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Factors Affecting House Prices in Cyprus: 1988-2008

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  • Panos Pashardes

    ()
    (Department of Economics and Economics Research Centre, University of Cyprus)

  • Christos S. Savva

    (Department of Commerce, Finance and Shipping, Cyprus University of Technology,and Economics Research Centre, University of Cyprus)

Abstract

In this paper we investigate the impact of various macroeconomic variables on house prices in Cyprus during the period 1988-2008. Furthermore, we examine how specific characteristics of the house affect its price. We find house prices to be particularly sensitive to changes in island’s population. They are also sensitive to the cost of building materials and labour, economic growth and the sterling-euro exchange rate. As regards the question which of these factors contributed most to the large increase in house prices during the period 1988-2008, our analysis points to increase in the cost of materials and labour, the population and the per capita Gross Domestic Product (GDP). In contrast, developments in the stock market and the increase in the number of foreign workers helped towards restraining house price increases.

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Bibliographic Info

Article provided by University of Cyprus, Economics Research Centre in its journal Cyprus Economic Policy Review.

Volume (Year): 3 (2009)
Issue (Month): 1 (June)
Pages: 3-25

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Handle: RePEc:erc:cypepr:v:3:y:2009:i:1:p:3-25

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Keywords: Housing market; hedonic analysis; macroeconomic factors;

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  1. Baffoe-Bonnie, John, 1998. "The Dynamic Impact of Macroeconomic Aggregates on Housing Prices and Stock of Houses: A National and Regional Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 17(2), pages 179-97, September.
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