Lead-Lag Relationship between the Price-to-Rent Ratio and the Macroeconomy: An Empirical Study of the Residential Market of Hong Kong
The price-to-rent (PtR) ratio is one of the most commonly used indicators to assess housing market conditions by policy makers and real estate practitioners.It is often employed as an economic barometer to detect whether a housing bubble exists and determine whether the property market has become unaffordable relative to historical trends.Despite a