Departmental Papers

Housing Market Stability and Affordability in Asia-Pacific

ByPragyan Deb, Harald Finger, Kenichiro Kashiwase, Yosuke Kido, Siddharth Kothari, Evan Papageorgiou, Henry Hoyle, Anne Oeking

December 14, 2022

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Pragyan Deb, Harald Finger, Kenichiro Kashiwase, Yosuke Kido, Siddharth Kothari, Evan Papageorgiou, Henry Hoyle, and Anne Oeking. "Housing Market Stability and Affordability in Asia-Pacific", Departmental Papers 2022, 020 (2022), accessed 12/5/2025, https://doi.org/10.5089/9798400203916.087

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Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

The paper intends to highlight challenges in Asian housing markets linked to fast price rises especially in the advanced economies since COVID, and more broadly including many EMs in the period leading up to COVID. It aims to draw policy lessons on how to manage stability aspects through macroprudential and other policies and how to support affordability through structural policies and targeted government support.

Subject: Financial institutions, Financial sector policy and analysis, Housing, Housing prices, International organization, Macroprudential policy, Macroprudential policy instruments, Mortgages, National accounts, Political economy, Prices

Keywords: Asia and Pacific, Asia Financial stability Fiscal policy Household debt Housing affordability Housing cycles Housing market Housing price at risk Macroprudential policy Monetary policy, Australia and New Zealand, Housing, housing market stability, housing markets in the Asia-Pacific region, Housing Price-at-Risk, Housing prices, housing--prices--Pacific area, Macroprudential policy, Macroprudential policy instruments, Mortgages, price misalignment

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