@article{20.500.12766/823,
year = {2025},
url = {https://hdl.handle.net/20.500.12766/823},
abstract = {Real  estate  markets  demand  a  nuanced  comprehension  of  the  evolving interplay between housing prices and rental rates. Traditional economic theory posits  that  rents  drive  property  prices;  however,  contemporary  evidence indicates a reversal, suggesting that fluctuations in housing prices can, in fact, influence  rent  levels.  This  study  introduces  a  decision-support  analytics framework to address this phenomenon, combining fractional integration (ARFIMA),  fractional  cointegration  (FCVAR),  and  time–frequency  domain causality analysis. Examination of the Spanish housing market yields three key insights. First, housing prices display persistent responses to shocks, causing rental rates to revert to equilibrium only over intermediate periods. Second, causality analyses reveal that property values significantly influence rental dynamics, confirming a directional effect. Third, long-term cointegration is evident, implying that rental adjustments facilitate the realignment of the housing–rental system towards equilibrium. The proposed framework equips real estate investors, policymakers, and urban planners with enhanced tools for decision-making,  supporting  refined  risk  assessment,  optimal  investment timing,  and  evidence-based  housing  affordability  strategies.  Overall,  the findings advance management and economic policy-making by demonstrating how sophisticated time-series methodologies can inform sustainable housing market interventions.},
title = {Hybrid Statistical–Fuzzy Decision Framework for Housing and Rental Price Dynamics: Evidence from Spain},
doi = {10.31181/dmame8220251560},
journal = {Decision Making: Applications in Management and Engineering},
keywords = {Decision-Support},
keywords = {Framework},
keywords = {Housing  Market  Analytics},
keywords = {Spain},
keywords = {Rental   Prices},
keywords = {Fractional Integration},
keywords = {Cointegration},
keywords = {Causality},
keywords = {Real  Estate  Decision-Making},
volume = {8},
author = {Monge, Manuel and Hurtado, Rafael and Infante, Juan},
}