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    Estimating Estate-Specific Price-to-Rent Ratios in Shanghai and Shenzhen: A Bayesian Approach

    Chen, Jie, 1980-
    Ni, Shawn, 1962-
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    [PDF] EstimatingEstateSpecific.pdf (1.125Mb)
    Date
    2010
    Format
    Working Paper
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    Abstract
    The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study we estimate price-to-rent ratios of residential properties in two major cities in China, where urban high-rises (estates) comprise both rental and owner-occupied units. We conduct Bayesian inference on estate-specific parameters, using information of rental units to elicit priors of the unobserved rents of units sold in the same estate. We find that the price-to-rent ratios tend to be higher for low-end properties. We discuss economic explanations for the phenomenon and the policy implications.
    URI
    http://hdl.handle.net/10355/10324
    Part of
    Working papers (Department of Economics);WP 10-15
    Part of
    Economics publications (MU)
    Citation
    Department of Economics, 2010
    Rights
    OpenAccess.
    This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License.
    Collections
    • Economics publications (MU)

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