Hong Kong, China's housing market witnessed dramatic appreciations recently, with the price index for private domestic housing units being 3 times higher than 10 years ago. This trend is supported by both internal and external factors, as illustrated in this paper. By providing a theoretical...

Housing market is highly heterogeneous and is most accurately represented as a collection of distinct yet related submarkets. In this paper, a flexible semiparametric model is developed to model housing submarkets. The k Nearest Neighbor estimates of hedonic price coefficients, varying both...

Noise trading has been intensively studied in finance, but rarely in real estate. Theories of price dispersion have also been well established in retailing research, but less so in real estate. This paper is the first attempt to study the effect of noise trading on price dispersion in the real...