An Empirical Study on the Impact of Shared Accommodation Development on Commercial Housing Price
Taking Beijing as an Example
DOI:
https://doi.org/10.54691/bcpbm.v19i.843Keywords:
Shared accommodation, Commercial housing price, Vector autoregressive modelAbstract
Based on the rise of the shared accommodation market and the guideline of “Housing is for Living in, not for Speculation” proposed in the report of the 19th National Congress of the Communist Party of China, this paper uses the time series data of 2014-2021 in Beijing to establish a VAR model between the shared accommodation market and commercial housing price. Using the methods of co-integration relationship analysis, Granger causality test, impulse response function and variance decomposition, this paper empirically studies the relationship between the number of shared accommodations, the average price of housing per night and commercial housing price in Beijing. The results show that: (1) The number of shared accommodations has a positive driving effect on commercial housing price in Beijing. (2) The rent of shared accommodation has a negative pulling effect on commercial housing price in Beijing. (3) The impact of the development of shared accommodation market on commercial housing price in Beijing should be reflected in the long run. Based on the interaction between the shared accommodation market and the real estate market, corresponding policy suggestions are put forward for housing price regulation and control.
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