Research data for: An asset-based approach to housing prices

An asset-based perspective for the housing market is provided. The theoretical foundations in finance theory are used to analyse the relation between real housing prices and returns. The observed excess gross housing returns over risk-free rates are interpreted in terms of the notion of incomplete market. The efficiency of the housing market is further assessed with econometric analysis. A sign identified structural vector autoregression model shows, that real housing prices are relatively persistent and the logarithmic rent/price ratio forecasts both forthcoming rent growth and real housing returns.

本数据集从资产视角对房地产市场进行了阐释。运用金融理论的理论基石，本数据集分析了实际房价与回报之间的关系。观察到的超过无风险利率的住房毛回报超额部分，在市场不完全性的概念下得到解读。通过计量经济学分析，进一步评估了住房市场的效率。一个确定的具有结构性的向量自回归模型揭示，实际房价具有相对的持续性，而租金与房价的对数比率预测了未来租金增长及实际住房回报。