Price Discovery between Residential Land & Housing Markets

Joseph Ooi and Sze-Teck Lee

Journal of Housing Research, 2004, vol. 15, issue 2, 95-112

Abstract: This paper examines whether high land prices in urban areas Granger cause high property prices or whether high property prices lead to high land prices. A constant quality price index is constructed for the urban land market in Singapore using hedonic methodology. A cointegration analysis reveals that the land price and house price series are integrated in the long run and that Granger causality runs from the housing market to the land market. No reverse causality was found from the land market to the housing market. This means that price movements in the land market do not filter to the housing market in the short run.

Date: 2004
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DOI: 10.1080/10835547.2004.12091968

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