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Economic, Demographic and Fiscal Influences on Housing Market Dynamics

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  • Simon Stevenson

Abstract

This paper examines the behaviour of the Irish housing market during the boom of the late nineties. The market experienced substantial price increases in the late nineties. This paper aims to examine the fundamental factors at play in the Irish market and to see if a speculative element was present in house price dynamics in this period. Fundamental models of both housing supply and demand are modelled and generally provide an accurate depiction of the market. Tests for evidence of speculative behaviour in the market show that substantial premiums over fundamental value were observable in the late nineties. However, in most cases the markets had returned to equilibrium by 2001. Regional differences are also observed, however, this may in some part be due to data bias and these findings should be viewed with some level of caution.

Suggested Citation

  • Simon Stevenson, 2003. "Economic, Demographic and Fiscal Influences on Housing Market Dynamics," ERES eres2003_266, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2003_266
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2003-266
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    Cited by:

    1. Ronan C. Lyons, 2015. "East, west, boom and bust: the spread of house prices and rents in Ireland, 2007-2012," Journal of Property Research, Taylor & Francis Journals, vol. 32(1), pages 77-101, March.
    2. Simon Stevenson, 2005. "House price diffusion and inter‐regional and cross‐border house price dynamics," Journal of Property Research, Taylor & Francis Journals, vol. 21(4), pages 301-320, April.
    3. Lyons, Ronan C., 2018. "Credit conditions and the housing price ratio: Evidence from Ireland’s boom and bust," Journal of Housing Economics, Elsevier, vol. 42(C), pages 84-96.
    4. Ronan C Lyons, 2017. "Credit conditions and the housing price ratio: evidence from Ireland's bubble and crash," Trinity Economics Papers tep0717, Trinity College Dublin, Department of Economics.
    5. Richard Keely & Ronan C. Lyons, 2022. "Housing Prices, Yields and Credit Conditions in Dublin since 1945," The Journal of Real Estate Finance and Economics, Springer, vol. 64(3), pages 404-439, April.
    6. Richard Keely & Ronan C Lyons, 2019. "Debt and Taxes: The Sale-Rent Housing Price Ratio in Dublin since 1945," Trinity Economics Papers tep0419, Trinity College Dublin, Department of Economics.

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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