Hu, E C M; Ng, I and Lau, O M F (2011) Speculative bubbles in mass and luxury properties: An investigation of the Hong Kong residential market. Construction Management and Economics, 29(8), pp. 781-793. ISSN 1466433X
Abstract
Fluctuations in housing prices not only affect the financial well-being of corporations and households, but also influence the stability of economies. One of the results derived from such fluctuations is known as price bubbles. We aim to investigate whether such housing price bubbles did exist in two different residential markets of Hong Kong. The results indicate that there are bubbles in the Hong Kong housing markets before 2003, and later within the luxury market by 2008. As to what the government could do to curb speculative activities with regard to housing, the introduction of a capital gains tax on short-term transactions of flats as well as a higher housing supply are regarded as effective means.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | housing price bubble; luxury residential market; mass residential market; West specification test |
| Index terms: | housing, Hong Kong, specification, stability, well-being, investigation, markets, household |
| Subjects: | demography, structural engineering, Geography, construction type, mental health and wellbeing, contractual condition, data collection methods, economic analysis |
| Topics: | Geographical Context, Business Strategy, Contract Administration, Research Practice, Construction Technology, Engineering Principles, Health and Safety, Urban Studies |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here