SCIENTIA GEOGRAPHICA SINICA ›› 2018, Vol. 38 ›› Issue (12): 2084-2092.doi: 10.13249/j.cnki.sgs.2018.12.017

• Orginal Article • Previous Articles     Next Articles

Spatial-temporal Pattern and Differentiation Mechanism of Price-to-rent Ratio of Nanjing

Weixuan Song1(), Peiyang Chen2(), Hao Chen3, Shanggang Yin4   

  1. 1. Key Laboratory of Watershed Geographic Sciences, Nanjing Institute of Geography and Limnology, Chinese Academy of Sciences, Nanjing 210008, Jiangsu, China
    2. School of Architecture, Soochow University, Suzhou 215123, Jiangsu, China
    3.School of Architecture and Urban Planning, Nanjing University, Nanjing, 210093, Jiangsu, China
    4. School of Geographical Sciences, Nanjing Normal University, Nanjing 210023, Jiangsu, China
  • Received:2017-11-05 Revised:2018-01-05 Online:2018-12-20 Published:2018-12-20
  • Supported by:
    National Natural Science Foundation of China(41771184,41501168,51608251).

Abstract:

Housing price in Chinese big cities has been a focus issue in the society, which is not only high, but also ever-rising. While, the ‘Price-to-rent Ratio’ is one of the key indicators for scholars to measure housing price whether in healthy level or risk of a bubble. The study obtains the information of average sales and rent price of residential communities during 30 quarters from 2009 to 2017 in Nanjing, on the basis of “big data” about housing transaction provided by China Housing Price Market Platform. With the method of GIS spatial analysis and differentiation index, it investigates the spatial pattern and transformation process of price-to-rent ratio, as well as city housing price risk and spatial-temporal evolution characteristics of central urban area in Nanjing. The study finds that: 1) the overall price-to-rent ratio changes obviously with the fluctuation of housing price, which presents a rapid growth during 2016-2017; 2) the degree of differentiation falls first and rises later, and the differentiation in urban area is the main reason, whereas the differentiation between the inner and outer urban areas becomes increasingly blurred; 3) residential communities with a high price-to-rent ratio are primarily in the new urban areas, including Hexi and Jiangbei, where are the investment hot spots with rapid growth of housing price. The housing price risk is rising sharply in Nanjing and there is a trend of spatial generalization, which is judged from the phenomenon of extraordinary rise in price-to-rent ratio of urban houses, intensification of spatial dispersion, and housing price and rent being reversed for the first time. Based the land rent theory, it interprets the phenomenon of the price-to-rent ratio rising and spatial heterogeneity intensifying. It is the capacity of comprehensive allocation of resource elements in cities (absolute rent) that decides the overall housing price and rent level of the city; the urban spatial structure and factor input difference (differential rent) decides the spatial distribution pattern of housing price and price-to-rent ratio; while, the scarcity of high quality space and public services (monopoly rent) is likely to lead to the multi-scale space of the price-to-rent ratio. Finally, it analyzes the possibility of judging the degree of urban house price risk by using price-to-rent ratio. It suggest that the rapid rise in housing prices in Nanjing is worth vigilant; and especially in 2016-2017, both the price-to-rent ratio and the degree of space dispersion climbed to the highest value of history, due to the house prices having risen sharply and rents fall at the same time, which shows that the overall housing price risk is increasing.

Key words: price-to-rent ratio, housing price, spatial differentiation, land rent theory, Nanjing

CLC Number: 

  • K902