人口老化是否影響房價？亞洲八國分析

Does Population Aging Affect Real Housing Prices? Evidence from Eight Asian Economies

We examine the effect of an aging population on housing prices in eight Asian economies. Given that most Asian economies are younger than advanced economies, we expected their demography to have a comparatively small negative effect on real housing prices. Our findings, however, show that the negative effect is large. On average, total population and population aging will cause real housing price returns to decrease by approximately 134 basis points per annum until 2035, compared to 80 basis points in advanced economies until 2050, as estimated by Takats （2012）. The results further show that in regions with greater economic freedom, such as Hong Kong, Singapore, Taiwan, and South Korea, the downward influence will be less than that in regions with less economic freedom.