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An examination of house price bubble in the real estate sector: the case of a small island economy – Fiji

Author

Listed:
  • Mohsin Khan
  • Rup Singh
  • Arvind Patel
  • Devendra Kumar Jain

Abstract

Purpose - This paper aims to assess the equilibrium house price in the city of Suva (Fiji) and to analyse the house price bubble in the Fiji housing market. Design/methodology/approach - This paper adopts a time series approach to determine the presence of house price bubbles in Fiji over the period from 1988 to 2018. Findings - The findings suggest that real income, land cost, building material price, inflation rate, volatility, household size and wealth have a positive impact on house prices, whereas user cost of capital and political disturbances have a negative impact. The findings further indicate that the Fijis’ housing market does not constitute any house price bubble. Practical implications - This paper draws policy implications for a small developing state (Fiji) and other similar economies. Originality/value - The price bubble in the Fiji housing market is analysed for the first time. This paper develops a comprehensive empirical approach to assess the equilibrium-housing price in Fiji.

Suggested Citation

  • Mohsin Khan & Rup Singh & Arvind Patel & Devendra Kumar Jain, 2021. "An examination of house price bubble in the real estate sector: the case of a small island economy – Fiji," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 14(4), pages 745-758, February.
    • Handle: RePEc:eme:ijhmap:ijhma-05-2020-0056
    DOI: 10.1108/IJHMA-05-2020-0056
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    More about this item

    Keywords

    Housing price bubble; Housing market analysis; Housing policy; Equilibrium housing price in Fiji; Small island developing states (SIDS); R31; R51; E44; G01;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises

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