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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.56,Issue2,P.303-324

语言

英文

关键字

Land price; Structure price; House prices; Rent; Depreciation; RESIDENTIAL LAND; MODEL; TIME

作者单位

[Xu, Yangfei] Shanghai Univ Int Business & Econ, Sch Business, Shanghai, Peoples R China. [Xu, Yangfei] Tsinghua Univ, Hang Lung Ctr Real Estate, Beijing, Peoples R China. [Xu, Yangfei] Tsinghua Univ, Dept Construct Management, Beijing, Peoples R China. [Zhang, Qinghua] Peking Univ, Guanghua Sch Management, Beijing, Peoples R China. [Zheng, Siqi] MIT, Dept Urban Studies & Planning, Ctr Real Estate, Cambridge, MA 02139 USA. [Zheng, Siqi] MIT, STL Real Estate Entrepreneurship Lab, 77 Massachusetts Ave, Cambridge, MA 02139 USA. [Zhu, Guozhong] Univ Alberta, Alberta Sch Business, Edmonton, AB, Canada. Zheng, SQ (reprint author), MIT, Dept Urban Studies & Planning, Ctr Real Estate, Cambridge, MA 02139 USA.; Zheng, SQ (reprint author), MIT, STL Real Estate Entrepreneurship Lab, 77 Massachusetts Ave, Cambridge, MA 02139 USA. E-Mail: xuyf12@mails.tsinghua.edu.cn; zhangq@gsm.pku.edu.cn; sqzheng@mit.edu; guozhong@ualberta.ca

摘要

Big cities often witness land price outgrowing structure price. For such cities this paper derives two predictions regarding the dynamics between house prices, rent and structure age. First, older houses have a higher price growth rate than younger ones, even after controlling for location and other attributes; second, the age depreciation of house price, defined as the decline of house price with respect to house age, is slower than the similarly-defined age depreciation of rent. These hypotheses are supported by the micro-data on housing market in Beijing. These two inferences have implications for both real estate valuation and house price index construction.