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Housing markets with foreign buyers

Chao,C-C and Yu,ESH 2015, Housing markets with foreign buyers, Journal of real estate finance and economics, vol. 50, no. 2, pp. 207-218, doi: 10.1007/s11146-014-9454-3.

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Title Housing markets with foreign buyers
Author(s) Chao,C-C
Yu,ESH
Journal name Journal of real estate finance and economics
Volume number 50
Issue number 2
Start page 207
End page 218
Total pages 12
Publisher Springer
Place of publication Berlin, Germany
Publication date 2015-02
ISSN 0895-5638
1573-045X
Keyword(s) Foreign buyers
Housing
Optimal policy
Summary There are cities in the world which have experienced substantial numbers of foreign buyers in the local housing markets, thereby pushing up the real estate prices to the levels beyond the affordability of local residents. To suppress foreign influences in the forming of housing bubbles, governments have resorted to short-term measures of stamp duty or raising the duty rate for non-local buyers, increasing down payments and restricting or even forbidding non-local purchases. These new measures may help contain the demand for housing, but short of being the first-best optimal housing policy for an open economy with significant non-local and foreign buyers. We argue that the first-best policy is to tax non-local and foreign buyers and then use the tax revenue generated to subsidize domestic low- and middle-income buyers. The optimal tax rate under this compensated scheme is smaller than the tax rate under the lump-sum transfer of tax revenue to all residents. © 2014 Springer Science+Business Media New York.
Language eng
DOI 10.1007/s11146-014-9454-3
Field of Research 140201 Agricultural Economics
Socio Economic Objective 910303 Trade Policy
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2015, Springer
Persistent URL http://hdl.handle.net/10536/DRO/DU:30069552

Document type: Journal Article
Collection: Deakin Graduate School of Business
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