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Housing Prices and Cultural Values: A Cross-nation Empirical Analysis

Author

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  • Polina Stoykova Linjie Chou

    (Faculty of Economics and Business Administration, Sofi a University School of Business, University of Iceland)

Abstract

Most real estate studies have been concerned with exploring the macroeconomic determinants of housing prices. Little attention has been paid to the context in which property markets function. This study, however, goes beyond macroeconomic factors and explores how country specifi c factors such as cultural values infl uence residential property markets. We have tested and verifi ed the assumption that the cultural dimension of survival values versus self-expression values infl uences housing price growth, using a sample of 30 countries. As a result of this research, we suggest that culture should be adopted as a long-term housing price determinant. JEL Classification:R2

Suggested Citation

  • Polina Stoykova Linjie Chou, 2013. "Housing Prices and Cultural Values: A Cross-nation Empirical Analysis," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 16(1), pages 1-15, May.
    • Handle: RePEc:zag:zirebs:v:16:y:2013:i:1:p:1-15
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    Cited by:

    1. Francesco Tajani & Pierluigi Morano & Maria Paz Saez-Perez & Felicia Di Liddo & Marco Locurcio, 2019. "Multivariate Dynamic Analysis and Forecasting Models of Future Property Bubbles: Empirical Applications to the Housing Markets of Spanish Metropolitan Cities," Sustainability, MDPI, vol. 11(13), pages 1-21, June.

    More about this item

    Keywords

    Housing Markets; Property Prices; House Price Determinants; Culture; Cultural Values;
    All these keywords.

    JEL classification:

    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis

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