Editorial: Introduction from the Editor – IJHMA Vol. 15 No. 4
DOI | https://doi.org/10.1108/IJHMA-08-2022-157 |
Published date | 17 June 2022 |
Date | 17 June 2022 |
Pages | 733-735 |
Subject Matter | Property management & built environment,Real estate & property,Housing markets |
Author | Richard Reed |
Editorial: Introduction from the
Editor –IJHMA Vol. 15 No. 4
Welcome to the fourth issue in the 15th volume of the International Journal of Housing Markets
and Analysis. This issue contains ten research papers from nine different countries where there
have also been a diverse range of research objectives, methodologiesand findings. The countries
and regions are not limited to a select few, therefore including both developed and developing
countries to provide a cross section of the various challenges. The first paper from Kuwait
examines the operation of the housing market in a country recognised as a major oil producer, is
sensitive to geo-political events and has unusual demographic characteristics. The methodology
used an error-correction model and was based on analysing housing market dynamics and also
the level of sensitivity in the housing market in relation to major local and regional events. The
findings confirmed the market is relatively volatile with evidence of mean-reverting behaviour.
However, when smoothing is undertaken there are more consistent findings in alignment with
underlying fundamentals. The paper also examined the response of the market to seven regional
and local events, where “domestic legislation directly concerned with housing”was identified as
the single event that resulted in a consistent significant response.
The second paper from Portugal investigates the effect from a surge in tourism short-term
rentals (STR) on housing prices in the two large metropolitan statistical are as municipalities.
The methodology used a difference-in-differences (DiD) model by using a feasible generalised
least squares estimator in a seemingly unrelated regression equation model. The findings
confirmed the liberalisation of tourism STR had a significant impact on housing prices in
municipalities where a higher percentage of housing was transferred to tourism. In turn this led
to a leftward shift of the housing supply and a subsequent increase in housing prices, where
these price increases were much higher than observed in previous studies. In other words, the
consequence of allowing property owners to transfer the use of real estate from housing to other
services (namely, tourism) was extreme housing price increases primarily due to inelastic
housing supply. Also it was noted that municipalities with higher exposure to STR exhibited
low housing elasticities, indicating that adjustments to supply shocks in low elasticity markets
were undertaken via price increases.
This third paper from China identifies and examines barriers hindering the supply and
demand of “continuing care retirement communities”(CCRCs) with the objective of
identifying effective senior housing policy measures to facilitate CCRC developments. The
study focussed on Shanghai being a large global city and experiencing a rapid increase in
ageing population and higherdemand for senior housing. The methodology used a multiple-
case study approach where four representative CCRC development cases in Shanghai were
examined. This was accompanied by interviews with experienced CCRC development
managers and also a questionnaire survey of CCRC residents. The main supply barriers
were identified as operationmanagement experience, financial risks and a shortage of senior
housing policy support. However, the existence of traditional Chinese family-oriented
culture and also affordability were not the main demand barriers of CCRCs in Shanghai.
With reference to housing investors, future successful CCRC development should be based
on partnering with experiencedprofessional eldercare management companies,provision of
high-quality medical professionals, trained care personnel and quality facilities, as well as
intensive capitalflows to cater for land, construction and operatingcosts.
The fourth paper from Malaysia examinesthe causal impact of international immigration
inflows on housing prices at the state level from 2007 to 2018. The methodology used
Editorial
733
InternationalJournal of Housing
Marketsand Analysis
Vol.15 No. 4, 2022
pp. 733-735
© Emerald Publishing Limited
1753-8270
DOI 10.1108/IJHMA-08-2022-157
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