Mats Wilhelmsson

Churches constitute an important part of cultural heritage and may generate local amenity values that are capitalised in housing prices. However, existing evidence is mixed, and little is known about how churches are valued in highly secular societies. This study examines whether proximity to churches affects housing prices in Stockholm County, Sweden, using more than 33,000 housing transactions from 2023. Churches are identified using OpenStreetMap (OSM) and data from the Swedish National Heritage Board (RAÄ). The latter distinguishes churches with recognised cultural-historical significance. Hedonic pricing models show that proximity to churches generally has weak and inconsistent effects. In contrast, proximity to historically listed churches is associated with significantly higher housing prices. The effects are concentrated within 500 m of the church and remain robust even under alternative specifications. The results suggest that the housing market primarily values churches as cultural heritage rather than as religious institutions. Even in one of the world’s most secular societies, historically significant churches appear to generate local amenity values that are capitalised into housing prices.

In this study, we examine the dynamics of housing prices across 35 Chinese cities from 2010 to 2024 using an error correction model (ECM). Using two-stage least squares (TSLS), we address endogeneity in housing stock. The results show a stable long-run relation between housing prices, income, user cost, and employment. The findings indicate that user cost exerts a significant negative pressure on housing valuations. While housing stock exhibits a positive, long-run correlation with prices due to rapid urbanization, its expansion effectively dampens price growth in the short term. We also find differences across market segments. The newly built housing market returns to equilibrium in about 33 months, while the second-hand market requires about 60 months. These results underscore the necessity of considering segment-specific adjustment speeds and fundamental drivers when formulating urban housing policies in China.

The housing market in Dar es Salaam, Tanzania, is expanding and with it a need for increased market transparency to guide investors and other stakeholders. The objective of this paper is to evaluate machine learning (ML) methods to appraise real estate in formal and informal housing markets in this nascent market sector. Various advanced ML models are applied with the aim of improving property value estimates in a market with limited access to information. The dataset used included detailed property characteristics and transaction data from both market types. Regression, decision trees, neural networks, and ensemble methods were employed to refine property appraisals across these settings. The findings indicate significant differences between formal and informal market valuations, demonstrating ML’s effectiveness in handling limited data and complex market dynamics. These results emphasise the potential of ML techniques in emerging markets where traditional valuation methods often fail due to the scarcity of transaction data.

Purpose: The primary aim of this research is to examine the effects of the Renovation, Conversion, and Extension (ROT) tax deduction for renovations on the scope and quality of renovations and its subsequent impact on house prices across various Swedish municipalities.Design/methodology/approach: This study utilises a two-way fixed effect instrument variable (IV) spatial Manski approach, analysing balanced panel data from 2004 to 2020 at the municipal level (290 municipalities) in Sweden. The methodology is designed to assess the impact of the ROT subsidy on the housing market.Findings: The study reveals that the ROT subsidy has significantly influenced house prices, with noticeable variations between municipalities. These differences are attributed to the varying amounts of tax reductions for renovations and the extent to which property owners utilise these subsidies.Research limitations/implications: The research is limited to the context of Sweden and may not be generalisable to other countries with different housing and subsidy policies. The findings are crucial for understanding the specific impacts of government subsidies on the housing market within this context.Practical implications: For policymakers and stakeholders in the housing market, this study highlights the tangible effects of renovation subsidies on property values. It provides insights into how such financial incentives can shape the housing market dynamics.Social implications: The research underscores the role of government policies in potentially influencing equitable access to housing. It suggests that subsidies like ROT can have broader social implications, including the distribution of housing benefits among different income groups and regions.Originality/value: This study contributes original insights into the field of applied real estate economics by quantitatively analysing the impact of a specific government subsidy on the housing market. It offers a unique perspective on how fiscal policies can affect property values and renovation activities at the municipal level in Sweden.

The city is constantly changing. New buildings are built, new infrastructure replaces old infrastructure, and the city grows with the addition of new areas. This study investigates the impact of new construction projects on the socioeconomic background and affordability of residents in Stockholm, Sweden. Using the difference-in-difference methodology, the authors analyse data from several construction projects in the city from 2009 to 2014. The results suggest a limited effect on the proportion of residents with higher education and young people, that is, no gentrification effect, but a positive effect on income and affordability. However, this could lead to gentrification and displacement over time. This research sheds light on the potential outcomes of urban development and highlights the need for effective policies to ensure sustainable and equitable growth in Stockholm.

This study investigates why young adults live with their parents in Sweden. As young adults’ living arrangements affect decisions about marriage, education, childbirth, and participation in the workforce, more knowledge for policymakers is crucial to implementing effective policies to support young adults and promote financial independence and well-being. Using a data set from 1998 to 2021 at the municipal level in Sweden, we used a spatial autoregressive panel data model to examine the proportion of young adults living at home and the regional disparities. The study uncovered intraregional variations that illustrate how different municipalities in Sweden exhibit different patterns of young adults living at home. Our findings reveal that economic factors such as unemployment significantly impact this pattern. Housing market dynamics, demographic factors, cultural differences, and location-specific characteristics also play an essential role in explaining this pattern. These findings suggest that the key drivers are the lack of rental housing, high unemployment rates, a high degree of urbanisation, interregional migration, and social capital (such as social cohesion and inclusion).

This study investigates why young adults live with their parents in Sweden. As young adults’ living arrangements affect decisions about marriage, education, childbirth, and participation in the workforce, more knowledge for policy makers is crucial to implementing effective policies to support young adults and promote financial independence and well-being. Using a data set from 1998 to 2021 at the municipal level in Sweden, we used a spatial autoregressive panel data model to examine the proportion of young adults living at home and regional disparities. The study uncovers intraregional variations, illustrating how different municipalities within Sweden exhibit different patterns of young adults living at home. Our findings reveal that economic factors, such as unemployment, significantly impact this pattern. The dynamics of the housing market, demographic factors, cultural differences, and location-specific characteristics also play an essential role in explaining this pattern. The findings suggest that the key drivers are the lack of rental housing, high unemployment rates, a high degree of urbanisation, interregional migration, and lack of social capital.

Purpose: This study aims to examine the impact of housing construction on single-family housing values and the implications for urban development. Design/methodology/approach: To achieve this objective, the author used the difference-in-difference methodology to examine the effect of multifamily and single-family housing construction on surrounding single-family homes in Stockholm, Sweden. The author analysed data from approximately 480 housing construction projects between 2009 and 2014 and 17,000 single-family detached house transactions between 2005 and 2018. Findings: The research found that multifamily construction projects did not affect the value of surrounding single-family homes, while single-family home construction had a negative impact. The author attributes this result to single-family housing projects typically located in areas with initially positive externalities, while multifamily housing projects are often located on the edge of areas with negative externalities before construction. Research limitations/implications: The research is limited by its focus on a specific geographic area and time frame, and future research could expand the scope to include other cities and regions and different periods. Additionally, further research could examine the impact of housing construction on other economic factors beyond housing values. Practical implications: The research has practical implications for urban planners and policymakers. They should consider the potential negative impact of new single-family home construction on existing single-family housing areas while balancing the need for new housing in urban areas. By carefully evaluating construction locations, policymakers can create more sustainable, livable and equitable urban environments that benefit all members of society. Originality/value: This research paper contributes to the field of housing economics by examining the impact of housing construction on single-family housing values in the context of urban development and climate change mitigation. Using a difference-in-difference methodology, the study provides evidence of the price effect of multifamily and single-family housing construction on surrounding single-family homes, which has important policy implications for urban planners and policymakers. By identifying the negative impact of single-family home construction on surrounding areas and highlighting the need for careful evaluation of construction locations, the research provides valuable insights for creating sustainable, livable and equitable urban environments that benefit all members of society.