Assessing the Impact of Economic Variables on Housing Rental Prices with Emphasis on the Role of Maskan Bank (Dynamic Spatial Durbin Model in Iranian Provinces)

Abstract

Housing is a durable and capital commodity that, on the one hand, serves as a source of income for the family during the period of disability and, on the other hand, has a high share of housing rent in the household's consumer basket. Therefore, the study of effective parameters in it is very important. Since most households in Iran do not have the financial resources to provide housing, they provide the necessary resources for housing through borrowing. One of the largest financial intermediaries in this regard is Maskan Bank, which specializes in this field. Therefore, in this study, to determine the effect of housing facilities granted on housing rental prices in 2006-2015, due to the inhomogeneity of the housing market in all provinces, economic variables such as Maskan Bank grant facilities, private sector investment, inflation rate, economic growth, unemployment rate, real interest rate and cost per square meter based on housing rental behavior in Iranian provinces were examined using the dynamic spatial Durbin econometric method.

According to the results, the direct and indirect effects of housing facilities granted on housing rental prices have become a positive and significant overall effect in each province, which is greater than the two direct and indirect effects. Therefore, by increasing the housing facilities of Maskan Bank, both inside each province and in the neighboring provinces, it will increase housing rental prices and the real interest rate on housing rental prices has a decreasing effect, the direct effect of which is much more than indirect.