Dynamics of property prices and asymmetrical impacts of economic policy uncertainty: new evidence from Indian cities

Nenavath Sreenu

International Journal of Housing Markets and Analysis, 2023, vol. 18, issue 2, 433-454

Abstract: Purpose - This research study aims to delve into the enduring relationship between housing property prices and economic policy uncertainty across eight major Indian cities. Design/methodology/approach - Using the panel non-linear autoregressive distributed lag model, this study meticulously investigates the asymmetric impact of economic policy uncertainty on apartment and house (unit) prices in India during the period from 2000 to 2022. Findings - The findings of this study indicate that economic policy uncertainty exerts a negative influence on property prices, but noteworthy asymmetry is observed, with positive changes in effect having a more pronounced impact than negative changes. This asymmetrical effect is particularly prominent in the case of unit prices. Originality/value - This research reveals that long-run price trends are also influenced by factors such as interest rates, building costs and housing loans. Through a comprehensive analysis of these factors and their interplay with property prices, this research paper contributes valuable insights to the understanding of the real estate market dynamics in Indian cities.

Keywords: Housing; Housing affordability; Housing finance systems; Housing market analysis; Housing policy; Housing prices (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijhmap:ijhma-09-2023-0129

DOI: 10.1108/IJHMA-09-2023-0129

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