[PDF] House Price Developments In Europe eBook

Author : Angana Banerji
Publisher : International Monetary Fund
Page : 66 pages
File Size : 32,23 MB
Release : 2008-09-01
Category : Business & Economics
ISBN : 1451870698

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House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.

Author :
Publisher :
Page : 64 pages
File Size : 14,40 MB
Release : 2008
Category : Home ownership
ISBN :

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House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.

Author : Mr. Serhan Cevik
Publisher : International Monetary Fund
Page : 23 pages
File Size : 27,13 MB
Release : 2022-12-02
Category : Business & Economics
ISBN :

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This paper investigates how housing prices respond to economic, financial and demographic conditions in emerging markets in Europe. We use quarterly data covering 10 countries over the period 1998–2022 and implement a panel quantile regression approach to obtain a granular analysis of real estate markets. Overall, economic, financial and demographic factors explain the changes in real house prices in emerging Europe, with income growth having the most significant impact. Quantile regression estimations show that income growth matters more for higher housing prices than those at the lower quantiles of the property market. We also find that an increase in short-term or long-term interest rates have a price-dampening impact, indicating that a higher cost of borrowing is associated with lower real house prices. These results indicate that the downturn in house prices could deepen with the looming economic recession and soaring interest rates.

Author : Andrew Golland
Publisher : Routledge
Page : 215 pages
File Size : 48,1 MB
Release : 2019-01-04
Category : Social Science
ISBN : 0429795289

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First published in 1998, this volume is a comparison of three European states: the United Kingdom, the Netherlands and Germany. The book investigates the effect of different policy stances on the volume and tenure of new housing production. Examining a number of contemporary theories, the methodology considers the role of markets, political systems and cultural factors in explaining why housing production outcomes differ. Comparative housing studies can be criticized for a number of reasons. Sometimes the theoretical framework lacks raison d’être; other times the approach comprises a purely descriptive ‘country-by-country’ overview. This study differs in the emphasis given to methodological problems ad in the approach to comparing systems, which is on an issue-by-issue basis. The conclusions show that systems of supply in which governments intervene significantly, often regulate production more successfully than those in which production is mainly market driven. The findings will be of interest to practitioners, researchers and post-graduate students of European housing.

Author : P. Arestis
Publisher : Springer
Page : 283 pages
File Size : 38,63 MB
Release : 2009-11-18
Category : Business & Economics
ISBN : 0230246982

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Housing finance structures and Institutional and regulatory/fiscal aspects in housing have changed significantly in recent years. This book examines the development in housing markets in Europe and the US, and looks at ways to make housing more affordable and housing market developments more stable.

Author : Duy Huynh-Olesen
Publisher :
Page : 25 pages
File Size : 26,91 MB
Release : 2013
Category :
ISBN :

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The large movements in residential property prices in emerging markets observed over the past decade have raised interest in housing market developments. Within a cointegration framework applied to an unbalanced panel, we assess the relationship between residential property price developments, economic fundamentals and transition-specific factors in Central, Eastern and Southeastern European (CESEE) EU countries from 1999 to 2011. Our results show that demand-side fundamentals (disposable income, population, interest rates) and transition-specific factors related to housing demand (such as funding through remittances and credit growth) as well as construction costs on the supply side have been particularly important in residential property price movements. Nevertheless, these factors cannot fully explain residential property price movements, i.e. we find evidence that house prices moved above the level indicated by those factors in the years preceding the crisis. The sharp correction of residential property prices that took place following the outbreak of the financial crisis reversed these overshoots and brought house prices back to - and in some countries even below - the level indicated by the explanatory factors. This suggests that residential property prices are likely to rebound somewhat when economic conditions improve.

Author : Richard Turkington
Publisher : Delft University Press
Page : 310 pages
File Size : 39,88 MB
Release : 2004
Category : Political Science
ISBN :

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Whilst every country has its own house-building traditions, there is only one truly European housing type. In the generation after the Second World War, countries throughout Europe built high-rise housing in the public sector as the modern' response to acute housing shortage.North and south, east and west, similar dreams were shared in different political cultures, high-rise was as an expression of the new Europe. A generation later, products which shared similar starting points have reached very different positions. This book attempts to tell the story of high-rise housing in 15 European countries, from first thoughts to current realities and finally to future prospects.

Author : Olivier de Bandt
Publisher : Springer Science & Business Media
Page : 416 pages
File Size : 43,67 MB
Release : 2010-10-14
Category : Business & Economics
ISBN : 3642153402

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During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.

Author : Sako Musterd
Publisher : Springer
Page : 294 pages
File Size : 19,97 MB
Release : 2009-11-30
Category : Social Science
ISBN : 0230274722

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Based on empirical research from 29 major postwar housing estates in 15 European cities, this collection explores mass housing experiments, examining the problems, policy responses and residents' everyday experiences in the estates in the context of change and regeneration.

Author : Balázs Égert
Publisher :
Page : 34 pages
File Size : 39,33 MB
Release : 2007
Category : Housing
ISBN :

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This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing credit and demographic factors, have driven observed house prices in CEE. We show that house prices in CEE are determined to a large extent by the underlying conventional fundamentals and some transition-specific factors, in particular institutional development of housing markets and housing finance and quality effects.