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Availability, Affordability and Volatility: the case of Hong Kong Housing Market

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  • Leung, Charles Ka Yui
  • Tang, Edward Chi Ho

Abstract

Housing prices in Hong Kong have gained international attention. This study suggests that the housing supply may be insufficient. Consistent with previous studies, we confirm that merely increasing the land supply may not increase the housing supply. We also find preliminary evidence for widening income inequality, which, when combined with unavailability, can lead to unaffordability in the housing market. Given the current housing supply elasticity with respect to price, Hong Kong is not more volatile than major cities in the United States. Thus, improving housing availability and thereby increasing housing supply elasticity, could effectively decrease housing price volatility.

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  • Leung, Charles Ka Yui & Tang, Edward Chi Ho, 2014. "Availability, Affordability and Volatility: the case of Hong Kong Housing Market," MPRA Paper 58770, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:58770
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    1. Skyscrapers and Housing Affordability: Debunking Misconceptions
      by Jason Barr in Skynomics Blog on 2021-03-23 12:10:58

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    More about this item

    Keywords

    Land policies; housing availability; housing affordability; housing volatility; Granger causality;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations

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