In order to deal with the rampant increase in housing prices, the Government of the People's Republic of China implemented the home purchase restriction (HPR) policy to curb speculation and prevent housing bubbles. This policy triggered an exogenous demand shock to the housing market. Employing...

It has been widely assumed that there was a bubble in the U.S. housing market after1999.This paper analyzes the extent to which that was true. We define a bubble as: (1) a regime shift that is characterized by a change in the properties of deviations from the fundamentals of house price growth,...

In the aftermath of the COVID-19 pandemic, non-core investments are gaining traction amongst institutional investors due to the shifting preference towards investment vehicles that position higher on the risk-return curve. Non-listed value-add real estate funds in Japan are one such vehicle....

This paper analyzes the bubble in property values across cities in the U.S. from 1999 through 2005. We find evidence of momentum in house price growth (relative to growth in rents) away from the underlying “fundamentals” throughout the 1980-2005 period; however, momentum increased after 1999....