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The demand for housing in Spain: an endogenous switching regression analysis

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Author Info
Justo Manrique
Kalu Ojah

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Abstract

Housing demand in Spain has been studied by using data disaggregated into primary and secondary housing demands. It is found that demand for both types of housing area, indeed, related and that they are both considered necessities; thus, suggesting that their consumption ought to be modelled as a joint decision. Moreover, it is found that traditional determinants of housing demand affect primary and secondary home demands differently. These differences are attributable to the following economic rationales: need for asset holdings diversifications, relative high cost of home ownership versus rental in choice locations, and differences in land demand intensity across regions. In sum, the findings suggest that policy makers in Spain, contrary to popular beliefs, must consider secondary homes an integral part of households' accommodation need.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 35 (2003)
Issue (Month): 3 (January)
Pages: 323-336
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Handle: RePEc:taf:applec:v:35:y:2003:i:3:p:323-336

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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.:

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  2. Heien, Dale & Durham, Cathy, 1991. "A Test of the Habit Formation Hypothesis Using Household Data," The Review of Economics and Statistics, MIT Press, vol. 73(2), pages 189-99, May. [Downloadable!] (restricted)
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  15. Engelhardt, Gary V. & Mayer, Christopher J., 1998. "Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market," Journal of Urban Economics, Elsevier, vol. 44(1), pages 135-157, July. [Downloadable!] (restricted)
    Other versions:
  16. Bourassa Steven C., 1995. "A Model of Housing Tenure Choice in Australia," Journal of Urban Economics, Elsevier, vol. 37(2), pages 161-175, March. [Downloadable!] (restricted)
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Full references

Cited by:
(explanations, 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.)

  1. Marion Kohler & Anthony Rossiter, 2005. "Property Owners in Australia: A Snapshot," RBA Research Discussion Papers rdp2005-03, Reserve Bank of Australia. [Downloadable!]
  2. Daniel Fernández-Kranz & Mark Hon, 2006. "A Cross-Section Analysis of the Income Elasticity of Housing Demand in Spain: Is There a Real Estate Bubble?," The Journal of Real Estate Finance and Economics, Springer, vol. 32(4), pages 449-470, June. [Downloadable!] (restricted)
  3. Nestor Gandelman, 2008. "Hogares encabezados por mujeres y propiedad de la vivienda en América Latina," RES Working Papers 3253, Inter-American Development Bank, Research Department. [Downloadable!]
  4. Nestor Gandelman, 2008. "Female-Headed Households and Homeownership in Latin America," RES Working Papers 3252, Inter-American Development Bank, Research Department. [Downloadable!]
  5. Ming-Yuan Chen, 2006. "Managerial ownership and firm performance: an analysis using switching simultaneous-equations models," Applied Economics, Taylor and Francis Journals, vol. 38(2), pages 161-181, February. [Downloadable!] (restricted)
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