The Heterogeneous Effect and Transmission Paths of Air Pollution on Housing Prices: Evidence from 30 Large- and Medium-Sized Cities in China

Abstract

Abstract Utilizing panel data from 30 large- and medium-sized cities in China from 2003 to 2018, this study employs the bootstrap method to investigate the heterogeneous impact of air pollution on housing prices and its underlying mechanisms. The research findings indicate that an increase in the concentration of various air pollutants has a restraining effect on housing prices, with the primary components of haze exerting a greater influence. Air pollution indirectly affects housing prices by influencing urban economic development and the development of the tertiary industry, with population density and the development of the secondary industry not serving as mediators in this relationship. Finally, policy recommendations are provided, including enhancing mandatory standards for energy consumption and waste gas emissions by enterprises, establishing a robust environmental monitoring system, and promoting industrial transformation and upgrading, aiming to provide insights for the stable development of the real estate industry.