Spanish housing markets during the first phase of the rural-urban transition process
AbstractThis 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 InfoPaper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp11-08.
Date of creation: Jul 2011
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Hedonic prices; Demand and supply of housing; Regulation in housing markets;
Find related papers by JEL classification:
- N93 - Economic History - - Regional and Urban History - - - Europe: Pre-1913
- N94 - Economic History - - Regional and Urban History - - - Europe: 1913-
- R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-08-09 (All new papers)
- NEP-HIS-2011-08-09 (Business, Economic & Financial History)
- NEP-URE-2011-08-09 (Urban & Real Estate Economics)
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