This severe epidemic, COVID-19, has ravaged the world since the beginning of 2020. The real estate market has been shaken by the change in population structure: inter-regional migration. The Covid-19 pandemic has also changed people's residential choices. Epidemic prevention has become necessary, and social distance has gradually become the "New Normal" in this post-epidemic era. It has been found that people in several countries choose to leave crowded urban areas and reside in suburban areas. This inter-regional migration is also observed in the Tokyo prefecture. People who work and live in the densely populated eastern regions of Tokyo prefecture have also begun to migrate to the western suburbs. This east-to-west regional migration, to some extent, drives up the house prices in suburban areas of Tokyo, Japan. As a result, this study utilized web-parsing techniques to gather online housing prices at various time points, calculating price volatility for each property. Spatial models were then applied to analyse whether inter-regional migration impacts price differences between Tokyo Prefecture’s eastern city region and western suburbs. This paper revealed that inter-migration helped reduce the urban-suburban housing price gap. The empirical findings offer insights into how population shifts due to the epidemic affect the real estate market and provide a reference for future studies.

Authors:
Ti-Ching Peng, National Taipei University, Taiwan
Kai-Bin Chen, National Taipei University, Taiwan

About the Presenter(s)
Dr. Ti-Ching Peng is a professor of the Department of Real Estate and Built Environment, National Taipei University, Taiwan. Prof. Peng does research in Real Estate Economics, associated with spatial analysis and machine learning approaches.

Connect on ResearchGate
https://www.researchgate.net/profile/Ti-Ching-Peng

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