Epidemic shocks and housing price responses: Evidence from China's urban residential communities.
Epidemic shocks and housing price responses: Evidence from China's urban residential communities.
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DOI：
10.1016/j.regsciurbeco.2021.103695
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发表时间：
2021-07
影响因子：
3.1
通讯作者：
Tang, Yugang
中科院分区：
文献类型：
--
作者：
Liu, Yanan;Tang, Yugang
本文使用中国 34 个主要城市的社区级面板数据集评估了 COVID-19 疫情对房地产市场的影响。我们发现，与没有确诊病例的社区相比，有 COVID-19 感染的社区的平均房价下降了约 1.3%。其经济意义在于，购房者愿意支付相当于平均房价约1.3%的溢价，以避免健康风险。房地产市场对疫情冲击的反应因社区和城市特征而异。动态分析显示，房价、交易量、租金的下降都是短暂的，在疫情冲击几个月后又回到了原来的发展轨道。社区关闭和隔离等公共干预措施可能有助于房地产市场的快速复苏，减少家庭部门住房资产的波动性。
This paper evaluates the impact of the COVID-19 epidemic on the real estate market using a community-level panel dataset of 34 major cities in China. We find that the average housing price in communities with COVID-19 infections decreases by approximately 1.3% compared to communities with no confirmed cases. The economic implication is that homebuyers are willing to pay a premium equivalent to approximately 1.3% of the average housing price to avoid health risks. The response of real estate markets to epidemic shocks is heterogeneous in community and city characteristics. Dynamic analysis shows that the declines in home prices, transaction volumes, and rents are all short-lived, returning to their original development paths a few months after the epidemic shock. Public interventions such as community closures and quarantines may have contributed to the rapid recovery of the housing market, reducing the volatility of housing assets in the household sector.
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