Within-City House Price Distribution, Heterogeneity and Diffusion: Evidence from a Spatiotemporal Index for Beijing

30 Pages Posted: 15 Aug 2018

See all articles by Enwei Zhu

Enwei Zhu

Tsinghua University - Hang Lung Center for Real Estate; Tsinghua University - Department of Construction Management

Jing Wu

Tsinghua University - Hang Lung Center for Real Estate; Tsinghua University - Department of Construction Management

Hongyu Liu

Tsinghua University - Institute of Real Estate Studies

Xindian Li

Tsinghua University - Hang Lung Center for Real Estate

Date Written: July 20, 2018

Abstract

Understanding the within-city house price distribution, heterogeneity and diffusion is essential for understanding the dynamics of city-level housing markets, but these issues have not been thoroughly investigated. In this paper, we construct a constant-quality spatiotemporal house price index for Beijing’s resale housing market between 2011 and 2015, and use this index to examine the within-city house price patterns in this superstar city. The revealed spatial distribution of local house price levels shows plausible structures and evolution. Additionally, local house price changes show significant heterogeneity in terms of both price trends and structural breakpoints. We also find that local house price changes diffuse into neighboring areas. These findings deliver deep insights into within-city housing markets and have important implications for urban planning and housing investment.

Keywords: House price, Spatial distribution, Spatial heterogeneity, Price diffusion, Spatiotemporal index

Suggested Citation

Zhu, Enwei and Wu, Jing and Liu, Hongyu and Li, Xindian, Within-City House Price Distribution, Heterogeneity and Diffusion: Evidence from a Spatiotemporal Index for Beijing (July 20, 2018). Available at SSRN: https://ssrn.com/abstract=3223967 or http://dx.doi.org/10.2139/ssrn.3223967

Enwei Zhu

Tsinghua University - Hang Lung Center for Real Estate ( email )

HeShanHeng Building
Beijing, 100084
China

Tsinghua University - Department of Construction Management ( email )

Heshanheng Building
Tsinghua University
Beijing, 100084
China

Jing Wu (Contact Author)

Tsinghua University - Hang Lung Center for Real Estate ( email )

HeShanHeng Building
Beijing, 100084
China

HOME PAGE: http://thuwujing.net

Tsinghua University - Department of Construction Management ( email )

Heshanheng Building
Tsinghua University
Beijing, 100084
China

HOME PAGE: http://thuwujing.net

Hongyu Liu

Tsinghua University - Institute of Real Estate Studies ( email )

School of Civil Engineering
Beijing, 100084
China
8610-62795115 (Phone)
8610-62788678 (Fax)

Xindian Li

Tsinghua University - Hang Lung Center for Real Estate ( email )

HeShanHeng Building
Beijing, 100084
China

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