The Effect Of Openness On Regional Real Estate Price

The Guangdong-Hong Kong-Macao Greater Bay Area covers nine inland cities in the Pearl River Delta region and Hong Kong and Macao,the two special administrative regions of China,commonly known as “9+2”.Pearl River Delta urban agglomeration,the inland hinterland of the Guangdong-Hong Kong-Macao Greater Bay Area,has achieved rapid economic development due to its policy advantages of China's reform and open pilot zone and its geographic advantages such as proximity to Hong Kong and Macao and many natural harbors.In recent years,with the deepening of reforms and the deepening of opening to the outside world,the real estate market in the region has been unprecedentedly prosperous and house prices have continued to rise,Hong Kong and Macao have been important open cities before returning to the motherland,and house prices have remained high.The Guangdong-Hong Kong-Macao Greater Bay Area stands the situation of high openness and high prices coexisting.This article focuses on real estate market prices,and examines the impact of openness on real estate prices in the region from the perspective of openness to the outside world.First,the article carefully combed relevant research results on the degree of openness to the outside world and the real estate market,and evaluated and analyzed them.Second,it reviewed the current status and characteristics of the opening to the outside world of the Guangdong-Hong Kong-Macao Greater Bay Area and then analyzed the status of it.Thirdly,on the basis of in-depth study on the connotation of the theory of opening to the outside world,the characteristics of real estate development,and the influencing factors of real estate prices,the theoretical path of the impact of openness on regional real estate prices was found.The article analyzed the effect of openness on real estate prices in the region by constructing a panel regression model and using empirical methodsThe results show that the degree of openness in the Guangdong-Hong Kong-Macao Greater Bay Area has a significant positive effect on real estate prices in cities.In the spatial autocorrelation(SAR)model,a 1% increase in external opennesscan drive real estate prices up by 0.235%;in the spatial error model(SEM)model,a1% increase in the degree of openness to the outside world can drive up real estate prices by 0.278%.The degree of opening to the outside world can have a certain effect on real estate prices,which confirms that the Balassa-Samuelson theory is established in the real estate market in the Guangdong-Hong Kong-Macao Greater Bay Area.As real estate prices have a spillover effect in space,a 1% change in real estate prices in one city will cause real estate prices in neighboring cities to increase by 0.287%.