Is urban land price adjustment more sluggish than housing price adjustment? empirical evidence

Auteur(s) et Affiliation(s)



Description :
This article hypothesises that, due to factors such as thin trading and lack of publicly available data on transactions in the Helsinki Metropolitan Area land market, urban land prices react more sluggishly to shocks in market fundamentals than housing prices do. The results suggest that new information regarding the market fundamentals is more rapidly reflected in housing prices than in land prices. Nevertheless, it is the housing price level, instead of land prices, that adjusts towards a cointegrating long-run equilibrium between housing prices, land prices and construction costs.


Type de document :
Article de périodique

Source :
Urban studies (Harlow), issn : 0042-0980, 2014, vol. 51, n°. 8, p. 1686-1706, nombre de pages : 21, Références bibliographiques : 1 p.

Date :
2014

Editeur :
Pays édition : Royaume-Uni, Harlow, Longman Group