Land and Residential Property Markets in a Booming Economy: New Evidence from Beijing

35 Pages Posted: 24 Oct 2006

See all articles by Siqi Zheng

Siqi Zheng

Massachusetts Institute of Technology (MIT) - Center for Real Estate; Massachusetts Institute of Technology (MIT) - Department of Urban Studies & Planning; Hang Lung Center for Real Estate, Tsinghua University

Matthew E. Kahn

University of Southern California; National Bureau of Economic Research (NBER)

Date Written: October 2006

Abstract

Beijing's housing market has boomed over the last fifteen years. Its population has grown by 40.6% and per-capita income (in constant RMB) has grown by 273.9% from 1991 to 2005. We study recent patterns in Beijing's free market housing market. Using two geocoded data sets, we present new evidence on the real estate price gradient, land price gradient, population densities and building densities. The classic urban monocentric model's predictions are largely upheld in Beijing. We also document the importance of local public goods such as access to public transit infrastructure, clean air and major universities as important determinants of real estate prices.

Keywords: Beijing, land prices, real estate, pollution, urban form

JEL Classification: R1

Suggested Citation

Zheng, Siqi and Kahn, Matthew E., Land and Residential Property Markets in a Booming Economy: New Evidence from Beijing (October 2006). Available at SSRN: https://ssrn.com/abstract=939535 or http://dx.doi.org/10.2139/ssrn.939535

Siqi Zheng

Massachusetts Institute of Technology (MIT) - Center for Real Estate ( email )

Building 9-323
Cambridge, MA 02139
United States

HOME PAGE: http://https://siqizheng.mit.edu/

Massachusetts Institute of Technology (MIT) - Department of Urban Studies & Planning ( email )

77 Massachusetts Avenue
Cambridge, MA 02139
United States

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

HeShanHeng Building
Beijing, 100084
China

HOME PAGE: http://https://siqizheng.mit.edu/

Matthew E. Kahn (Contact Author)

University of Southern California ( email )

2250 Alcazar Street
Los Angeles, CA 90089
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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