Hot Property : : The Housing Market in Major Cities.

• Author: Nijskens, Rob.
• TeilnehmendeR: Lohuis, Melanie.; Hilbers, Paul.; Heeringa, Willem.
• Place / Publishing House: Cham : : Springer International Publishing AG,, 2019.; ©2019.
• Year of Publication: 2019
• Edition: 1st ed.
• Language: English
• Physical Description: 1 online resource (220 pages)

Table of Contents

Hot Property -- Foreword -- Preface -- Key Takeaways -- Conclusion -- Contents -- Part I: The Rise of Major Cities: Causes and Consequences -- Chapter 1: In the Age of Cities: The Impact of Urbanisation on House Prices and Affordability -- 1 Introduction -- 2 The Popularity of Major Cities -- 3 Consequences of the Rise of Major Cities: Housing Affordability and Its Challenges -- 3.1 Causes of the Housing Affordability Crisis -- 4 The Impact of Institutional Investment on the Housing Market -- 5 Potential Solutions -- 6 Conclusions -- References -- Chapter 2: Tackling Londonś Housing Crisis -- 1 Defining the Crisis -- 2 Building Homes for Londoners -- 3 Beyond Building -- 3.1 Genuinely Affordable Homes -- 3.2 Londonś Private Rented Sector -- 3.3 Homelessness and Rough Sleeping -- 4 Devolution -- References -- Chapter 3: The Housing Market in Major Dutch Cities -- 1 Introduction -- 2 Price Movements in Major Urban Housing Markets Dissected -- 2.1 Signs of Overheating in Major Urban Housing Markets -- 2.2 As Yet no Indications of a Credit-Driven Bubble -- 3 Differences Between the Major Cities and the Rest of the Netherlands -- 3.1 Demand for Housing -- 3.2 Housing Supply -- 4 Conclusions and Policy Recommendations -- References -- Part II: Is There a Bubble in Major Cities? -- Chapter 4: Regional House Price Differences: Drivers and Risks -- 1 Why Might Regionally Concentrated House Price Booms Raise Concerns? -- 2 House Price Developments -- 3 Macroeconomic and Financial Stability Risks Assessments -- 3.1 Persistence, Reversals and Resilience -- 3.2 Externalities -- 4 Implications for Macroprudential Policy -- References -- Chapter 5: A Tale of Two Cities: Is Overvaluation a Capital Issue? -- 1 Introduction -- 2 A Framework for Regional House Price Modelling: The Case of London -- 3 The Case of Paris -- 4 Conclusions -- References.

Chapter 6: Towards a Global Real Estate Market? Trends and Evidence -- 1 Introduction -- 2 The Increasing Synchronicity in House Prices Across Countries -- 2.1 Towards a Global Real Estate Market? -- 2.2 Or the Growing Importance of World Cities? -- 3 House Price Determinants -- 3.1 Synchronicity: The Role of Global Factors -- 3.2 Local Amplifiers -- 4 Policy Implications -- References -- Chapter 7: Managing House Price Booms: Evolution of IMF Surveillance and Policy Advice -- 1 Introduction -- 2 The Changing Lines of Defense -- 2.1 Explaining Booms -- 2.2 Managing Booms -- 3 Time to Worry Again? -- 4 Dealing with Glocalization -- 4.1 Explaining Local Booms -- 4.2 Managing Local Booms -- 5 Concluding Remarks -- References -- Part III: Housing Supply in Urban Areas -- Chapter 8: The Macroeconomic Implications of Housing Supply Restrictions -- 1 Introduction -- 2 Hot Property Markets and the Microeconomics of Construction Constraints -- 3 Housing Bubbles, Credit Conditions and Extrapolative Beliefs -- 3.1 Housing Supply Elasticity and Counter-Recessionary Policy -- 4 The Complementarities Between Housing and Macroeconomic Policy -- 5 Conclusion -- References -- Chapter 9: Some Brief Thoughts on Housing Supply and Policy -- 1 Introduction -- 2 User Cost, Demand for Dwellings, and Housing Prices -- 3 Capital Markets and Housing -- 4 Housing Supply, Affordability, and Overheating -- 5 Mortgage Underwriting Using Fundamental Housing Valuation Forecasts (FHVF) -- 6 Make Supply Elastic Again -- References -- Chapter 10: The Smouldering Issue -- 1 Shifting Towards the Market for Two Decades -- 2 Agreements with Housing Associations are at the Forefront -- 3 Overheating of the Amsterdam Housing Market -- 4 Exerting Counterpressure on the Market -- 5 Limits on the Management Possibilities of Municipalities.

Chapter 11: Housing Markets in Scandinavia: Supply, Demand and Regulation -- 1 Background -- 2 Explanations for the Shortage and Rise in Prices of Housing -- 3 Policy Options -- 4 An Example of a Macroprudential Policy Measure -- 5 Conclusions -- References -- Chapter 12: The Relationship Between Supply Constraints and House Price Dynamics in the Netherlands -- 1 Introduction -- 2 Data -- 3 Methodology -- 4 Results -- 4.1 The Long-Run Relation Between Income and House Prices -- 4.2 The Short-Run (Dynamic) Relation Between Income and House Prices -- 5 Conclusion and Future Research -- References -- Part IV: Policy Responses -- Chapter 13: The Dutch Housing Agenda -- 1 Introduction -- 2 Housing Affordability and Increasing Supply -- 3 Concluding Remarks -- References -- Chapter 14: Financial Stability and Housing Markets in Large Cities: What Role for Macroprudential Policy? -- 1 Facts About House Price Trends in Large Cities -- 2 Drivers of House Price Trends in Large Cities -- 3 Implications for Financial Stability and the Role of Macroprudential Policy -- 4 Conclusions -- References -- Chapter 15: Soaring House Prices in Major Cities: How to Spot and Moderate Them -- 1 Introduction -- 2 Are Capital Cities Different from Other Regions? -- 3 Policy Recommendations -- 3.1 Country Experiences -- 3.2 Policy Options -- References -- Chapter 16: The Korean Housing Market: Its Characteristics and Policy Responses -- 1 Recent Housing Market Developments -- 1.1 Housing Price Trends -- 1.2 Supply and Demand -- 2 Structural Characteristics of the Korean Housing Market -- 2.1 Apartments as a Dominant Form of Housing -- 2.2 Demand for Housing as an Investment -- 2.3 Household-Led Supply of Rental Housing -- 3 Recent Buoyancy in the SMA Housing Market -- 3.1 Persistently Low Interest Rates -- 3.2 Easing of Real Estate Regulations.

3.3 Stronger Incentives for Financial Institutions to Provide Mortgage Loans -- 4 Policy Responses -- 4.1 Comprehensive Measures -- 4.2 Tailored Responses -- 5 Policy Evaluation -- Appendix -- References -- Chapter 17: House Prices and Financial Stability: An Australian Perspective -- 1 Introduction -- 2 The Housing Market in Australia -- 3 The Policy Response -- 4 Reflections -- 4.1 How Is Effectiveness Evaluated? -- 4.2 Are Geographical Restrictions Helpful? -- 4.3 Are There Undesirable Consequences? -- 4.4 How Are These Policies Likely to Evolve? -- References -- Graph Data Sources -- Chapter 18: Exploding House Prices in Urban Housing Markets: Explanations and Policy Solutions for the Netherlands -- 1 Introduction -- 2 The Specifics of Pre- and Post-crisis Housing in the Netherlands and Its Major Cities -- 3 Explaining the Emergence of Hot Property Markets -- 4 Policy Solutions for Hot Property Markets -- 4.1 Macroprudential Policy -- 4.2 Structural Urban and National Housing Policies -- 5 Conclusions -- References.