This study analyses the dynamic effects of specific macroeconomic variables (i.e. housing loan rates, inflation and employment) on the price of new houses sold in Greece. An error correction vector autoregressive (ECVAR) model is used to model the impact of the macroeconomic variables on real...

We calculate optimal portfolio choices for a long-horizon, risk-averse investor who diversifies amongEuropean stocks, bonds, real estate, and cash, when excess asset returns are predictable. Simulations areperformed for scenarios involving different risk aversion levels, horizons, and...

Welfare gains to long-horizon investors may derive from time diversification that exploits non-zerointertemporal return correlations associated with predictable returns. Real estate may thus become moredesirable if its returns are negatively serially correlated. While it could be important for...

In the last five years, home rentals for tourists have generated significant media and social concern. Since the economic crisis of 2007-2008, online platforms have emerged that have boosted the collaborative economy and provided security and trust. There are two positions related to the impacts...

This study introduces a combined method, on the basis of both system dynamics and econometric modeling, in forecasting the office rental values in Hong Kong. The findings suggest that the office rental values in Hong Kong appear to be more fluctuating when the price level of the office ownership...

Traditionally, aging Koreans would live with their eldest son’s family. However, urbanization, economic expansion, and changing demographics are contributing to South Koreans considering alternative living arrangements. One possibility is the development of seniors housing, available only on a...

In Taiwan, the housing market can be separated into the existing housing market and the pre-sales market. The existing market can be regarded as the stock market, and the pre-sales market the flow market. However, some unique characteristics exist in the Taiwan market. Based on these...

Governmental tax policies have direct consequences for public spending and the distribution of wealth among a country’s population. But unintended consequences may also occur as a result of the design of those policies. We illustrate the potential impact of such unintended consequences by...

Hong Kong is well known for its “housing market bubble”. Both theoretical and empirical studies point to the supply side being the “root of all evil”. This paper takes a preliminary step in understanding the supply side of the Hong Kong market by investigating the construction and...