1
|
Lee J, Lee KO. Online listing data and their interaction with market dynamics: evidence from Singapore during COVID-19. JOURNAL OF BIG DATA 2023; 10:99. [PMID: 37324056 PMCID: PMC10257897 DOI: 10.1186/s40537-023-00786-5] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Grants] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 10/11/2022] [Accepted: 05/20/2023] [Indexed: 06/17/2023]
Abstract
With the emergence of Property Technology, online listing data have drawn increasing interest in the field of real estate-related big data research. Scraped from the online platforms for property search and marketing, these data reflect real-time information on housing supply and potential demand before actual transaction data are released. This paper analyzes the interactions between the keywords of online home listings and actual market dynamics. To do so, we link the listing data from the major online platform in Singapore with the universal transaction data of resale public housing. We consider the COVID-19 outbreak as a natural shock that brought a significant change to work modes and mobility and, in turn, consumer preference changes for home purchases. Using the Difference-in-Difference approach, we first find that housing units with a higher floor level and more rooms have experienced a significant increase in transaction prices while close proximity to public transportation and the central business district (CBD) led to a reduction in the price premium after COVID-19. Our text analysis results, using the natural language processing, suggest that the online listing keywords have consistently captured these trends and provide qualitative insights (e.g. view becoming increasingly popular) that could not be uncovered from the conventional database. Relevant keywords reveal trends earlier than transaction-based data, or at least in a timely manner. We demonstrate that big data analytics could effectively be applied to emerging social science research such as online listing research and provide useful information to forecast future market trends and household demand.
Collapse
Affiliation(s)
- Jieun Lee
- Department of Real Estate, National University of Singapore, Singapore, Singapore
| | - Kwan Ok Lee
- Department of Real Estate, NUS Business School , National University of Singapore, Singapore, Singapore
| |
Collapse
|
2
|
Mittal V, Schaposnik LP. Housing market forecasts via stock market indicators. Heliyon 2023; 9:e16286. [PMID: 37251827 PMCID: PMC10209401 DOI: 10.1016/j.heliyon.2023.e16286] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/20/2022] [Revised: 05/10/2023] [Accepted: 05/11/2023] [Indexed: 05/31/2023] Open
Abstract
Through the reinterpretation of housing data as candlesticks, we extend Nature Scientific Reports article by Liang and Unwin [LU22] on stock market indicators for COVID-19 data, and utilize some of the most prominent technical indicators from the stock market to estimate future changes in the housing market, comparing the findings to those one would obtain from studying real estate ETF's. By providing an analysis of MACD, RSI, and Candlestick indicators (Bullish Engulfing, Bearish Engulfing, Hanging Man, and Hammer), we exhibit their statistical significance in making predictions for USA data sets (using Zillow Housing data) and also consider their applications within three different scenarios: a stable housing market, a volatile housing market, and a saturated market. In particular, we show that bearish indicators have a much higher statistical significance then bullish indicators, and we further illustrate how in less stable or more populated countries, bearish trends are only slightly more statistically present compared to bullish trends.
Collapse
Affiliation(s)
- Varun Mittal
- James B. Conant High School, Schaumburg, IL, USA
| | | |
Collapse
|
3
|
Ou Y, Bao Z, Ng ST, Xu J. Do COVID-19 pandemic-related policy shocks flatten the bid-rent curve? Evidence from real estate markets in Shanghai. JOURNAL OF HOUSING AND THE BUILT ENVIRONMENT : HBE 2023:1-19. [PMID: 37360066 PMCID: PMC10141817 DOI: 10.1007/s10901-023-10033-1] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Grants] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 10/23/2022] [Accepted: 03/28/2023] [Indexed: 06/28/2023]
Abstract
The COVID-19 pandemic has drastically affected the socioeconomic activities and peoples' daily life, resulting in a change in locational preferences in the real estate markets. Although enormous efforts have been devoted to examining the housing price impacts of the COVID-19 pandemic, little is known about the responses of the real estate markets to the evolving pandemic control measures. This study investigates the price gradient effects of various pandemic-related policy shocks using a hedonic price model on the district-level property transaction data in Shanghai, China over a 48-month period from 2018 to 2021. We found that these shocks have significantly altered the bid-rent curves. The price gradient for residential property units decreased in absolute value to - 0.433 after Wuhan's lockdown, demonstrating peoples' preferences to avoid the high infection risks in districts closer to the city center. However, in the post-reopening and post-vaccine periods, the price gradient increased to - 0.463 and - 0.486, respectively, implying rational expectations of a recovering real estate market for the low infection and mortality rates. In addition, we discovered that Wuhan's lockdown has steepened the price gradient for commercial property units, suggesting a decline in business volumes and an increase in operating costs in the low-density districts imposed by the strict pandemic control measures. This study contributes to the empirical literature on the price gradient effects of the COVID-19 pandemic by extending the study period to the post-vaccine era.
Collapse
Affiliation(s)
- Yifu Ou
- Department of Urban Planning and Design, Faculty of Architecture, The University of Hong Kong, Pokfulam, Hong Kong
| | - Zhikang Bao
- Department of Architecture and Civil Engineering, City University of Hong Kong, Kowloon Tong, Hong Kong
| | - S. Thomas Ng
- Department of Architecture and Civil Engineering, City University of Hong Kong, Kowloon Tong, Hong Kong
| | - Jun Xu
- Department of Architecture and Civil Engineering, City University of Hong Kong, Kowloon Tong, Hong Kong
- School of Mathematics, Hunan University, Changsha, China
| |
Collapse
|
4
|
Huang N, Pang J, Yang Y. JUE Insight: COVID-19 and household preference for urban density in China. JOURNAL OF URBAN ECONOMICS 2023; 133:103487. [PMID: 35873868 PMCID: PMC9295400 DOI: 10.1016/j.jue.2022.103487] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 06/04/2021] [Revised: 07/16/2022] [Indexed: 06/15/2023]
Abstract
This paper investigates the effect of COVID-19 on both housing prices and housing price gradients in China using transaction level data from 60 Chinese cities. After using a difference-in-differences (DID) specification to disentangle the confounding effects of China's annual Spring Festival, we find that housing prices decreased by two percent immediately after the COVID-19 outbreak but gradually recovered by September 2020. Moreover, our findings suggest that COVID-19 flattens the horizontal housing price gradient, reduces the price premium for living in tall buildings, and changes the vertical gradient within residential buildings. This is likely explained by the changing household preferences towards low-density areas associated with lower infection risk.
Collapse
Affiliation(s)
- Naqun Huang
- Institute of Urban Development, Nanjing Audit University, Pukou, Nanjing, Jiangsu, 211815, China
| | - Jindong Pang
- Economics and Management School, Wuhan University, Luojiashan, Wuhan, Hubei, 430072, China
| | - Yanmin Yang
- Institute of Urban Development, Nanjing Audit University, Pukou, Nanjing, Jiangsu, 211815, China
| |
Collapse
|
5
|
Tsai IC, Chiang YH, Lin SY. Effect of COVID-19 lockdowns on city-center and suburban housing markets: Evidence from Hangzhou, China. JOURNAL OF ASIAN ECONOMICS 2022; 83:101544. [PMID: 36124127 PMCID: PMC9474407 DOI: 10.1016/j.asieco.2022.101544] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 09/20/2021] [Revised: 05/05/2022] [Accepted: 09/12/2022] [Indexed: 06/15/2023]
Abstract
In 2020, governments worldwide enforced lockdowns to contain the spread of COVID-19, severely impeding aspects of daily life such as work, school, and tourism. Consequently, numerous economic activities were affected. Before the COVID-19 outbreak, city-center housing markets in areas surrounding popular tourist attractions performed better than did suburban housing markets because of the output of the tourism industry. This study examines the changes in the performance of city-center and suburban housing markets in regions with popular tourist attractions after the lockdown. Specifically, the dynamics of city-center and suburban housing markets in Hangzhou, where West Lake is located, and the changes in the information transfer between these housing markets after the lockdown are explored. Transaction data from January 1, 2019 to September 30, 2020 are used to perform analysis, in which adjusted housing prices and asking prices are employed to measure market performance and sellers' pricing strategies, and transaction volume and time on the market are used to measure market liquidity and transaction frequency. The results reveal that the effects of lockdowns differ between city-center and suburban housing markets. After the lockdown, a substantial structural change is observed in the suburban housing market; the volatility risk of housing prices decreases substantially, causing an increase in transaction premiums. Housing prices and transaction volume increase in the city-center housing market after the lockdown; this is possibly because of the influence from the overall housing market booms. In addition, because sellers raise their asking prices and the transaction time is extended, the sellers in the city-center housing market are particularly influenced by the disposition effect. This leads to a reversal in the lead-lag relationship between the city center and suburban housing markets in terms of informativeness. Specifically, before the lockdown, the city-center market transfers information to the suburban market, but after the lockdown, the suburban market transfers information to the city-center market. The COVID-19 pandemic has changed the world in many aspects; this paper finds that it will also change the development pattern of the real estate market in different locations.
Collapse
Affiliation(s)
- I-Chun Tsai
- Department of Quantitative Finance, National Tsing Hua University, Taiwan
| | - Ying-Hui Chiang
- Department of Land Economics, National Chengchi University, Taiwan
| | - Shih-Yuan Lin
- Department of Land Economics, National Chengchi University, Taiwan
| |
Collapse
|
6
|
Tsai IC. Changes in social behavior and impacts of the COVID-19 pandemic on regional housing markets: Independence and risk. JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE 2022; 35:100698. [PMID: 35755575 PMCID: PMC9212972 DOI: 10.1016/j.jbef.2022.100698] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 11/27/2021] [Revised: 04/24/2022] [Accepted: 06/07/2022] [Indexed: 06/15/2023]
Abstract
This paper explores changes in social behavior since the start of the COVID-19 pandemic, which are characterized by reduction in relocation, mobility, and community engagement, and how the correlations between regional housing markets are affected by these changes. Because changes in mobility and engagement are the most apparent in large cities, the present study calculates the independence indicator of regional housing markets in the 50 largest metropolitan statistical areas (MSAs) in the United States and determines their relationship with Mobility and Engagement Index values. The empirical results show that as mobility and community engagement decline in a certain area, housing market fluctuations become more independent, indicating correlations between regional housing markets in the US might decrease after the COVID-19 outbreak. This paper also finds that there are more MSAs having significantly decreased in volatility since the outbreak of the pandemic. This paper provides evidence indicating that housing markets may be impacted differently by the COVID-19 pandemic than other asset markets, particularly stock markets. Changes in mobility and engagement can be used as an indicator to assess whether the correlation between regional housing markets would decline, which means that, compared with financial instruments, more factors from real aspects need to be considered when determining the changes in real estate affected by the epidemic.
Collapse
Affiliation(s)
- I-Chun Tsai
- Department of Finance, National University of Kaohsiung, Kaohsiung, Taiwan
- Anfu Institute for Financial Engineering, National Tsing Hua University, Hsin Chun, Taiwan
| |
Collapse
|
7
|
Wang B. Housing market volatility under COVID-19: Diverging response of demand in luxury and low-end housing markets. LAND USE POLICY 2022; 119:106191. [PMID: 35665311 PMCID: PMC9136486 DOI: 10.1016/j.landusepol.2022.106191] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 09/29/2021] [Revised: 04/06/2022] [Accepted: 05/05/2022] [Indexed: 06/15/2023]
Abstract
The ongoing pandemic has led to substantial volatility in residential housing markets. However, relatively little is known about whether the volatility is dominated by housing demand or supply, and how different priced markets contribute to the volatility. This article first examines the temporal effect of COVID-19 on house prices, housing demand, and supply in Los Angeles, and second explores the effect heterogeneity in luxury and low-end housing markets within the city. For identification, the article employs a revised difference-in-differences (DID) method that controls more rigorously for unobservables and improves on the traditional DID with smaller prior trends. Using individual level data, the result first shows that, in response to the outbreak, house prices, demand, and supply all decreased in March to May 2020 and increased in July and August 2020, with demand dominating the process. Second, the heterogeneity exploration identifies diverging COVID-19 impacts in higher- and lower- priced markets. Particularly, the decline in overall price and demand before June originates mainly from the lower-priced market while the higher-priced one experienced limited changes in demand. After July, higher-priced markets led housing market's surge in price, demand, and supply, whereas the lower-priced market has not fully recovered from decreases in house prices and housing demand. Finally, a larger price decline in lower-priced markets is found to be associated with higher service shares and lower homeownership rates. The results not only facilitate market participants in their decision making but also aid local governments in formulating policies and allocating subsidies to mitigate the effects of the outbreak.
Collapse
Affiliation(s)
- Bingbing Wang
- Department of Finance, Law, and Real Estate, California State University at Los Angeles, Los Angeles, CA 90032, USA
| |
Collapse
|
8
|
Tomal M. The private rental housing market before and during the COVID-19 pandemic: A submarket analysis in Cracow, Poland. ENVIRONMENT AND PLANNING. B, URBAN ANALYTICS AND CITY SCIENCE 2022; 49:1646-1662. [PMID: 35791345 PMCID: PMC9234384 DOI: 10.1177/23998083211062907] [Citation(s) in RCA: 3] [Impact Index Per Article: 1.5] [Reference Citation Analysis] [Abstract] [Key Words] [Grants] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 06/06/2023]
Abstract
How the COVID-19 pandemic has altered the segmentation of residential rental markets is largely unknown. We therefore assessed rental housing submarkets before and during the pandemic in Cracow, Poland. We used geographically and temporally weighted regression to investigate the marginal prices of housing attributes over space-time. The marginal prices were further reduced to a few principal components per time period and spatially clustered to identify housing submarkets. Finally, we applied the adjusted Rand index to evaluate the spatiotemporal stability of the housing submarkets. The results revealed that the pandemic outbreak significantly lowered rents and modified the relevance of some housing characteristics for rental prices. Proximity to the university was no longer among the residential amenities during the pandemic. Similarly, the virus outbreak diminished the effect of a housing unit's proximity to the city center. The market partitioning showed that the number of Cracow's residential rental submarkets increased significantly as a result of the COVID-19 pandemic, as it enhanced the spatial variation in the marginal prices of covariates. Our findings suggest that the emergence of the coronavirus reshaped the residential rental market in three ways: Rents were decreased, the underlying rental price-determining factors changed, and the spatiotemporal submarket structure was altered.
Collapse
Affiliation(s)
- Mateusz Tomal
- Mateusz Tomal, Department of Real Estate
and Investment Economics, Cracow University of Economics, Rakowicka 27, 31-510
Cracow, Poland.
| |
Collapse
|
9
|
Impact of the COVID-19 pandemic on the housing market at the epicenter of the outbreak in China. SN BUSINESS & ECONOMICS 2022; 2:53. [PMID: 35602008 PMCID: PMC9105594 DOI: 10.1007/s43546-022-00225-2] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Download PDF] [Figures] [Subscribe] [Scholar Register] [Received: 05/13/2021] [Accepted: 04/13/2022] [Indexed: 11/04/2022]
Abstract
The outbreak of the COVID-19 in January 2020 has had a profound impact on the global economy, so it is important to study the impact of the pandemic on the housing market. To investigate the impact of the pandemic on the housing market and the response of the housing market, this paper first uses the hedonic price model to compile the second-hand housing price index in Wuhan and its neighboring capital cities and then uses the difference-in-difference (DID) model to conduct a comprehensive study on new commercial housing and second-hand housing market. In addition, this paper also uses the VAR model to explore the housing market’s response to the epidemic situation. The results show that the negative impact of the pandemic on the housing market is mainly reflected in the volume and area of housing transactions, with little impact on housing prices. Second, the reported cases of COVID-19 have a negative impact on the housing market in the short term, which gradually weakens with time and disappears after three weeks. This paper’s findings indicate that the epidemic’s impact on the housing market is mainly due to the real estate enterprises stopping selling houses and local governments implementing home quarantine measures, which affect normal housing transactions. However, the COVID-19 pandemic did not greatly negatively impact consumers’ demand and confidence in buying houses, so the house prices remained stable overall.
Collapse
|
10
|
Naz F, Kumar A, Upadhyay A, Chokshi H, Trinkūnas V, Magda R. PROPERTY MANAGEMENT ENABLED BY ARTIFICIAL INTELLIGENCE POST COVID-19: AN EXPLORATORY REVIEW AND FUTURE PROPOSITIONS. INTERNATIONAL JOURNAL OF STRATEGIC PROPERTY MANAGEMENT 2022. [DOI: 10.3846/ijspm.2022.16923] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/13/2022]
Abstract
The Covid-19 pandemic outbreak across the globe has disrupted human life and industry. The pandemic has affected every sector, with the real estate sector facing particular challenges. During the pandemic, property management became a crucial task and property managers were challenged to control risks and disruptions faced by their organizations. Recent innovative technologies, including artificial intelligence (AI), have supported many sectors through sudden disruptions; this study was performed to examine the role of AI in the real estate and property management (PM) sectors. For this purpose, a systematic literature review was conducted using structural topic modeling and bibliometric analysis. Using appropriate keywords, the researchers found 175 articles on AI and PM research from 1980 to 2021 in the SCOPUS database. A bibliometric analysis was performed to identify research trends. Structural topic modelling (STM) identified ten emerging thematic topics in AI and PM. A comprehensive framework is proposed, and future research directions discussed.
Collapse
Affiliation(s)
- Farheen Naz
- Hungarian University of Agriculture and Life Sciences, Godollo, Hungary
| | - Anil Kumar
- Guildhall School of Business and Law, London Metropolitan University, London, UK
| | | | - Hemakshi Chokshi
- Guildhall School of Business and Law, London Metropolitan University, London, UK
| | - Vaidotas Trinkūnas
- Department of Construction Management and Real Estate, Vilnius Gediminas Technical University, Vilnius, Lithuania
| | - Robert Magda
- Hungarian University of Agriculture and Life Sciences, Godollo, Hungary; North-West University, Vanderbijlpark, South Africa
| |
Collapse
|
11
|
Spatial Analysis and Modeling of the Housing Value Changes in the U.S. during the COVID-19 Pandemic. JOURNAL OF RISK AND FINANCIAL MANAGEMENT 2022. [DOI: 10.3390/jrfm15030139] [Citation(s) in RCA: 3] [Impact Index Per Article: 1.5] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/04/2023]
Abstract
COVID-19 has affected almost all sectors of the economy, including the real estate markets across different countries in the world. A rich body of literature has emerged in analyzing real estate market trends and revealing important information. However, few studies have used a spatial perspective to investigate the impact of COVID-19 on property values. The main purposes of this study are as follows: (1) to explore the spatial distribution and spatial patterns of housing price changes during the COVID-19 pandemic crisis in the U.S. real estate market and (2) to model the spatially nonstationary relationships between the housing price change and COVID-19 characteristics. We find that housing price changes differ across space and appear associated with the spatial distribution of the COVID-19 case rates. The housing market volatility is amplified by the uneven distribution of some socioeconomic factors. The spatially uneven housing price changes may bring an uneven spillover effect to the rest of the economy and lead to divergence in economic growth across different areas.
Collapse
|
12
|
Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.? SUSTAINABILITY 2021. [DOI: 10.3390/su132112277] [Citation(s) in RCA: 7] [Impact Index Per Article: 2.3] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/16/2022]
Abstract
While it is well-known that housing prices generally increased in the United States (U.S.) during the COVID-19 pandemic crisis, to the best of our knowledge, there has been no research conducted to understand the spatial patterns and heterogeneity of housing price changes in the U.S. real estate market during the crisis. There has been less attention on the consequences of this pandemic, in terms of the spatial distribution of housing price changes in the U.S. The objective of this study was to explore the spatial patterns and heterogeneous distribution of housing price change rates across different areas of the U.S. real estate market during the COVID-19 pandemic. We calculated the global Moran’s I, Anselin’s local Moran’s I, and Getis-Ord’s Gi∗ statistics of the housing price change rates in 2856 U.S. counties. The following two major findings were obtained: (1) The influence of the COVID-19 pandemic crisis on housing price change varied across space in the U.S. The patterns not only differed from metropolitan areas to rural areas, but also varied from one metropolitan area to another. (2) It seems that COVID-19 made Americans more cautious about buying property in densely populated urban downtowns that had higher levels of virus infection; therefore, it was found that during the COVID-19 pandemic year of 2020–2021, the housing price hot spots were typically located in more affordable suburbs, smaller cities, and areas away from high-cost, high-density urban downtowns. This study may be helpful for understanding the relationship between the COVID-19 pandemic and the real estate market, as well as human behaviors in response to the pandemic.
Collapse
|
13
|
Why House Prices Increase in the COVID-19 Recession: A Five-Country Empirical Study on the Real Interest Rate Hypothesis. URBAN SCIENCE 2021. [DOI: 10.3390/urbansci5040077] [Citation(s) in RCA: 3] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/16/2022]
Abstract
There are substantial rebounds in house prices in many developed economies after the outbreak of COVID-19. It provides a special opportunity to test the real interest rate hypothesis empirically as a “synchronized” price rebound implies a common cause of house price hikes across the economies. This study conducts a panel regression analysis on five economies, namely Australia, Canada, European Union, New Zealand, the United Kingdom, and the United States of America, to test the hypothesis. The data range from 2017Q1 to 2021Q1. The results confirm that the real interest rate imposes a negative and significant effect on house price growth rate after controlling for economic growth factors, unemployment factors, and cross-country fixed effects. The empirical result of the five housing markets shows that a 1% fall in the real interest rate caused a 1.5% increase in house prices, ceteris paribus, in this period. It also provides casual evidence refuting the economic growth hypothesis and the migrant hypothesis in New Zealand. The results provide far-reaching practical implications on housing policy and on the ways forward to solve housing affordability problems.
Collapse
|
14
|
COVID-19 Pandemic, Urban Resilience and Real Estate Prices: The Experience of Cities in the Yangtze River Delta in China. LAND 2021. [DOI: 10.3390/land10090960] [Citation(s) in RCA: 5] [Impact Index Per Article: 1.7] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/17/2022]
Abstract
The COVID-19 pandemic has severely impacted the urban real estate market around the world. This study regards the impact of the pandemic as a quasi-natural experiment, using the Difference in Difference model (DID) to examine the short-term impact of this severe public health crisis on the residential land and housing markets in the Yangtze River Delta. The study found that the COVID-19 pandemic has had a significant inhibitory effect on the average price of urban residential land and houses in the Yangtze River Delta. Although the currency oversupply has caused real estate prices in all cities to rise, the price of urban residential land decreased by 13.7% for each additional unit of epidemic severity. The greater the city’s resilience to the pressure of the COVID-19 pandemic, the faster its residential land prices will recover. Empirical research on the new house samples confirmed this conclusion. Local governments should continue to improve their ability to manage abnormal conditions, not only to prevent the spread of the epidemic, but also to gradually promote the recovery of the urban economy, strengthen urban resilience to better respond to health crises, and achieve sustainable urban development.
Collapse
|
15
|
Sustainable Construction Investment, Real Estate Development, and COVID-19: A Review of Literature in the Field. SUSTAINABILITY 2021. [DOI: 10.3390/su13137420] [Citation(s) in RCA: 6] [Impact Index Per Article: 2.0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 02/06/2023]
Abstract
Aspects of sustainable construction investment and real estate development (CIRED) and their interrelations during the period pre-, intra-, and post-COVID-19, are presented in the research. Applications of the topic model, environmental psychology theory, building life cycle method, and certain elements of bibliometrics, webometrics, article level metrics, altmetrics, and scientometrics make it possible to perform a quantitative analysis on CIRED. The CIRED topic model was developed in seven steps. This paper aims to present a literature review on CIRED throughout the pandemic and to look at the responses from the real estate and construction sector. This sector is a field that appears to be rapidly expanding, judging from the volume of current research papers. This review focuses on last year’s leading peer-reviewed journals. A combination of various keywords was applied for the review and the criteria for paper selections included construction investment, real estate development, civil engineering, COVID-19, and sustainability, as well as residential, industrial, commercial, land, and special purpose real estate, along with their risks, strategies, and trends. The articles reviewed for this paper, which analyzes three hypotheses, look at pre-, intra-, and post-pandemic CIRED. The three hypotheses were validated by analyzing scientific publications from around the world. Two innovative elements make this study stand out among the most advanced research on pre-, intra-, and post-pandemic CIRED. The first of the two innovations is the integrated analysis of the COVID-19 pandemic, COVID-19-related national policies, and business investment strategies relevant to CIRED and the interests of investors as well as on the impact a CIRED policy and investors make on the spread of COVID-19. In addition, this research demonstrates a marked increase in the effectiveness of a CIRED analysis, when the life cycle of a CIRED, the involved stakeholders with their own individual interests, the COVID-19 situation, and the external micro-, meso-, and macro-environments are covered comprehensively as a single entity.
Collapse
|