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Spanish housing markets during the first phase of the rural-urban transition process

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  • Juan Carmona Pidal

    ()

  • Markus Lampe

    ()

  • Joan R. Roses

    ()

Abstract

This paper discusses how Spain’s housing markets reacted to the far-reaching changes that affected the demand for dwellings during the first phase of the rural-urban transition process. To this end, we construct a new hedonic index of real housing prices and assemble a cross-regional panel dataset of price fundamentals. The results of our econometric analysis suggest that housing markets did not face supply constraints, responded swiftly to the growing demand for accommodation and were efficient. In light of this new evidence, we conclude that housing markets were not a burden for Spanish economic development and that Spain’s institutional and regulatory frameworks were suitable for the housing needs at the time.

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Bibliographic Info

Paper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp11-08.

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Date of creation: Jul 2011
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Handle: RePEc:cte:whrepe:wp11-08

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Keywords: Hedonic prices; Demand and supply of housing; Regulation in housing markets;

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  1. Karl E. Case & Robert J. Shiller, 1990. "Forecasting Prices and Excess Returns in the Housing Market," NBER Working Papers 3368, National Bureau of Economic Research, Inc.
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  12. de la Escosura, Leandro Prados & Rosés, Joan R., 2007. "The Sources of Long-run Growth in Spain 1850-2000," CEPR Discussion Papers 6189, C.E.P.R. Discussion Papers.
  13. Thomas Conefrey & John Fitz Gerald, 2010. "Managing Housing Bubbles In Regional Economies Under Emu: Ireland And Spain," National Institute Economic Review, National Institute of Economic and Social Research, vol. 211(1), pages R27-R44, January.
  14. Dougherty, Ann & Van Order, Robert, 1982. "Inflation, Housing Costs, and the Consumer Price Index," American Economic Review, American Economic Association, vol. 72(1), pages 154-64, March.
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  16. Fitzpatrick, Trevor & McQuinn, Kieran, 2004. "House Prices and Mortgage Credit: Empirical Evidence for Ireland," Research Technical Papers 5/RT/04, Central Bank of Ireland.
  17. John Muellbauer & Anthony Murphy, 2008. "Housing markets and the economy: the assessment," Oxford Review of Economic Policy, Oxford University Press, vol. 24(1), pages 1-33, spring.
  18. Hwang, Min & Quigley, John M., 2006. "Economic Fundamentals in Local Housing Markets: Evidence from U.S. Metropolitan Regions," Berkeley Program on Housing and Urban Policy, Working Paper Series qt79d325cm, Berkeley Program on Housing and Urban Policy.
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