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An examination of house price bubble in the Real Estate Sector: the case of a small Island economy – Fiji

Khan, Mohsin and Singh, Rup and Patel, Arvind and Jain, Devendra K. (2021) An examination of house price bubble in the Real Estate Sector: the case of a small Island economy – Fiji. International Journal of Housing Markets and Analysis, TBC . TBC. ISSN 1753-8270

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    Abstract

    This paper aims to assess the equilibrium house price in the city of Suva (Fiji) and to analyse the house price bubble in the Fiji housing market. This paper adopts a time series approach to determine the presence of house price bubbles in Fiji over the period from 1988 to 2018. The findings suggest that real income, land cost, building material price, inflation rate, volatility, household size and wealth have a positive impact on house prices, whereas user cost of capital and political disturbances have a negative impact. The findings further indicate that the Fijis’ housing market does not constitute any house price bubble. This paper draws policy implications for a small developing state (Fiji) and other similar economies. The price bubble in the Fiji housing market is analysed for the first time. This paper develops a comprehensive empirical approach to assess the equilibrium-housing price in Fiji.

    Item Type: Journal Article
    Subjects: H Social Sciences > HC Economic History and Conditions
    H Social Sciences > HD Industries. Land use. Labor
    Divisions: School of Accounting, Finance and Economics (SAFE)
    Depositing User: Ms Shalni Sanjana
    Date Deposited: 25 Jan 2021 15:01
    Last Modified: 04 Mar 2021 10:15
    URI: http://repository.usp.ac.fj/id/eprint/12567
    UNSPECIFIED

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