This paper develops quasi-maximum likelihood estimation for genuinely unbalanced dynamic network panel data models. We first study a baseline one-way fixed effect specification and then extend the framework to two-way fixed effects. The model accommodates contemporaneous and lagged network spillovers, temporal dependence, and a listing effect that operates when a unit first appears in the panel. For the baseline specification, we establish consistency and asymptotic normality of the QMLE, characterize the incidental-parameter bias, and propose a bias-corrected estimator. We further provide a consistent estimator of the asymptotic covariance matrix, to enable feasible inference. Under the two-way fixed effect extension, we derive the corresponding asymptotic distribution, bias correction, and covariance matrix estimator, accounting for the additional bias component induced by the time fixed effects. Monte Carlo simulations examine the finite sample performance of the proposed estimators and inference procedure. An empirical application to Airbnb listings from New Zealand and New York City reveals region-specific patterns in spatial and temporal price transmission, highlighting the importance of modeling genuine unbalancedness in dynamic network settings.

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