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Determinants of House Price Dynamics in Central and Eastern Europe

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Author Info

  • Balázs Égert

    () (Oesterreichische Nationalbank)

  • Dubravko Mihaljek

    () (Bank for International Settlements)

Abstract

This paper examines the determinants of house price dynamics in Central and Eastern European (CEE) transition economies. While we emphasize the role of conventional fundamental factors, we also highlight the importance of transition-specifi c factors in house price dynamics in the region. We take a comparative approach by looking at various panels composed of eight CEE transition economies (Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Lithuania, Poland and Slovenia) and 19 industrialized non-CEE OECD countries. The use of these panels provides insights into the common determinants of house prices for the two groups of countries and, at the same time, allows us to identify the reasons for important differences in house price dynamics across countries. Overall, this paper shows that the growth in house prices in Central and Eastern Europe can be explained fairly well by the development of conventional underlying fundamentals and transition-specific factors.

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Bibliographic Info

Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Focus on European Economic Integration.

Volume (Year): (2007)
Issue (Month): 1 ()
Pages: 52-76

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Handle: RePEc:onb:oenbfi:y:2007:i:1:b:1

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Cited by:
  1. Paul Louis Ceriel Hilbers & Angana Banerji & Haiyan Shi & Alexander W. Hoffmaister, 2008. "House Price Developments in Europe: A Comparison," IMF Working Papers 08/211, International Monetary Fund.

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