Empirical Analysis on the Influential Factors of Real Estate Price: A Panel VAR Model View
- DOI
- 10.2991/icemse-19.2019.53How to use a DOI?
- Keywords
- Real Estate Prices, Panel VAR Model (PVAR), Economic Factors, Non-economic Factors
- Abstract
The cities in China have had a period of great prosperity and rapid economic growth due to marketization of housing policy since 1998. This paper empirically compares the relationship between economic fundamentals and non-economic fundamentals and real estate prices by establishing a panel data VAR model from 2005 to 2015. This paper adopts the data of real estate prices, economic factors, and non-economic factors in 31 provinces and cities, and the panel VAR model to examine the explanatory power of relevant influencing factors by the panel VAR model impacted on the house prices. The results indicate that the economic factors significantly have impact on rising real estate prices while the non-economic factors do not significantly have impact on rising real estate prices. This research concludes that if the change in real estate prices declines, the real estate prices, land supply, income and real estate development loans will increase. Yet the inflation rate will go up if the change in real estate prices rises. The contribution of this study provides some policy suggestions on the situation of the Chinese real estate market.
- Copyright
- © 2019, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Yang Lu PY - 2019/09 DA - 2019/09 TI - Empirical Analysis on the Influential Factors of Real Estate Price: A Panel VAR Model View BT - Proceedings of the 2019 3rd International Conference on Education, Management Science and Economics (ICEMSE 2019) PB - Atlantis Press SP - 232 EP - 238 SN - 2352-5428 UR - https://doi.org/10.2991/icemse-19.2019.53 DO - 10.2991/icemse-19.2019.53 ID - Lu2019/09 ER -