Relationship between residential property price index and macroeconomic indicators in Dubai housing market;Santykis tarp gyvenamojo NT indekso ir makroekonominių rodiklių dubajaus būsto rinkoje

International Journal of Strategic Property Management

Volumn 16, Issue 1, 2012, Pages 71-84

  Ali, Hepşen ^a   Metin, Vatansever ^b  

^a ISTANBUL UNIVERSITY   (Turkey)

^b YILDIZ TECHNICAL UNIVERSITY   (Turkey)

Author keywords

Cointegration; Dubai; Macroeconomic indicators; Real estate; Residential property price index

Indexed keywords

EID: 84865659659     PISSN: 1648715X     EISSN: 16489179     Source Type: Journal    
DOI: 10.3846/1648715X.2011.602756     Document Type: Article

References (41)

1. Baffoe-Bonnie, J. (1998) The dynamic impact of macroeconomic aggregates on housing prices and stock of houses: a national and regional analysis, Journal of Real Estate Finance and Economics, 17(2), pp. 179-197. doi:10.1023/A:1007753421236
2. Bailey, M. J., Muth R. F. and Nourse, H. O. (1963) A regression method for real estate price in-dex construction, Journal of the American Statistical Association, 58(304), pp. 933-942. doi:10.2307/2283324
3. Bourassa, S. C., Hoesli, M. and Sun, J. (2006) A simple alternative house price index method, Journal of Housing Economics, 15(1), pp. 80-97. doi:10.1016/j.jhe.2006.03.001
4. st Edition. Cambridge University Press, New York, NY.
5. Case, K. E. (2000) Real estate and the macroeconomy, Brookings Papers on Economic Activity, Wellesley College.
6. Clapp, J. M. and Giaccotto, C. (1994) The influence of economic variables on local housing price dynamics, Journal of Urban Economics, 36(2), pp. 161-183. doi:10.1006/juec.1994.1031
7. Crone, T. M. and Voith, R. P. (1992) Estimating house price appreciation: a comparison of methods, Journal of Housing Economics, 2(4), pp. 339-357. doi:10.1016/1051-1377(92)90007-D
8. de Vries, P., de Haan, J., van der Wal, E. and Marien, G. (2009) A house price index based on the SPAR method, Journal of Housing Economics, 18(3), pp. 214-223. doi:10.1016/j.jhe.2009.07.002
9. Diewert, E. (2006) Conclusion and future directions, OECD-IMF workshop on Real estate price indexes, Paris.
10. Dubai Department of Economic Development. Available at: http://www.dubaided.gov.ae
11. Dubai Statistics Centre. Available at: http://www.dsc.gov.ae
12. Dubai Statistics Center (2010) Gross Domestic Product at Basic Current Prices-Emirate of Dubai. [Online] Dubai Statistics Center. Available at: http://www.dsc.gov.ae/Reports/GDP_CurrentPrices_08_Ar.pdf [accessed 1 July 2010]
13. Fenwick, D. (2009) A statistical system for residential property price indices, Paper presented at the BIS-Eurostat-IAOS-IFC conference on Residential property price indices, Conference paper, Basel.
14. Fraser, P., Hoesli, M. and McAlevey, L. (2008) House prices and bubbles in New Zealand, Journal of Real Estate Finance and Economics, 37(1), pp. 71-91. doi:10.1007/s11146-007-9060-8
15. Gatzlaff, D. H. and Ling, D. C. (1994) Measuring changes in local house prices: an empirical investigation of alternative methodologies, Journal of Urban Economics, 35(2), pp. 221-224. doi:10.1006/juec.1994.1014
16. Gujurati, D. N. (2004) Basic econometrics, Fourth Edition. The McGraw-Hill, New York, NY.
17. Hofmann, B. (2004) Bank lending and property prices: some international evidence, Hong Kong Institute for Monetary Research Working Paper, No. 222003.
18. Hoffmann, J. and Lorenz, A. (2006) Real estate price indices for Germany: past, present and future, OECD-IMF workshop on Real estate price indexes, Paris.
19. International Monetary Fund (2006) Financial soundness indicators compilation guide, Monetary and Financial Systems and Statistics Departments, Washington.
20. Kasparova, D. and White, M. (2001) The responsiveness of house prices to macroeconomic forces: a cross-country comparison, European Journal of Housing Policy, 1(3), pp. 385-416. doi:10.1080/14616710110091561
21. Mark, J. H. and Goldberg, M. A. (1984) Alternative housing price indices: an evaluation, AREUEA Journal, 12(1), pp. 30-49.
22. McDonald, C. and Smith, M. (2009) Developing stratified housing price measures for New Zealand, Reserve Bank of New Zealand Discussion Paper Series, No.DP2009/07, Wellington.
23. McGibany, J. M. and Nourzad, F. (2004) Do lower mortgage rates mean higher housing prices?, Applied Economics, 36(4), pp. 305-313. doi:10.1080/00036840410001674231
24. Nellis, J. and Longbottom, J. (1981) An empirical analysis of the determination of house prices in the United Kingdom, Urban Studies, 18(1), pp. 9-21. doi:10.1080/00420988120080021
25. Newey, W. K. and West, K. D. (1987) A Simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix, Econometrica, 55(3), pp. 703-708. doi:10.2307/1913610
26. Nhleko, Z. and Tlatsana, G. (2009) A South African perspective on the use of house price indices for monetary policy purposes, Paper presented at the BIS-Eurostat-IAOS-IFC conference on Residential property price indices, Conference paper, Basel.
27. Olczyk, A. and Neideck, G. (2007) Measuring house price movements: methods, issues and some recent experience in the Australian context, 10th Meeting of the UN International working group on price indices, Ottawa.
28. Potepan, M. J. (1996) Explaining intermetropolitan variation in housing price, rent and land price, Real Estate Economic, 24(2), pp. 219-245. doi:10.1111/1540-6229.00688
29. Prasad, N. and Richards, A. J. (2008) Improving median housing price indexes through stratification, Journal of Real Estate Research, 30(1), pp. 45-71.
30. Prasad, N. and Richards, A. J. (2006) Measuring housing price growth-using stratification to im-proved median based measures, Reserve Bank of Australia Research Discussion Paper, No. 2004-06.
31. Rappaport, J. (2007) A guide to aggregate house price measures, Federal Reserve Bank of Kansas City Economic Review, 92(2), pp. 41-71.
32. Reichert, A. K. (1990) The impact of interest rate, income and employment upon regional housing prices, Journal of Real Estate Finance and Economics, 3(4), pp. 373-391. doi:10.1007/BF00178859
33. REIDIN.com. Real Estate Investment & Development Information Network. Available at: http://www.REIDIN.com
34. Shen, Y. and Liu, H. Y. (2004) Housing prices and economic fundamentals: a cross city analysis of China for 1995-2002, Economic Research Journal, 39(6), pp. 78-86.
35. The Government of Dubai Land Department. Available at: http://www.dubailand.gov.ae
36. Tsatsaronis, K. and Zhu, H. (2004) What drives housing price dynamics: cross-country evidence, BIS Quarterly Review, March, pp. 65-78.
37. Tukey, J. W. (1977) Explanatory data analysis. Reading, MA: Addison-Wesley, Chapter 2, pp. 39-43.
38. Wang, F. T. and Zorn, P. M. (1997) Estimating house price growth with repeat sales data: what's the aim of the game?, Journal of Housing Economics, 6(2), pp. 93-118. doi:10.1006/jhec.1997.0209
39. White, H. (1980) A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity, Econometrica, 48(4), pp. 817-838. doi:10.2307/1912934
40. Yang, C. and Lu, Y. J. (2003) Research on price bubbles in Beijing housing market, China Civil Engineering Journal, 36(9), pp. 76-82
41. Zhu, H. (2006) The structure of housing finance markets and house prices in Asia, BIS Quarterly Review, pp. 55-69.