Hot Property : The Housing Market in Major Cities

Hot Property The Housing Market in Major Cities

This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house price...

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Bibliographic Details
Other Authors: Nijskens, Rob (Editor), Nijskens, Rob. editor (editor), Lohuis, Melanie. editor, Hilbers, Paul. editor, Heeringa, Willem. editor
Format: eBook
Language:Inglés
Published: Cham Springer Nature 2019
Cham : 2019.
Edition:1st ed. 2019.
Subjects:
Urban economics.
Capital market.
Economic policy.
Real estate management.
Sociology, Urban.
Urban Economics.
Capital Markets.
Economic Policy.
Real Estate Management.
Urban Studies/Sociology.
Economics
Management science
Urban economics
Capital market
Economic policy
Real estate management
Sociology, Urban
See on Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009431290906719
Table of Contents:
  • Intro
  • Foreword
  • Preface
  • Key Takeaways
  • Conclusion
  • Contents
  • Part I: The Rise of Major Cities: Causes and Consequences
  • Chapter 1: In the Age of Cities: The Impact of Urbanisation on House Prices and Affordability
  • 1 Introduction
  • 2 The Popularity of Major Cities
  • 3 Consequences of the Rise of Major Cities: Housing Affordability and Its Challenges
  • 3.1 Causes of the Housing Affordability Crisis
  • 4 The Impact of Institutional Investment on the Housing Market
  • 5 Potential Solutions
  • 6 Conclusions
  • References
  • Chapter 2: Tackling London´s Housing Crisis
  • 1 Defining the Crisis
  • 2 Building Homes for Londoners
  • 3 Beyond Building
  • 3.1 Genuinely Affordable Homes
  • 3.2 London´s Private Rented Sector
  • 3.3 Homelessness and Rough Sleeping
  • 4 Devolution
  • References
  • Chapter 3: The Housing Market in Major Dutch Cities
  • 1 Introduction
  • 2 Price Movements in Major Urban Housing Markets Dissected
  • 2.1 Signs of Overheating in Major Urban Housing Markets
  • 2.2 As Yet no Indications of a Credit-Driven Bubble
  • 3 Differences Between the Major Cities and the Rest of the Netherlands
  • 3.1 Demand for Housing
  • 3.2 Housing Supply
  • 4 Conclusions and Policy Recommendations
  • References
  • Part II: Is There a Bubble in Major Cities?
  • Chapter 4: Regional House Price Differences: Drivers and Risks
  • 1 Why Might Regionally Concentrated House Price Booms Raise Concerns?
  • 2 House Price Developments
  • 3 Macroeconomic and Financial Stability Risks Assessments
  • 3.1 Persistence, Reversals and Resilience
  • 3.2 Externalities
  • 4 Implications for Macroprudential Policy
  • References
  • Chapter 5: A Tale of Two Cities: Is Overvaluation a Capital Issue?
  • 1 Introduction
  • 2 A Framework for Regional House Price Modelling: The Case of London
  • 3 The Case of Paris
  • 4 Conclusions
  • References.
  • Chapter 6: Towards a Global Real Estate Market? Trends and Evidence
  • 1 Introduction
  • 2 The Increasing Synchronicity in House Prices Across Countries
  • 2.1 Towards a Global Real Estate Market?
  • 2.2 Or the Growing Importance of World Cities?
  • 3 House Price Determinants
  • 3.1 Synchronicity: The Role of Global Factors
  • 3.2 Local Amplifiers
  • 4 Policy Implications
  • References
  • Chapter 7: Managing House Price Booms: Evolution of IMF Surveillance and Policy Advice
  • 1 Introduction
  • 2 The Changing Lines of Defense
  • 2.1 Explaining Booms
  • 2.2 Managing Booms
  • 3 Time to Worry Again?
  • 4 Dealing with Glocalization
  • 4.1 Explaining Local Booms
  • 4.2 Managing Local Booms
  • 5 Concluding Remarks
  • References
  • Part III: Housing Supply in Urban Areas
  • Chapter 8: The Macroeconomic Implications of Housing Supply Restrictions
  • 1 Introduction
  • 2 Hot Property Markets and the Microeconomics of Construction Constraints
  • 3 Housing Bubbles, Credit Conditions and Extrapolative Beliefs
  • 3.1 Housing Supply Elasticity and Counter-Recessionary Policy
  • 4 The Complementarities Between Housing and Macroeconomic Policy
  • 5 Conclusion
  • References
  • Chapter 9: Some Brief Thoughts on Housing Supply and Policy
  • 1 Introduction
  • 2 User Cost, Demand for Dwellings, and Housing Prices
  • 3 Capital Markets and Housing
  • 4 Housing Supply, Affordability, and Overheating
  • 5 Mortgage Underwriting Using Fundamental Housing Valuation Forecasts (FHVF)
  • 6 Make Supply Elastic Again
  • References
  • Chapter 10: The Smouldering Issue
  • 1 Shifting Towards the Market for Two Decades
  • 2 Agreements with Housing Associations are at the Forefront
  • 3 Overheating of the Amsterdam Housing Market
  • 4 Exerting Counterpressure on the Market
  • 5 Limits on the Management Possibilities of Municipalities.
  • Chapter 11: Housing Markets in Scandinavia: Supply, Demand and Regulation
  • 1 Background
  • 2 Explanations for the Shortage and Rise in Prices of Housing
  • 3 Policy Options
  • 4 An Example of a Macroprudential Policy Measure
  • 5 Conclusions
  • References
  • Chapter 12: The Relationship Between Supply Constraints and House Price Dynamics in the Netherlands
  • 1 Introduction
  • 2 Data
  • 3 Methodology
  • 4 Results
  • 4.1 The Long-Run Relation Between Income and House Prices
  • 4.2 The Short-Run (Dynamic) Relation Between Income and House Prices
  • 5 Conclusion and Future Research
  • References
  • Part IV: Policy Responses
  • Chapter 13: The Dutch Housing Agenda
  • 1 Introduction
  • 2 Housing Affordability and Increasing Supply
  • 3 Concluding Remarks
  • References
  • Chapter 14: Financial Stability and Housing Markets in Large Cities: What Role for Macroprudential Policy?
  • 1 Facts About House Price Trends in Large Cities
  • 2 Drivers of House Price Trends in Large Cities
  • 3 Implications for Financial Stability and the Role of Macroprudential Policy
  • 4 Conclusions
  • References
  • Chapter 15: Soaring House Prices in Major Cities: How to Spot and Moderate Them
  • 1 Introduction
  • 2 Are Capital Cities Different from Other Regions?
  • 3 Policy Recommendations
  • 3.1 Country Experiences
  • 3.2 Policy Options
  • References
  • Chapter 16: The Korean Housing Market: Its Characteristics and Policy Responses
  • 1 Recent Housing Market Developments
  • 1.1 Housing Price Trends
  • 1.2 Supply and Demand
  • 2 Structural Characteristics of the Korean Housing Market
  • 2.1 Apartments as a Dominant Form of Housing
  • 2.2 Demand for Housing as an Investment
  • 2.3 Household-Led Supply of Rental Housing
  • 3 Recent Buoyancy in the SMA Housing Market
  • 3.1 Persistently Low Interest Rates
  • 3.2 Easing of Real Estate Regulations.
  • 3.3 Stronger Incentives for Financial Institutions to Provide Mortgage Loans
  • 4 Policy Responses
  • 4.1 Comprehensive Measures
  • 4.2 Tailored Responses
  • 5 Policy Evaluation
  • Appendix
  • References
  • Chapter 17: House Prices and Financial Stability: An Australian Perspective
  • 1 Introduction
  • 2 The Housing Market in Australia
  • 3 The Policy Response
  • 4 Reflections
  • 4.1 How Is Effectiveness Evaluated?
  • 4.2 Are Geographical Restrictions Helpful?
  • 4.3 Are There Undesirable Consequences?
  • 4.4 How Are These Policies Likely to Evolve?
  • References
  • Graph Data Sources
  • Chapter 18: Exploding House Prices in Urban Housing Markets: Explanations and Policy Solutions for the Netherlands
  • 1 Introduction
  • 2 The Specifics of Pre- and Post-crisis Housing in the Netherlands and Its Major Cities
  • 3 Explaining the Emergence of Hot Property Markets
  • 4 Policy Solutions for Hot Property Markets
  • 4.1 Macroprudential Policy
  • 4.2 Structural Urban and National Housing Policies
  • 5 Conclusions
  • References.

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