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The Housing Market in Colombia: Socioeconomic and Financial Determinants

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  • Sergio Clavijo
  • Michel Janna
  • Santiago Munoz
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    Abstract

    This document provides an overview of the housing system in Colombia, exploring its socioeconomic and financial determinants and offering recommendations to improve the collection of basic data on the construction sector, household socioeconomic conditions, and mortgage markets. The paper also estimates a simultaneous econometric model for the country`s housing market using quarterly data over the period 1991-2004. On the demand side, we find that the area of approved licenses is highly elastic to households` disposable income, new housing prices and real interest rates on mortgage credit. On the supply side, we find high input-cost elasticity and a moderate response to wealth effects. These results prove to be robust to different proxies and diverse estimation procedures.

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    File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=WP-522&pub_file_name=pubWP-522.pdf
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    Bibliographic Info

    Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4389.

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    Date of creation: Jan 2005
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    Handle: RePEc:idb:wpaper:4389

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    References

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    1. Muellbauer, J & Murphy, A, 1996. "Booms and Busts in the UK Housing Market," Economics Papers 125, Economics Group, Nuffield College, University of Oxford.
    2. Arcelus, Francisco & Meltzer, Allan H, 1973. "The Markets for Housing and Housing Services: Reply," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 5(4), pages 973-78, November.
    3. Fernando Tenjo & Enrique Lopez, 2003. "Credit bubble and stagnation in Colombia, 1990-2001," Colombian Economic Journal, Academia Colombiana de Ciencias Economicas, Colegio Mayor de Nuestra Senora del Rosario, Pontificia Universidad Javeriana, Universidad de Antioquia, Universidad de los Andes, Universidad del Valle, Universidad Externado de Colombia, Universidad Nacional de Colombia, vol. 1(1), pages 151-191, December.
    4. Caplin, Andrew & Freeman, Charles & Tracy, Joseph, 1997. "Collateral Damage: Refinancing Constraints and Regional Recessions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(4), pages 496-516, November.
    5. Karl E. Case, 2000. "Real Estate and Macroeconomy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(2), pages 119-162.
    6. Mauricio Cardenas & Alejandro Badel, 2003. "La crisis de financiamiento hipotecario en Colombia: Causas y consecuencias," Research Department Publications 4355, Inter-American Development Bank, Research Department.
    7. Arcelus, Francisco & Meltzer, Allan H, 1973. "The Markets for Housing and Housing Services," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 5(1), pages 78-99, Part I Fe.
    8. Joshua Gallin, 2003. "The long-run relationship between house prices and income: evidence from local housing markets," Finance and Economics Discussion Series 2003-17, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:
    1. Maria Angelica Arbelaez & Roberto Steiner & Alejandro Becerra & Daniel Wills, 2011. "Housing Tenure and Housing Demand in Colombia," Research Department Publications 4736, Inter-American Development Bank, Research Department.
    2. Natalia Garabato & Magdalena Ramada-Sarasola, 2011. "Housing Markets in Uruguay: Determinants of Housing Demand and its Interaction with Public Policies," Research Department Publications 4737, Inter-American Development Bank, Research Department.

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