The impact of the digital economy on urban house prices: Comprehensive explorations
Abstract
Internet technology and data-driven innovations are changing the way people live and work, which could have an impact on real estate supply and demand. Therefore, this study focuses on the relationship between urban digital economy growth and urban house prices. First, the empirical model shows that the digital economy has an inverted U-shaped impact on urban housing prices. The mechanisms underlying this relationship were then examined. The results indicated that fixed asset investment, government expenditure, and the urban environment influence the relationship between digital economy growth and urban house prices. Finally, a heterogeneity analysis revealed that the digital economy does not affect house prices in Tier 1, New Tier 1, and Tier 2 Chinese cities, but increases house prices in Tier 3 cities. In Tier 4 and Tier 5 cities, this relationship was found to be inverted U-shaped. These findings offer valuable insights to policymakers in China in balancing the growth of the digital economy and the stability of house prices.
Keyword : digital economy, housing prices, fixed effect, system GMM, China cities
How to Cite
Cong, S., Chin, L., Muhamad Senan, M. K. A., & Song, Y. (2024). The impact of the digital economy on urban house prices: Comprehensive explorations. International Journal of Strategic Property Management, 28(3), 163–176. https://doi.org/10.3846/ijspm.2024.21474
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Chang, Y. Y., Anderson, H., & Shi, S. (2018). China and international housing price growth. China Economic Review, 50, 294–312. https://doi.org/10.1016/j.chieco.2018.04.013
Chen, L., & Zhang, Y. (2023). Does the development of the digital economy promote common prosperity?—Analysis based on 284 cities in China. Sustainability, 15(5), Article 4688. https://doi.org/10.3390/su15054688
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Deng, X., Guo, M., & Liu, Y. (2023). Digital economy development and the urban-rural income gap: Evidence from Chinese cities. PloS One, 18(2), Article e0280225. https://doi.org/10.1371/journal.pone.0280225
Ding, Y. M., Chin, L., & Lu, M. Q. (2023). Does market sentiment push up China’s housing prices? – An empirical study based on the data of 45 mainstream cities in China. Journal of Housing and the Built Environment, 38, 1119–1147. https://doi.org/10.1007/s10901-022-09985-7
Ding, Y. M., Chin, L., Lu, M. Q., & Deng, P. D. (2022). Do high housing prices crowd out young professionals?—Micro-evidence from China. Economic Research-Ekonomska Istraživanja, 36(2), Article 2142832. https://doi.org/10.1080/1331677X.2022.2142832
Gan, L., Ren, H., Xiang, W., Wu, K., & Cai, W. (2021). Nonlinear influence of public services on urban housing prices: A case study of China. Land, 10(10), Article 1007. https://doi.org/10.3390/land10101007
Gevorgyan, K. (2019). Do demographic changes affect house prices? Journal of Demographic Economics, 85(4), 305–320. https://doi.org/10.1017/dem.2019.9
Goldfarb, A., & Tucker, C. (2019). Digital economics. Journal of Economic Literature, 57(1), 3–43. https://doi.org/10.1257/jel.20171452
Guo, B. N., Wang, Y., Zhang, H., Liang, C. Y., Feng, Y., & Hu, F. (2023). Impact of the digital economy on high-quality urban economic development: Evidence from Chinese cities. Economic Modelling, 120, Article 106194. https://doi.org/10.1016/j.econmod.2023.106194
Halvorsen, R., & Pollakowski, H. O. (1981). The effects of fuel prices on house prices. Urban Studies, 18(2), 205–211. https://doi.org/10.1080/00420988120080361
Huang, Q., Yu, Y., & Zhang, S. (2019). Internet development and productivity growth in manufacturing industry: Internal mechanism and China experiences. China Industrial Economics, 37(08), 5–23. (in Chinese)
Huang, S., Han, F., & Chen, L. (2023). Can the digital economy promote the upgrading of urban environmental quality? International Journal of Environmental Research and Public Health, 20(3), Article 2243. https://doi.org/10.3390/ijerph20032243
Jiang, Y. X., & Qiu, L. L. (2022). Empirical study on the influencing factors of housing price --- Based on cross-section data of 31 provinces and cities in China. Procedia Computer Science, 199, 1498–1504. https://doi.org/10.1016/j.procs.2022.01.191
Jia, S., Wang, Y., & Fan, G. Z. (2018). Home-purchase limits and housing prices: Evidence from China. The Journal of Real Estate Finance and Economics, 56, 386–409. https://doi.org/10.1007/s11146-017-9615-2
Jing, S., Wu, F., Shi, E., Wu, X., & Du, M. (2023). Does the digital economy promote the reduction of urban carbon emission intensity? International Journal of Environmental Research and Public Health, 20(4), Article 3680. https://doi.org/10.3390/ijerph20043680
Kim, J., Ewing, R., & Rigolon, A. (2024). Does green infrastructure affect housing prices via extreme heat and air pollution mitigation? A focus on green and climate gentrification in Los Angeles County, 2000-2021. Sustainable Cities and Society, 102, Article 105225. https://doi.org/10.1016/j.scs.2024.105225
Kim, J. S., & Wang, L. C. (2024). The differential effects of exchange rate fluctuations on local housing price growth: Evidence from Australia. Regional Studies, 58(1), 135–150. https://doi.org/10.1080/00343404.2023.2187044
Kok, S. H., Ismail, N. W., & Lee, C. (2018). The sources of housing price changes in Malaysia. International Journal of Housing Markets and Analysis, 11(2), 335–355. https://doi.org/10.1108/IJHMA-04-2017-0039
Lee, C., & Park, J. (2022). The time-varying effect of interest rates on housing prices. Land, 11(12), Article 2296. https://doi.org/10.3390/land11122296
Lee, K. O., & Pang, A. H. K. (2022). Railway sound barriers and housing prices. Real Estate Economics, 50, 1282–1306. https://doi.org/10.1111/1540-6229.12379
Li, H., Pan, T., Tang, Q., & Tan, Z. (2021). The driving factors of China’s housing prices pre-and after 2012. Journal of Mathematical Finance, 11(2), 255–266. https://doi.org/10.4236/jmf.2021.112015
Lin, Y., Ma, Z., Zhao, K., Hu, W., & Wei, J. (2018). The impact of population migration on urban housing prices: Evidence from China’s major cities. Sustainability, 10(9), Article 3169. https://doi.org/10.3390/su10093169
Liu, H, Y., & Jiang, P. J. (2015). Influence of productivity growth and industrial structure changes on housing prices. Journal of Tongji University. Natural Science, 43(5), 800–806. (in Chinese)
Liu, L. (2023). Mortgage loan and housing market. International Review of Economics & Finance, 83, 736–749. https://doi.org/10.1016/j.iref.2022.10.012
Liu, Y., Gao, H., Cai, J., Lu, Y., & Fan, Z. (2022). Urbanization path, housing price and land finance: International experience and China’s facts. Land Use Policy, 113, Article 105866. https://doi.org/10.1016/j.landusepol.2021.105866
Lyons, R. (2018). Credit conditions and the housing price ratio: Evidence from Ireland’s boom and bust. Journal of Housing Economics, 42, 84–96. https://doi.org/10.1016/j.jhe.2018.05.002
Mathur, S. (2022). Non-linear and weakly monotonic relationship between school quality and housing prices. Land Use Policy, 113, Article 105922. https://doi.org/10.1016/j.landusepol.2021.105922
Mariel, P., Khan, M. A., & Meyerhoff, J. (2022). Valuing individuals’ preferences for air quality improvement: Evidence from a discrete choice experiment in South Delhi. Economic Analysis and Policy, 74, 432–447. https://doi.org/10.1016/j.eap.2022.03.006
Mohan, S., Hutson, A., MacDonald, I., & Lin, C. C. (2019). Impact of macroeconomic indicators on housing prices. International Journal of Housing Markets and Analysis, 12(6), 1055–1071. https://doi.org/10.1108/IJHMA-09-2018-0070
Nguyen, V., & Vergara-Alert, C. (2023). Political uncertainty and housing markets. Journal of Housing Economics, 61, Article 101952. https://doi.org/10.1016/j.jhe.2023.101952
Pollakowski, H. O., & Wachter, S. M. (1990). The effects of land-use constraints on housing prices. Land Economics, 66(3), 315–324. https://doi.org/10.2307/3146732
Rojas, A. (2024). Train stations’ impact on housing prices: Direct and indirect effects. Transportation Research Part A: Policy and Practice, 181, Article 103979. https://doi.org/10.1016/j.tra.2024.103979
Saydaliev, H. B., & Chin, L. (2023). The necessity of social infrastructure for enhancing educational attainment: Evidence from high remittance recipient LMICs. Economic Change and Restructuring, 56, 1823–1847. https://doi.org/10.1007/s10644-023-09491-y
Schulz, R., Watson, V., & Wersing, M. (2023). Teleworking and housing demand. Regional Science and Urban Economics, 101, Article 103915. https://doi.org/10.1016/j.regsciurbeco.2023.103915
Spence, M. (2021). Government and economics in the digital economy. Journal of Government and Economics, 3, Article 100020. https://doi.org/10.1016/j.jge.2021.100020
Sun, Q., Feng, Y., Tang, Y., Kuang, W., & Javeed, S. A. (2022). The relationship amid land finance and economic growth with the mediating role of housing prices in China. Frontiers in psychology, 13, Article 976236. https://doi.org/10.3389/fpsyg.2022.976236
Vaidynathan, D., Kayal, P., & Maiti, M. (2023). Effects of economic factors on median list and selling prices in the US housing market. Data Science and Management, 6(4), 199–207. https://doi.org/10.1016/j.dsm.2023.08.001
Vizek, M., Barbić, T., & Časni, A. Č. (2024). The impact of the tourism accommodation composition on housing prices: The case of Croatia. Tourism Economics, 30(1), 267–274. https://doi.org/10.1177/13548166231180417
Wang, J. K., Wu, K. X., & Du, Y. H. (2022). Does air pollution affect urban housing prices? Evidence from 285 Chinese prefecture-level cities. Journal of Cleaner Production, 370, Article 133480. https://doi.org/10.1016/j.jclepro.2022.133480
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