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Population Aging, Mobility, and Real Estate Price: Evidence from Cities in China

Xinrui Wang (), Eddie Chi-Man Hui () and Jiuxia Sun ()
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Xinrui Wang: School of Tourism Management, Sun Yat-Sen University, Guangzhou 510275, China
Eddie Chi-Man Hui: Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong 999077, China
Jiuxia Sun: School of Tourism Management, Sun Yat-Sen University, Guangzhou 510275, China

Sustainability, 2018, vol. 10, issue 9, 1-13

Abstract: Demographic factors are crucial to the sustainable development of one country. China’s population is aging at an accelerating rate and, together with the increasing mobility between cities, some special demographic issues have formed, which is quite related to the urban real estate market. The paper aims to investigate how the population aging and mobility affect housing prices at the city level, by using a set of two-period panel data of 294 prefecture-level cities in China. The results show that an increase in elderly dependency ratio by 1% leads to a rise in housing prices by 0.368%. Meanwhile, an increase in urbanization level by 1% drives up housing prices by about 0.139%, and a rise in the ratio of inter-regional migration by 1% will increase housing prices by about 1.038%. Furthermore, the policy of purchase limits could weaken the positive impacts of elderly dependency ratio and inter-regional migration on housing prices and, thus, plays a moderating role on the relationship between demographic structure and housing prices.

Keywords: population aging; mobility; urbanization; the policy of purchase limit; housing prices (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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