Drivers of European housing prices in the new millennium: demand, financial, and supply determinants
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F24%3A10254776" target="_blank" >RIV/61989100:27510/24:10254776 - isvavai.cz</a>
Result on the web
<a href="https://link.springer.com/article/10.1007/s10663-024-09611-5" target="_blank" >https://link.springer.com/article/10.1007/s10663-024-09611-5</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1007/s10663-024-09611-5" target="_blank" >10.1007/s10663-024-09611-5</a>
Alternative languages
Result language
angličtina
Original language name
Drivers of European housing prices in the new millennium: demand, financial, and supply determinants
Original language description
Many countries in Europe have experienced a steady increase in housing prices over the past decade, which continued even during the recent crisis. We analyze a panel of 15 European countries over the period 2000-2020. We find that demand-side determinants, such as GDP, unemployment, wage and population, strongly influence housing prices. Nevertheless, we suggest that construction costs, access to finance (credit to GDP), and financing costs (long-term interest rate) should be included to avoid biased results. We find that financial development can significantly affect housing prices in the long run. We confirm the robustness of our results by conducting a lag sensitivity analysis of selected determinants. In addition, we find a negative effect of the GFC and a positive effect of the Covid crisis on housing prices. Furthermore, we find that countries with a mild reaction to or a quick recovery from the GFC experienced significantly higher housing price growth.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50200 - Economics and Business
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2024
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Empirica
ISSN
0340-8744
e-ISSN
1573-6911
Volume of the periodical
51
Issue of the periodical within the volume
3
Country of publishing house
NL - THE KINGDOM OF THE NETHERLANDS
Number of pages
23
Pages from-to
731-753
UT code for WoS article
001202285400001
EID of the result in the Scopus database
2-s2.0-85190478949