Empirical Results ◽  
Price Structure ◽  
Average Household Income ◽  
Significant Difference

This study tests the hypothesis that in a segmented housing market, housing price structure is different in each segment and whole market area price structure does not reflect a realistic housing price structure effectively. Submarket existence is tested in order to average household income in neighbourhoods in the Istanbul housing market. Whether the consequential variations in prices in each segment have large effects on the overall prices of housing is emphasized by the replication of the Schnare and Struyk (1976) process. The empirical results show that as a stratifier, average household income in neighbourhoods affects housing prices in each segment and, considering the submarkets based on average household income in neighbourhoods, is an effective for the Istanbul housing market. Implicit attribute prices vary and there is a statistically significant difference in the prices of each segment. These differences have a large effect on the overall price of housing.

scholarly journals International Real Estate Review

2020 ◽  
Vol 23 (2) ◽  
pp. 309-309
Author(s):  
Sau Kim Lum ◽  
◽  
Xuefeng Zhou ◽  
Keyword(s):  
Real Estate ◽  
Household Income ◽  
Monthly Household Income

This erratum corrects (1) the year in the Abstract, and (2) the value in Table A.1 in the published version of the paper appearing in the Winter Issue of the International Real Estate Review (2019, Vol. 22, No. 4, (2019), 597-625). Specifically, in line 2 of the Abstract, the line should read "... declining since 2006¨ instead of "... declining since the 1990s¨. In addition, in Table A.1 of the Appendix, the "3-room flat¨ monthly household income ceiling for 1994 should be "$1000e¨ and not "$3000e¨. All online versions of this article have been corrected.

Real Estate Fraud

2008 ◽  
Author(s):  
Daniel Bradley
Keyword(s):  
Real Estate
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