Determinants of Property Prices in Hong Kong SAR: Implications for Policy
This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroconomic fundamentals; real GDP per capital, real domestic c...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 11/277 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though land supply and prudential and tax policy, with the latter policies taking the form of a stamp duty on property transactions and a tighter loan-to-value ratio (LTV) on lending. Land supply is the most effective policy insturment for restraining property price increases but it operates with a significant lag. The LTV and stamp duty dampen speculative activity that drives up property prices. While these policies can slow the increase in the short run, they should be guided by their long run objectives of financial stability and counteracting speculation |
| Beschreibung: | 1 Online-Ressource (15 p) |
| ISBN: | 1463925948 9781463925949 |
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| indexdate | 2024-07-10T09:35:26Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Craig, R. Sean Verfasser aut Determinants of Property Prices in Hong Kong SAR Implications for Policy Craig, R. Sean Washington, D.C International Monetary Fund 2011 1 Online-Ressource (15 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/277 This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though land supply and prudential and tax policy, with the latter policies taking the form of a stamp duty on property transactions and a tighter loan-to-value ratio (LTV) on lending. Land supply is the most effective policy insturment for restraining property price increases but it operates with a significant lag. The LTV and stamp duty dampen speculative activity that drives up property prices. While these policies can slow the increase in the short run, they should be guided by their long run objectives of financial stability and counteracting speculation Online-Ausg Hua, Changchun Sonstige oth http://elibrary.imf.org/view/IMF001/12322-9781463925949/12322-9781463925949/12322-9781463925949.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Craig, R. Sean Determinants of Property Prices in Hong Kong SAR Implications for Policy |
| title | Determinants of Property Prices in Hong Kong SAR Implications for Policy |
| title_auth | Determinants of Property Prices in Hong Kong SAR Implications for Policy |
| title_exact_search | Determinants of Property Prices in Hong Kong SAR Implications for Policy |
| title_exact_search_txtP | Determinants of Property Prices in Hong Kong SAR Implications for Policy |
| title_full | Determinants of Property Prices in Hong Kong SAR Implications for Policy Craig, R. Sean |
| title_fullStr | Determinants of Property Prices in Hong Kong SAR Implications for Policy Craig, R. Sean |
| title_full_unstemmed | Determinants of Property Prices in Hong Kong SAR Implications for Policy Craig, R. Sean |
| title_short | Determinants of Property Prices in Hong Kong SAR |
| title_sort | determinants of property prices in hong kong sar implications for policy |
| title_sub | Implications for Policy |
| url | http://elibrary.imf.org/view/IMF001/12322-9781463925949/12322-9781463925949/12322-9781463925949.xml |
| work_keys_str_mv | AT craigrsean determinantsofpropertypricesinhongkongsarimplicationsforpolicy AT huachangchun determinantsofpropertypricesinhongkongsarimplicationsforpolicy |