Drivers of European housing prices in the new millennium: demand, financial, and supply determinants

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

Drivers of European housing prices in the new millennium: demand, financial, and supply determinants

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Drivers of European housing prices in the new millennium: demand, financial, and supply determinants

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50200 - Economics and Business

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Empirica

ISSN

0340-8744

e-ISSN

1573-6911

Svazek periodika

51

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

NL - Nizozemsko

Počet stran výsledku

23

Strana od-do

731-753

Kód UT WoS článku

001202285400001

EID výsledku v databázi Scopus

2-s2.0-85190478949