Determinants of House Prices in Central and Eastern Europe

Determinants of House Prices in Central and Eastern Europe PDF

Author: Balázs Égert

Publisher:

Published: 2007

Total Pages: 34

ISBN-13:

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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.

House Price Determinants in Selected Countries of the Former Soviet Union

House Price Determinants in Selected Countries of the Former Soviet Union PDF

Author: Vahram Stepanyan

Publisher: International Monetary Fund

Published: 2010-04-01

Total Pages: 17

ISBN-13: 1455200638

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This paper analyses the recent boom-bust cycle in the housing markets of selected Former Soviet Union (FSU) countries. The analysis is based on a newly constructed database on house prices in the FSU countries. Our estimations suggest that house price developments can largely be explained by the dynamics of fundamentals, such as GDP, remittances, and external financing. Overall, we find that deviations of house prices from their fundamentals have not been pronounced, suggesting that house price bubbles have not been formed in the FSU countries.

Don't Look Up: House Prices in Emerging Europe

Don't Look Up: House Prices in Emerging Europe PDF

Author: Mr. Serhan Cevik

Publisher: International Monetary Fund

Published: 2022-12-02

Total Pages: 23

ISBN-13:

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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.

Macroprudential Policies and House Prices in Europe

Macroprudential Policies and House Prices in Europe PDF

Author: Mr.Marco Arena

Publisher: International Monetary Fund

Published: 2020-02-20

Total Pages: 51

ISBN-13: 1513512250

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Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.

Housing Market Challenges in Europe and the United States

Housing Market Challenges in Europe and the United States PDF

Author: P. Arestis

Publisher: Springer

Published: 2009-11-18

Total Pages: 283

ISBN-13: 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.

Fundamental Drivers of House Prices in Advanced Economies

Fundamental Drivers of House Prices in Advanced Economies PDF

Author: Ms.Nan Geng

Publisher: International Monetary Fund

Published: 2018-07-18

Total Pages: 24

ISBN-13: 1484369122

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House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.

Real Convergence in Central, Eastern and South-Eastern Europe

Real Convergence in Central, Eastern and South-Eastern Europe PDF

Author: R. Martin

Publisher: Springer

Published: 2009-02-27

Total Pages: 221

ISBN-13: 0230235433

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This book brings together policymakers, high-level practitioners, academics, and experts from central banks and international institutions in order to review key policy challenges for convergence in the region of central, eastern and south-eastern Europe. Contributions focus especially on inflation, growth, migration and the balance of payments.

House Price Developments in Europe

House Price Developments in Europe PDF

Author: Angana Banerji

Publisher: International Monetary Fund

Published: 2008-09-01

Total Pages: 66

ISBN-13: 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.

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