Motivated by the valuation of a leasehold property in relative to a comparable freehold property under different land lease policy scenarios, this paper attempts to offer an explanation to the premium fetched by a freehold property as well as an explanation to the variations of the premium...

Where borrowers are personally liable for shortfalls when they default on their mortgages, lenders have to exercise a duty of good faith in securing a reasonable value for the foreclosed property. The lender is entitled to recover the outstanding loan as quickly as possible, and is not bound to...

The possible existence of investor clientele groups has received little attention in the real estate finance literature. In this paper we develop a clientele model, which in equilibrium produces a clustering of investors by tax characteristics. Low-tax-bracket investors are concentrated in...

Recent real estate literature has not only proposed a few theories to explain the puzzling macro feature of the positive correlation between price and transaction volume, but also attempted to identify the causal relationships between them. However, there is little empirical evidence to...

The housing market is thin. Buyers search and bargain in local housing markets, often paying different prices for nearly identical houses. Housing search literature has documented the role of local information, search cost, and the anchoring effect in determining housing transaction prices....

This study investigates the impact of migrants’ post-migration experiences on their integration and housing behaviors. Collaborating with a local town council, we surveyed 1,128 households living in Singapore public housing estates and constructed instrumental variables to resolve...

[abstract missing - contribution appeared in the programme]

The paper integrates the theories of market micro structure, contagion and market illiquidity to discover the behavioural and market outcomes in responding to the Seller's Stamp Duty (SSD) implemented by the government of Singapore to curb the exuberating behaviour in the housing markets. Using...