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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...

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Detalles Bibliográficos
Autores principales: Huang, Naqun, Pang, Jindong, Yang, Yanmin
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier Inc. 2023
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.
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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
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