land leverage and housing price volatility in Iran

Document Type : Research Article

Authors

Abstract

Some studies define housing as a single good, while it is a bundle of land and improvements that the effect of each component in the determination of prices and services that are produced and changes over time and across locations is different. Land leverage as the ratio of land value to total value of housing is important to make clear key role of land and location among the vector of dwelling characteristic. According to the land leverage hypothesis, house price appreciation and house price volatility are directly related to land leverage. In this study using the land leverage hypothesis estimated the housing prices volatility, using the ARDL method with through the quarterly data of urban areas of IRAN during the period 1371-1392. The main feature of this study is identifying the model based on the concept of "land leverage". The results of Estimation show the importance of taking land leverage with the fundamental factors in the housing price equation. Also based on the results of the research, Land leverage is negatively related real construction costs variable. Based on the results presented, Changes in land leverage affected by changes in population, real construction costs and interest rate.

Keywords

References

بانک مرکزی جمهوری اسلامی ایران، اداره‌ی حساب‌های اقتصادی، حساب‌های ملی ایران، سال‌های مختلف.
بانک اطلاعات سری‌های زمانی اقتصادی ایران http://tsd.cbi.ir.
تشکینی، احمد (1384)؛ اقتصادسنجی کاربردی به کمک Microfit، چاپ اول، مؤسسه فرهنگی هنری دیباگران تهران.
عسگری، حشمت­اله و الماسی، اسحاق (1390)؛ "بررسی عوامل مؤثر بر قیمت مسکن در مناطق شهری کشور به روش داده‌های تابلویی طی سال‌های 1370 تا 1385"، پژوهش‌نامه اقتصادی، شماره 41: 201-224.
قلی­زاده، علی‌اکبر، (1387)؛ نظریه قیمت مسکن در ایران، همدان، انتشارات نور علم.
قلی­زاده، علی‌اکبر و بختیاری پور، سمیرا (1391)؛ "اثر اعتبارات بر قیمت مسکن در ایران"، مطالعات اقتصادی کاربردی در ایران، دوره 1، شماره 3: 159-179.
مرکز آمار ایران، نشریه قیمت و اجاره‌بهای مسکن در شهرهای منتخب، 1392-1371.
نجفی، بنفشه (1385)؛ "سنجش سهم عوامل مؤثر بر عرضه‌ی مسکن در مناطق شهری کشور"، فصل‌نامه علمی اقتصاد مسکن، شماره‌ی 37-39: 42-59.
Bostic, R; Longhofer, S. and Redfearn, C. (2007); “Land leverage: decomposing home price dynamics”, Real Estate Economics 35: 183–208.
Bourassa, S; Haurin, D; Haurin, J; Hoesli, M and Sun, J, (2009); “House price changes and idiosyncratic risk: the impact of property characteristics”, Real Estate Economics 37: 259–278.
Bourassa, S; Hoesli, M; Scognamiglio, D and Zhang, S. (2011); “Land leverage and house prices”, Regional Science and Urban Economics 41: 134–144.
Davis, M. and Heathcote, J, (2007); “The price and quantity of residential land in the United States”, Journal of Monetary Economics 54: 2595–2620.
Davis, M and Palumbo, M, (2008); “The price of residential land in large U.S. cities”, Journal of Urban Economics 63: 352–384.
Durbin, J. (1954); “Errors in variables”, Revue de l'Institut International de Statistique 22: 23-32.
Fingleton, B. (2000); “Spatial econometrics, economic geography, dynamics and equilibrium: a third way”, Environment and Planning A 32: 1481–1498.
Heckelman, J. (2000); “Consistent estimates of the impact of special interest groups on economic growth”, Public Choice 104: 219-327.
Kennedy, P. (2007); “A Guide to Econometrics”, 5th ed. Massachusetts Institute of Technology Press, Cambridge, MA.
 
 

Files

Share

How to cite

Statistics