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JUE Insight: COVID-19 and household preference for urban density in China()
This paper investigates the effect of COVID-19 on both housing prices and housing price gradients in China using transaction level data from 60 Chinese cities. After using a difference-in-differences (DID) specification to disentangle the confounding effects of China's annual Spring Festival, w...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Elsevier Inc.
2023
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9295400/ https://www.ncbi.nlm.nih.gov/pubmed/35873868 http://dx.doi.org/10.1016/j.jue.2022.103487 |
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author | Huang, Naqun Pang, Jindong Yang, Yanmin |
author_facet | Huang, Naqun Pang, Jindong Yang, Yanmin |
author_sort | Huang, Naqun |
collection | PubMed |
description | This paper investigates the effect of COVID-19 on both housing prices and housing price gradients in China using transaction level data from 60 Chinese cities. After using a difference-in-differences (DID) specification to disentangle the confounding effects of China's annual Spring Festival, we find that housing prices decreased by two percent immediately after the COVID-19 outbreak but gradually recovered by September 2020. Moreover, our findings suggest that COVID-19 flattens the horizontal housing price gradient, reduces the price premium for living in tall buildings, and changes the vertical gradient within residential buildings. This is likely explained by the changing household preferences towards low-density areas associated with lower infection risk. |
format | Online Article Text |
id | pubmed-9295400 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2023 |
publisher | Elsevier Inc. |
record_format | MEDLINE/PubMed |
spelling | pubmed-92954002022-07-19 JUE Insight: COVID-19 and household preference for urban density in China() Huang, Naqun Pang, Jindong Yang, Yanmin J Urban Econ Article This paper investigates the effect of COVID-19 on both housing prices and housing price gradients in China using transaction level data from 60 Chinese cities. After using a difference-in-differences (DID) specification to disentangle the confounding effects of China's annual Spring Festival, we find that housing prices decreased by two percent immediately after the COVID-19 outbreak but gradually recovered by September 2020. Moreover, our findings suggest that COVID-19 flattens the horizontal housing price gradient, reduces the price premium for living in tall buildings, and changes the vertical gradient within residential buildings. This is likely explained by the changing household preferences towards low-density areas associated with lower infection risk. Elsevier Inc. 2023-01 2022-07-19 /pmc/articles/PMC9295400/ /pubmed/35873868 http://dx.doi.org/10.1016/j.jue.2022.103487 Text en © 2022 Elsevier Inc. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active. |
spellingShingle | Article Huang, Naqun Pang, Jindong Yang, Yanmin JUE Insight: COVID-19 and household preference for urban density in China() |
title | JUE Insight: COVID-19 and household preference for urban density in China() |
title_full | JUE Insight: COVID-19 and household preference for urban density in China() |
title_fullStr | JUE Insight: COVID-19 and household preference for urban density in China() |
title_full_unstemmed | JUE Insight: COVID-19 and household preference for urban density in China() |
title_short | JUE Insight: COVID-19 and household preference for urban density in China() |
title_sort | jue insight: covid-19 and household preference for urban density in china() |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9295400/ https://www.ncbi.nlm.nih.gov/pubmed/35873868 http://dx.doi.org/10.1016/j.jue.2022.103487 |
work_keys_str_mv | AT huangnaqun jueinsightcovid19andhouseholdpreferenceforurbandensityinchina AT pangjindong jueinsightcovid19andhouseholdpreferenceforurbandensityinchina AT yangyanmin jueinsightcovid19andhouseholdpreferenceforurbandensityinchina |