Regional Housing Prices in Czechia: Dynamics,Co-Movements and Drivers
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F24%3A10255971" target="_blank" >RIV/61989100:27510/24:10255971 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1108/978-1-83753-840-920241011" target="_blank" >http://dx.doi.org/10.1108/978-1-83753-840-920241011</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1108/978-1-83753-840-920241011" target="_blank" >10.1108/978-1-83753-840-920241011</a>
Alternative languages
Result language
angličtina
Original language name
Regional Housing Prices in Czechia: Dynamics,Co-Movements and Drivers
Original language description
In this chapter, we aim to analyze the housing market development in the Czechia, in particular the development of housing prices over last 25 years. We quantify and discuss three distinct periods of excessive growth of the regional Czech housing prices, identified through the formation of large positive GAPs - (i) before the entrance of the Czechia to the EU, (ii) at the onset of the Global Financial Crisis GFC, (iii) in 2021. In all these periods, we identify significant differences among regions. We find that GAPs above 15% may be considered an indication of unsustainable long-term housing price growth that will be followed by a correction.We then employ fixed effect panel data model to determine the drivers of the flat prices and house prices in 14 Czech regions. Our results show that wage growth, migration, and crime rate are significant factors affecting the prices of both flats and houses. Nevertheless, the impact of GDP per capita and job market indicators differs between flats and houses. Moreover, we find that higher migration into the region increases the difference between the prices of houses and flats, while increasing GDP per capita growth and crime rate mitigate this difference significantly.
Czech name
—
Czech description
—
Classification
Type
C - Chapter in a specialist book
CEP classification
—
OECD FORD branch
50202 - Applied Economics, Econometrics
Result continuities
Project
—
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
Book/collection name
Modeling Economic Growth in Contemporary Czechi
ISBN
978-1-83753-840-9
Number of pages of the result
12
Pages from-to
171-181
Number of pages of the book
322
Publisher name
Emerald Group Publishing Limited
Place of publication
Bradford
UT code for WoS chapter
—