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The Development of Urban Economies and the Price of Housing Market

Author: LiYaoCheng
Tutor: PengJiaLiang
School: East China Normal University
Course: Industrial Economics
Keywords: Real Estate Prices of Housing Markets Development of Urban Economies Demand of House Supply of House
CLC: F299.2;F224
Type: Master's thesis
Year: 2011
Downloads: 144
Quote: 1
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Abstract

The housing market of China is becoming more and more mature with the rapid development of Chinese urban economies. The price of the housing market concerns the stability of society and economy, so the housing price gets more and more attention from local governments and residents. It has been meaningful for us to research the characteristic of housing market prices of different cities and the relationship between urban economies and prices of housing markets.In general, the price of housing market in China presents the fast growing tendency. However, each city in China has different economic development level and speed, and the price of housing market in every city is different. Cities in different area and cities in the same area also have different prices of housing markets. Classifying and anglicizing China’s major cities with the housing market prices in recent years, we find that the prices of housing market in China’s major cities do exist differences. For example, as vice provincial cities, in 2008, the housing price in Shenzhen is 12823 yuan/square meter, but in Hohhot, the housing price is only 2511 yuan/square meter, so, Shenzhen’s housing price are about 5 times higher than Hohhot’s. Different prices of housing markets has great effects on governments, enterprises and residents.The price of housing market differences between cities put forward higher requirement for the government to make real estate macro-control policy; the price of housing market differences between cities put forward problems to some enterprises; the price of housing market differences between the cities has very big effect of urban life. So making clear differences of housing market prices between cities is certain meaningful for government, enterprise and resident’s choice.Based on the analysis of each city housing market differences process, we find there is a close relationship between the housing price level and the cities’ economic development level. Through the research of economic levels and house prices of China’s major cities, the paper concludes the preliminary relationship between them: Urban economic development level and the prices of housing markets have positive correlation relationship. In order to research the economy and housing price of contact between economics, this paper through theoretical and empirical methods of urban economy and housing price economic relationship further in-depth study.This paper studies the theory about the mechanism of the effect of urban economic conditions on housing prices. First, urban economic development between them with the housing market by labor market and urban economic environment changes and produce the economic links; Secondly, the housing market price of by the housing market supply and demand, and urban economic development decision to a great extent influence the housing market demand and supply various factors. Thirdly, different levels of economic development, the city economic policies and regulation and control methods are different, and the city government economic behavior of the different also has very big effect on housing price.Then, this paper through empirical method to try to find what index of urban economy how much can affect residential prices, and calculate urban economic main indexes affect the level of house prices. Empirical results show that urban economic development index of city economic output, the city residents’ savings, city government financial income have very significant correlation with the housing market prices. So, the paper concludes that different urban economic development effecting different housing prices is mainly caused by the scale of urban economy, urban residents’ pent-up different demands and different local government’s role on economic activity.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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