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Sustainability 2019, 11(2), 544; https://doi.org/10.3390/su11020544

Spatial Spillover of House Prices: An Empirical Study of the Yangtze Delta Urban Agglomeration in China

1
Department of Civil Engineering, Center of Real Estate Study, Zhejiang University, Hangzhou 310058, China
2
Department of city and regional planning, University of North Carolina at Chapel Hill, Chapel Hill, NC 27599, USA
*
Author to whom correspondence should be addressed.
Received: 6 December 2018 / Revised: 30 December 2018 / Accepted: 16 January 2019 / Published: 21 January 2019
(This article belongs to the Collection Sustainable Smart Cities and Villages)
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Abstract

This study investigates the spatial dependence of house prices in the Yangtze Delta Urban Agglomeration since the year 2000. According to Moran’s I index and the LISA scatter plot derived from a cross-section data set, the spatial dependence of house prices can be traced across the 25 cities in the agglomeration and became more evident after 2005. This study develops a spatial panel model with geographical distance and economic distance weight matrices. Spatial effects significantly influenced house prices in both cases but the intensity of the former was weaker than for the latter. Income, proportion of the tertiary industry, and amenity exhibited significant indirect effects on house prices in other cities in the inner region of the agglomeration, while competition of population between cities with economic proximity exerted negative indirect effects. Furthermore, urban industrial structure, innovation capability, and urbanization degree revealed differences in terms of spatial dependence among various city groups. View Full-Text
Keywords: Yangtze Delta Urban Agglomeration in China; house price; spatial dependence; spatial panel model Yangtze Delta Urban Agglomeration in China; house price; spatial dependence; spatial panel model
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Zhang, L.; Wang, H.; Song, Y.; Wen, H. Spatial Spillover of House Prices: An Empirical Study of the Yangtze Delta Urban Agglomeration in China. Sustainability 2019, 11, 544.

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