Property Price Determinants in the Czech Regions
In: CNB Financial Stability Report 2008/2009
AbstractThis article, based on an empirical analysis, discusses factors affecting property prices and tries to identify periods of property price overvaluation by time series analysis for the Czech Republic as a whole and by panel regression for the Czech regions. The time series analysis identifies overvalued property prices in 2002/2003 and 2007/2008. In 2007/2008, however, the rise in property prices was largely explainable by fundamentals, meaning that the price overvaluation in this period was considerably smaller than that in the first. From the regional perspective, there is a higher degree of overvaluation in regions with higher property prices. The exception is Prague, which seems to be a â€œspecificâ€ region â€“ partly due to the properties of the estimation technique.
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This chapter was published in: Michal Hlavacek & Lubos Komarek CNB Financial Stability Report 2008/2009, , chapter Thematic Article 2, pages 82-91, 2009.
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