What Influenced Hanoi’s Apartment Price Bubble between 2010 and 2021?
Round 1
Reviewer 1 Report
* The main novelty of this paper is the Hanoi focus, so it's important that the reader gets a background section about the Vietnamese/Hanoi market. Please clarify how the studied asset market is delimited (only housing?) and describe what characterizes the market, e.g. share of tenure in the market, owner-occupancy vs investor-landlord, any relevant regulations (e.g. LTV ratio, international investments), possible connections with other parts of Vietnam or internationally, etc. The description of apartment segments from "Theoretical framework" could be explained here as well. (Consider changing "theoretical framework" to "theoretical model")
* The literature review on bubble existence should be motivated, what criteria was used to select relevant articles? How do they connect with this study (I do see the Vietnam section, but the ones above).
* At the bottom of page 4, it´s unclear whether "the authors" refer to C&S or themselves. Overall, language needs to be improved for comprehension.
* Model specification: the "new" variables, please motivate the addition. Also, based on previous studies, interest rate should be relevant to include? Please clarify why not. And/or test alternative model specification.
* The results should read out variables in the text, e.g. write price not PR in a sentence
* Any implications from results? Policy recommendations?
Author Response
Please see the attached file
Author Response File: 
Author Response.docx
Reviewer 2 Report
What Influence Hanoi Apartment Price Bubble from 2010 to 2021?
Comments and Suggestions for Editor and Authors
The study of the variables that influence the price of apartments and the creation of speculative bubbles in the real estate market is a very relevant topic, in terms of research and contribution to knowledge. It is very important for the academic community to develop research on a current topic, such as this case. The work is well structured. The abstract, introduction, and literature review are written in a careful and balanced manner. The objective of the paper could (should) be mentioned in the introduction and at the beginning of the conclusion, thus giving “a line of continuity to the text”. This would make the newspaper easier to read. The methodology and the discussion of the results are presented in a clear and objective way. The conclusion is presented objectively and moderately, without being long and tedious. When they say that "The remaining variables are not statistically significant", they should wrote the name of these variables. The bibliography is extensive but not current; in the bibliography in English, they only present a paper from the last five years. This aspect should be improved. The formatting of bibliographic references needs to be improved.
Other issues related to the work presented:
1. What is the main question addressed by the research? Is it relevant and interesting?
The issue of speculative bubbles in the real estate market is very important to be studied, as the real estate market has a strong impact on the financial market (among others). It is an important and relevant topic for the globalized society in which we live. This is a relevant, pertinent and interesting question as a current research topic.
2. How original is the topic? What does it add to the subject area compared with other published material?
The topic is original and relevant to Vietnam in this research area. This is an important work in this area of research, as it also allows comparison with other countries.
3. Is the paper well written? Is the text clear and easy to read?
Yes, the text is well written, clearly, objectively, and precisely. In this item, the paper is fine.
4. Are the conclusions consistent with the evidence and arguments presented? Do they address the main question posed?
The conclusions and discussions are well written and well presented, they are the result of the results of the analyzes carried out, they are written clearly and in line with the text that precedes them. These are well-crafted, well-written conclusions. The conclusion is balanced and parsimonious. When they say that "The remaining variables are not statistically significant", they should wrote the name of these variables.
5. Is there any current bibliography that can be suggested, with the aim of improving the paper?
The bibliography is extensive but not current; in the bibliography in English, they only present a paper from the last five years. Therefore, the bibliography needs to be improved. The formatting of bibliographic references needs to be improved.
Author Response
Please see the attached file
Author Response File: Author Response.docx
Round 2
Reviewer 1 Report
Good job with improving the text, I'm happy with the revisions.
