Dissertation
Dissertation > Economic > Economic planning and management > Urban and municipal economy > Urban Economics and Management > The real estate economy > Real estate market

The Empirical Study on the Volatility of Real Estate Price in China

Author YuanAiMin
Tutor GuoXinHua
School Xiangtan University
Course Political Economics
Keywords Real estate prices Macroeconomic side Financial market
CLC F293.35
Type Master's thesis
Year 2008
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China since the abolition of welfare housing system in 1998 , the real estate consumer demand for a huge release , the real estate investment has expanded rapidly , real estate sales area increased year by year , the real estate market has been a great development . The healthy development of the real estate industry as the leading industry of the national economy , regardless of people's lives , or on state revenues , as well as the development of the national economy are very important . Therefore, the empirical study of the factors affecting the price of real estate , not only to provide a scientific basis for the government to develop a reasonable industrial policy , and advice , but also give useful guidance to buyers , so as to promote the health of China's real estate industry , sustainable development . A lot of research on China 's real estate market and real estate prices , not only a qualitative analysis of the theoretical , quantitative empirical analysis , but the existing inadequacies of these studies is not clear that the influencing factors of real estate prices , as well as the influence of these factors how much. This paper studies the relationship between the the macroeconomic side with real estate prices : GNP is an important factor affecting real estate prices ; proportion of output value of non-agricultural industries , the proportion of non-farm employment , population density , as well as investment goods price index on affect real estate prices , but the intensity is very small ; total investment of residents' disposable income , the investment in fixed assets , as well as the consumer price index of real estate prices is not significant . This paper further explore the impact of the reform of the financial markets on the real estate prices , the results show that the real estate development loan amount , interest rate levels and per capita income has a significant impact on real estate prices , while foreign investment, the impact of the consumer price index was not significant . From the above results , the macroeconomic side has been unable to explain fluctuations in real estate prices in China , on the contrary , the impact of financial markets on the real estate prices are gradually increased as the financial reform . To promote the healthy development of China's real estate industry , and addition to solve the structural problems in China's economic growth , the construction of the financial system must also strengthen the regulatory role of government prevent bank risk and external funding , and constantly improve our real estate financial system .

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