Price Discovery between Private and Public Housing Markets

Price Discovery between Private and Public Housing Markets
Seow-Eng Ong and Tien-Foo Sing
[Paper Žrst received, September 2000; in Ž nal form, April 2001]
Summary. Public and private housing markets are usualy differentiated in terms of price, regulations and policies, but they are not necessarily segmented. Any integration, as opposed to segmentation, between private and public markets implies that the prices of private housing are interrelated with the prices of public housing determined in the open market. If so, information revealed in one market wil be pertinent for making inferences on prices in the other market. This paper addresses the price discovery or relation between public and private housing in view of Singapore’s substantial public housing programme that has an actively traded secondary market. Implications for the direction of price causality and upward mobility for households between housing price strata are examined.

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