Abstract
Following the economic booming in Taiwan since 1950's, the housing prices increase in a fast pace, especially in the capital city area such as Taipei and New Taipei areas in northern region of Taiwan. However, there is an immense difference of rising degree by regions from north to south. The heterogeneity of regional spatial development forms the differences of housing environment attributes and results in different housing price distribution for local regions. The price differences also related to the motivation difference from housing consumption to housing investment. In this study, we select municipality cities inside Taiwan's main island as the empirical areas to construct the so-called the Regional Housing Price Model (RHPM). The RHPM, which is modified from the investment decision model referred to Meen(1999), will be constructed empirically to explore the spatial heterogeneity and spatial spillover effects by taking into account of regional environment attributes and macro-economic factors. We investigate how national and regional elements impact on regional housing market by using spatial panel data model. Different from the previous studies, this paper considers simultaneously on the spatial heterogeneity and dependency. We found from the empirical study that the spatial spillover effect is positively correlated in the northern region, and negatively correlated in the central region, but insignificant in the southern region of Taiwan. It also shows that the three regions were in distinct stage of development, causing the characteristic of regional housing market to present differently.
Translated title of the contribution | Examining the Regional Heterogeneity and Spatial Spillover Effect of Housing Price in Taiwan |
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Original language | Chinese (Traditional) |
Pages (from-to) | 1-21 |
Number of pages | 21 |
Journal | 規劃學報=Journal of Planning |
Volume | 39 |
Issue number | 2 |
Publication status | Published - 2021 Dec |