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Spatial Spillover of House Prices: An Empirical Study of the Yangtze Delta Urban Agglomeration in China

Ling Zhang (), He Wang (), Yan Song () and Haizhen Wen ()
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Ling Zhang: Department of Civil Engineering, Center of Real Estate Study, Zhejiang University, Hangzhou 310058, China
He Wang: Department of Civil Engineering, Center of Real Estate Study, Zhejiang University, Hangzhou 310058, China
Yan Song: Department of city and regional planning, University of North Carolina at Chapel Hill, Chapel Hill, NC 27599, USA
Haizhen Wen: Department of Civil Engineering, Center of Real Estate Study, Zhejiang University, Hangzhou 310058, China

Sustainability, 2019, vol. 11, issue 2, 1-17

Abstract: This study investigates the spatial dependence of house prices in the Yangtze Delta Urban Agglomeration since the year 2000. According to Moran’s I index and the LISA scatter plot derived from a cross-section data set, the spatial dependence of house prices can be traced across the 25 cities in the agglomeration and became more evident after 2005. This study develops a spatial panel model with geographical distance and economic distance weight matrices. Spatial effects significantly influenced house prices in both cases but the intensity of the former was weaker than for the latter. Income, proportion of the tertiary industry, and amenity exhibited significant indirect effects on house prices in other cities in the inner region of the agglomeration, while competition of population between cities with economic proximity exerted negative indirect effects. Furthermore, urban industrial structure, innovation capability, and urbanization degree revealed differences in terms of spatial dependence among various city groups.

Keywords: Yangtze Delta Urban Agglomeration in China; house price; spatial dependence; spatial panel model (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2019
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