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Housing Markets in Uruguay: Determinants of Housing Demand and its Interaction with Public Policies

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  • Natalia Garabato
  • Magdalena Ramada-Sarasola
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    Abstract

    This paper analyzes the determinants of housing demand for Uruguay and the extent to which housing policies have an impact on their target population. The paper first analyzes the determinants of housing demand, following an approach based on Rosen’s (1974) two-step procedure consisting of fitting a hedonic price regression in 34 different geographical units (or markets) to estimate a housing demand function. The determinants of formality and ownership choices were examined using a multinomial logit framework. Determinants of these choices include both household demographic attributes and access to and use of public housing programs and other social programs. Policy recommendations are offered on the basis of the finding that a price and income-inelastic formal housing market greatly contrasts with a rather price and income-elastic informal housing market.

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    Bibliographic Info

    Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4737.

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    Date of creation: Oct 2011
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    Handle: RePEc:idb:wpaper:4737

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    1. Sergio Clavijo & Michel Janna & Santiago Munoz, 2005. "The Housing Market in Colombia: Socioeconomic and Financial Determinants," Research Department Publications, Inter-American Development Bank, Research Department 4389, Inter-American Development Bank, Research Department.
    2. Inter-American Development Bank (IDB), . "Reforming Latin American Housing Markets: A Guide for Policy Analysis," IDB Publications 46158, Inter-American Development Bank.
    3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    4. Ermisch, J. F. & Findlay, J. & Gibb, K., 1996. "The Price Elasticity of Housing Demand in Britain: Issues of Sample Selection," Journal of Housing Economics, Elsevier, Elsevier, vol. 5(1), pages 64-86, March.
    5. Matias Fontenla & Fidel Gonzalez & Juan Carlos Navarro, 2009. "Determinants of housing expenditure in Mexico," Applied Economics Letters, Taylor & Francis Journals, vol. 16(17), pages 1731-1734.
    6. Mayo, Stephen K., 1981. "Theory and estimation in the economics of housing demand," Journal of Urban Economics, Elsevier, vol. 10(1), pages 95-116, July.
    7. Edward E. Leamer, 2007. "Housing IS the Business Cycle," NBER Working Papers 13428, National Bureau of Economic Research, Inc.
    8. Stephen Malpezzi, 1999. "The Regulation of Urban Development: Lessons From International Experience," Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research 99-07, University of Wisconsin Center for Urban Land Economic Research.
    9. Quigley, John M., 2006. "Urban Economics," Berkeley Program on Housing and Urban Policy, Working Paper Series, Berkeley Program on Housing and Urban Policy qt0jr0p2tk, Berkeley Program on Housing and Urban Policy.
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    Cited by:
    1. Natalia Garabato & Magdalena Ramada-Sarasola, 2011. "Are Uruguayan Housing Policies Reaching the Poor? An Assessment of Housing Deficit, Housing Informality and Usage of Housing Programs in Uruguay," Research Department Publications, Inter-American Development Bank, Research Department 4752, Inter-American Development Bank, Research Department.

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