Urban Housing Prices and Regional Integration: A Spatial Analysis in the City of Kaifeng, China
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Urban Housing Prices and Regional Integration: A Spatial Analysis in the City of Kaifeng, China Yuanyuan Cai 1,2 & Yingming Zhu 1 & Feng Yuan 3 & Jinlong Gao 3 & Marco Helbich 2 Received: 13 March 2020 / Accepted: 13 September 2020/ # Springer Nature B.V. 2020
Abstract Regional integration is increasingly used as a policy strategy to accelerate urban development and regional cooperation. This research assesses the effects of regional integration on housing prices to evaluate policy effectiveness for small and medium-sized cities on the peripheries of core cities. Taking as a case study the Chinese city of Kaifeng—a contiguous city in the Zhengzhou megaregion—we utilized hedonic house price modelling and spatial econometrics to investigate the effect of Kaifeng’s integration with the core city on the dynamics and determinants of housing prices between 2001 and 2016. The results show that housing prices in Kaifeng increased significantly after the city’s integration with Zhengzhou in 2005. Further, the results confirm that the regional integration had a significantly positive effect on housing prices, especially in border areas. Moreover, the new time-saving crossborder light rail system had more influence on the prices of nearby housing than the new expressway, and new urban districts with high-quality amenities led to a sharp rise in housing prices in Kaifeng. Our findings offer policymakers some guidance concerning regional cooperation and urban development. Keywords Regional integration . Urban housing prices . Urban development . Kaifeng,
China
* Feng Yuan [email protected] Yuanyuan Cai [email protected]; [email protected] Yingming Zhu [email protected] Jinlong Gao [email protected] Marco Helbich [email protected] Extended author information available on the last page of the article
Y. Cai et al.
Introduction Government policies and planning have a substantial impact on the housing market (Hui and Wang 2014; Zhou 2018; Qin and Han 2013). Numerous studies have examined how housing prices are affected by government interventions, including mortgage policies (Gimeno and Martínez-Carrascal 2010; Iacoviello 2005), sale price restrictions, purchase restrictions (Li et al. 2017; Li and Xu 2016), land-use regulations, and land supply policies (Ihlanfeldt 2007). While these studies have broadened our knowledge of the effects of policies on both long- and short-term housing market dynamics at the inter-urban scale (Li and Xu 2016; Li et al. 2017; Roh and Wu 2016), research exploring the influence of government policies at the inner-city level is limited. Urban development policies are increasingly debated in housing literature, as they are thought to influence the locational and neighborhood characteristics of properties, and thus also property prices (Boarnet and Chalermpong 2001). This is supported by studies on housing renewal (Liu 2010), urban amenities (Yuan et al. 2018), urban street configuration (Xiao et al. 2014), polycentric urban restructuring (Qin and Han 2013), urban regeneration (Faye and Fur 2012)
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