Regional Housing Prices in Czechia: Dynamics,Co-Movements and Drivers

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

Regional Housing Prices in Czechia: Dynamics,Co-Movements and Drivers

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Regional Housing Prices in Czechia: Dynamics,Co-Movements and Drivers

Popis výsledku anglicky

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.

Druh

C - Kapitola v odborné knize

CEP obor

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OECD FORD obor

50202 - Applied Economics, Econometrics

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 knihy nebo sborníku

Modeling Economic Growth in Contemporary Czechi

ISBN

978-1-83753-840-9

Počet stran výsledku

12

Strana od-do

171-181

Počet stran knihy

322

Název nakladatele

Emerald Group Publishing Limited

Místo vydání

Bradford

Kód UT WoS kapitoly

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