Impact of housing policies on the real estate market - Systematic literature review

Real estate majorly contributes to the national gross domestic product (GDP) growth, occupying an important position in the national economy. It is the largest fixed asset for households. The real estate market is associated with a wide range of economic aspects with more upstream and downstream enterprises. Simultaneously, the factors affecting the real estate market are complex and variable. Fluctuations in the real estate market affect the entire economic system. This requires the government to formulate relevant housing policies to stabilize the operation of the real estate market. Therefore, it is meaningful to study the impact of housing policies on the real estate market and provide reasonable opinions for the housing sector in formulating policies. This study adopts a systematic quantitative literature review to examine the impact of housing policies on the real estate market. This study finds that housing policies affecting the real estate market can be divided into the following three categories: monetary, tax, and macro-prudential policies. Changes in supply and demand in the real estate market primarily reflect the effectiveness of policies, with housing price factors as the transmission mechanism. Furthermore, the influence of housing policies from different countries and regions on real estate market factors is compared to provide a reference for scholars to pursue further study.