Purpose

The study aims to analyze the effects of the Covid-19 pandemic on house prices.

Design/methodology/approach

The authors start by discussing the possibility that house price indexes may not fully incorporate the effects of the pandemic as of yet. Against the background of the pandemic, the authors then analyze economic and behavioral effects affecting house prices. The authors also discuss how the linkages between tourism and house prices have been affected. The authors further present evidence of an emerging shift in preferences from urban locations to more peripheral ones.

Findings

The authors report variance in the evolution of house prices across countries at the onset of the pandemic, with locations depending heavily on tourism showing slower price appreciation while appreciation has firmed in other places. The authors argue that the resilience of house prices is not only because of the low-interest rate environment and government efforts to support firms and households, but also behavioral factors. In some locations, the price of condominiums has declined relative to the price of detached houses. This could indicate that wealthier households are seeking more space and larger units as a result of the crisis. There is also evidence of a downward pressure on rents, leading to increased price–rent ratios in the USA.

Originality/value

By considering both economic and behavioral factors, this paper provides for a better understanding of the resilience and realignment of house prices at the onset of the Covid-19 pandemic.

中文翻译：

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Covid-19 时代房价的弹性和调整*

目的

该研究旨在分析 Covid-19 大流行对房价的影响。

设计/方法/方法

作者首先讨论了房价指数可能尚未完全纳入大流行影响的可能性。在大流行的背景下，作者随后分析了影响房价的经济和行为影响。作者还讨论了旅游业与房价之间的联系是如何受到影响的。作者进一步提供了证据，表明偏好正在从城市地点转向更外围的地点。

发现

作者报告了大流行开始时各国房价演变的差异，严重依赖旅游业的地区显示价格升值较慢，而其他地方的升值幅度则稳定。作者认为，房价的弹性不仅是因为低利率环境和政府支持企业和家庭的努力，还包括行为因素。在一些地方，公寓的价格相对于独立屋的价格有所下降。这可能表明，由于危机，较富裕的家庭正在寻求更大的空间和更大的单位。也有证据表明租金面临下行压力，导致美国的房价租金比上升。

原创性/价值

通过同时考虑经济和行为因素，本文有助于更好地了解 Covid-19 大流行开始时房价的弹性和调整。