ABSTRACT
In 2020, governments worldwide enforced lockdowns to contain the spread of COVID-19, severely impeding aspects of daily life such as work, school, and tourism. Consequently, numerous economic activities were affected. Before the COVID-19 outbreak, city-center housing markets in areas surrounding popular tourist attractions performed better than did suburban housing markets because of the output of the tourism industry. This study examines the changes in the performance of city-center and suburban housing markets in regions with popular tourist attractions after the lockdown. Specifically, the dynamics of city-center and suburban housing markets in Hangzhou, where West Lake is located, and the changes in the information transfer between these housing markets after the lockdown are explored. Transaction data from January 1, 2019 to September 30, 2020 are used to perform analysis, in which adjusted housing prices and asking prices are employed to measure market performance and sellers' pricing strategies, and transaction volume and time on the market are used to measure market liquidity and transaction frequency. The results reveal that the effects of lockdowns differ between city-center and suburban housing markets. After the lockdown, a substantial structural change is observed in the suburban housing market; the volatility risk of housing prices decreases substantially, causing an increase in transaction premiums. Housing prices and transaction volume increase in the city-center housing market after the lockdown; this is possibly because of the influence from the overall housing market booms. In addition, because sellers raise their asking prices and the transaction time is extended, the sellers in the city-center housing market are particularly influenced by the disposition effect. This leads to a reversal in the lead-lag relationship between the city center and suburban housing markets in terms of informativeness. Specifically, before the lockdown, the city-center market transfers information to the suburban market, but after the lockdown, the suburban market transfers information to the city-center market. The COVID-19 pandemic has changed the world in many aspects; this paper finds that it will also change the development pattern of the real estate market in different locations.
ABSTRACT
This paper explores changes in social behavior since the start of the COVID-19 pandemic, which are characterized by reduction in relocation, mobility, and community engagement, and how the correlations between regional housing markets are affected by these changes. Because changes in mobility and engagement are the most apparent in large cities, the present study calculates the independence indicator of regional housing markets in the 50 largest metropolitan statistical areas (MSAs) in the United States and determines their relationship with Mobility and Engagement Index values. The empirical results show that as mobility and community engagement decline in a certain area, housing market fluctuations become more independent, indicating correlations between regional housing markets in the US might decrease after the COVID-19 outbreak. This paper also finds that there are more MSAs having significantly decreased in volatility since the outbreak of the pandemic. This paper provides evidence indicating that housing markets may be impacted differently by the COVID-19 pandemic than other asset markets, particularly stock markets. Changes in mobility and engagement can be used as an indicator to assess whether the correlation between regional housing markets would decline, which means that, compared with financial instruments, more factors from real aspects need to be considered when determining the changes in real estate affected by the epidemic.
ABSTRACT
In recent years, many surveillance cameras have been installed in the Greater Taipei Area, Taiwan; traffic data obtained from these surveillance cameras could be useful for the development of roadway-based emissions inventories. In this study, web-based traffic information covering the Greater Taipei Area was obtained using a vision-based traffic analysis system. Web-based traffic data were normalized and applied to the Community Multiscale Air Quality (CMAQ) model to study the impact of vehicle emissions on air quality in the Greater Taipei Area. According to an analysis of the obtained traffic data, sedans were the most common vehicles in the Greater Taipei Area, followed by motorcycles. Moderate traffic conditions with an average speed of 30-50 km/h were most prominent during weekdays, whereas traffic flow with an average speed of 50-70 km/h was most common during weekends. The proportion of traffic flows in free-flow conditions (>70 km/h) was higher on weekends than on weekdays. Two peaks of traffic flow were observed during the morning and afternoon peak hours on weekdays. On the weekends, this morning peak was not observed, and the variation in vehicle numbers was lower than on weekdays. The simulation results suggested that the addition of real-time traffic data improved the CMAQ model's performance, especially for the carbon monoxide (CO) and fine particulate matter (PM2.5) concentrations. According to sensitivity tests for total and vehicle emissions in the Greater Taipei Area, vehicle emissions contributed to >90% of CO, 80% of nitrogen oxides (NOx), and approximately 50% of PM2.5 in the downtown areas of Taipei. The vehicle emissions contribution was affected by both vehicle emissions and meteorological conditions. The connection between the surveillance camera data, vehicle emissions, and regional air quality models in this study can also be used to explore the impact of special events (e.g., long weekends and COVID-19 lockdowns) on air quality.