Advanced Search
MyIDEAS: Login

Factors Affecting House Prices in Cyprus: 1988-2008

Contents:

Author Info

  • 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.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.ucy.ac.cy/data/ecorece/FullTextPashardesSavva.pdf
Download Restriction: no

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

as in new window
Handle: RePEc:erc:cypepr:v:3:y:2009:i:1:p:3-25

Contact details of provider:
Postal: P O Box 20537, 1678 Nicosia
Phone: + 357 22892429
Fax: + 357 22892426
Email:
Web page: http://www.ucy.ac.cy/goto/ecorece/el-GR/HOME.aspx
More information through EDIRC

Order Information:
Email:

Related research

Keywords: Housing market; hedonic analysis; macroeconomic factors;

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  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.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:erc:cypepr:v:3:y:2009:i:1:p:3-25

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Angela Shekersavva).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.