An Empirical Study on the Impact of Infrastructure Investment on Housing Prices: Comparison of Shanghai and Chongqing

摘要

On the basis of econometric model of influence factors of housing prices, the impact of infrastructure investment and other factors on housing prices was analyzed by time-series data of Shanghai and Chongqing. The results show: firstly in 2 cities contribution rates of population and income to housing prices are highest; secondly that of infrastructure investment is also high and that in Shanghai is obviously higher than that in Chongqing; thirdly that of inflation index in Chongqing is higher than that in Shanghai. This shows that infrastructure investment has been significantly capitalized in housing prices, and the greater investment intensity in infrastructure is the greater impact on housing prices is. At last some suggestions are made for local governments to determine reasonable standard of real estate taxes and fees according to actual contribution of infrastructure and infrastructure investment is in good cycle; in particular Chongqing government should increase investment intensity in infrastructure and further enhance urban environmental quality.