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A model of the Spanish housing market

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  • Marisol Esteban
  • Amaia Altuzarra

Abstract

The Spanish housing boom of the early 2000s has raised enormous attention at an international level. To better understand what is happening in the housing market, the current Spanish boom needs to be put into context. Housing demand, the motor of the boom, was triggered by population growth, employment generation, increase of per capita income, and favorable financial conditions. Supply has reacted in a very flexible manner and 2006 witnessed historic levels in residential construction. Yet this boom seemed to be coming finally to an end in 2007, mainly driven by mortgage rate increases. The aim of this paper is threefold: (1) to identify the determinants of the rise of house prices in the last decade, (2) to discuss the likely future of the housing market, and (3) to build an econometric model of the Spanish housing market.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 30 (2008)
Issue (Month): 3 (April)
Pages: 353-373

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Handle: RePEc:mes:postke:v:30:y:2008:i:3:p:353-373

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: housing bubble; housing econometric model; Spain; Spanish housing market;

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Cited by:
  1. Büyükkarabacak, Berrak & Mykhaylova, Olena, 2010. "Housing market dynamics and welfare," MPRA Paper 23322, University Library of Munich, Germany.
  2. Amaya Altuzarra & Jesús Ferreiro & Catalina Gálvez & Carmen Gómez & Ana González & Patricia Peinado & Carlos Rodríguez & Felipe Serrano, 2013. "Studies in Financial Systems No 6 Report on the Spanish Financial System," FESSUD studies, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project fstudy06, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  3. Carlos Rodríguez & Ricardo Bustillo, 2010. "Modelling Foreign Real Estate Investment: The Spanish Case," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 41(3), pages 354-367, October.

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