The price process of real assets, in particular real estate, is of interest to financial economists for a number of reasons. For example, since real estate is often used as collateral for loans that are used for other types of corporate investments, changes in real estate prices can affect the level of investment expenditures more generally. This relation between real estate prices and corporat...

In this paper, the subsidies accruing to owner-occupiers in the Newcastle travel-towork area (TTWA) for the period 1985-87 is examined. Data at the micro level from two building societies are used to produce estimates of the impact of mortgage-interest tax relief at source and the nontaxation of imputed rent. The overall level of subsidy is shown to have fallen through time and the greatest rel...

This paper seeks to determine how demographic and non-demographic factors have contributed to past changes in Canada’s real housing prices as well as their possible impact over the next twenty years. To this goal, we estimate with annual data from 1956 to1997 a structural model of the Canadian housing market. This model possesses two important long-run properties, that is, the longrun supply cu...

This paper estimates both the conditional systematic and idiosyncratic risks in the housing market using the monthly housing price data on U.S metropolitan areas over the sample period Jan 1987 to Oct 2008. Different to previous studies, this paper decomposes the total risk in housing market into both the systematic and the nonsystematic parts by introducing new model-independent approaches for...

Rapid urbanization and the scale of new buildings constructed in Malaysia demonstrate an urgent need for change in policy and mode of operation. National energy demand increased by 54% since 1994, which subsequently amplified carbon emissions growth by 221% (per head of population), dubbed highest in the world. Malaysia ranked 66 in the 2009 Human Development Index (HDI); and 54 on the Environm...

Using detailed data on friendship networks within neighborhoods, we investigate the importance of social interactions in one’s own residential neighborhood in the demand for housing quality. We find evidence consistent with the presence of peer effects, especially for households living in urban areas. Our findings are in line with the prediction of a model where conformity preferences underlie ...

This paper will examine the geographical variation in house price determinants in areas where housing is in such low demand that there has been a total collapse in the local housing market. This will be explored through the use of a case study in the city of Manchester in the UK. Areas with concentrated housing market collapse have been referred to as low demand neighbourhoods where housing in ...