Research On The Growth Of Urban Land Market And Its Influence On Real Estate Market

Land market is the important component of market economy system. The growth of urban land market has a big impact on many aspects of economy and society, such as resource allocation, industry structure, and so on. It has close relationship between land and house, so the growth of land market has significant influence on housing market especially. Now the rising speed of housing price exceeds the resident's acceptable range, and land policy becomes one important measure of macro-economy control. It is necessary to study laws of land market development and the active mechanism of the urban land market on the real estate market.In the process of researching, this paper employs the method of theory, goal analysis and empirical analysis. On basis of studying the connotation of urban land market development, this paper puts forward the concept of land market maturation, and sets up an index system to measure urban land market maturation. The factors of land market influencing housing market and the mechanism how the factors boost the housing market are highlighted.Firstly, it gives an introduction of this research's objective, meaning and content, the study methods and technical line, and it also defines the concept and connotation of urban land market, real estate market and the relative concept respectively. By employing case studies from overseas and China, land market supply and demand mechanism, price formation mechanism, competitive mechanism, and market environment are outlined. The index system of urban land market maturation contains five factors and 16 determiners. This system evaluates the present maturation of urban land market on several respects such as market operation, equilibrium of supply and demand, sensitiveness of market price, competition of market, belong mechanism. The maturation of urban land market is divided into four stages.Secondly, the mechanisms which total quantity of land supply, space and use structure of land supply, land policy of land market factors influence on real estate market are studied in theory. By using economics theory, interrelationship between land price and housing price is analyzed. It shows that the interaction between land market development degree and the real estate market aspects such as balance of house's supply and demand, house price's change.Empirical research is the emphasis of this paper. Based on the theoretical investigation about urban land market growth and real estate market, this paper takes Nanjing as example. The results show that: (1) The value of maturation of urban land market of Nanjing is 63.77. Various subobject values respectively are 73.39,67.41,40.96, 54.66, and 77.53. It indicates that the urban land market of Nanjing is in the developing stage. (2) Land supply is correlated positively with housing increment. Fluctuation range of land supply is lager than housing increment's change which is lag to land supply about 1 year. The restriction policy of land supply has advanced house price to a certain extent. (3) Land price and house price interact on each other. In the short term (quarter 1-4) land price affects house price significantly. House price affects land price for a long term. The interaction becomes lower with the increasing of plot ratio.Finally, by using the results from the previous studies, the strategy for integrated development of urban land market with real estate market is proposed which is applicable in present situation.