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Macroeconomic Determinants Of Brazilian Housing Market Prices: A Panel Data Approach

Author

Listed:
  • Jadson Pessoa

    (Universidade Federal do Maranhão (UFMA))

  • Sérgio Rivero

    (Universidade Federal do Pará (UFPA))

  • João Cerejeira

    (Universidade do Minho (UMinho))

Abstract

This article investigated the macroeconomic determinants of residential property prices in the 13 Brazilian metropolitan regions between 2004 and 2016. We use it as a method of research estimates of models with panel data. We conducted specificity and robustness tests to find the best model. The main result estimated was for the gross domestic product (GDP), because of the positive elasticity and higher than 1 and an inverse relation with the Special Settlement and Custody System interest rate (Sistema Especial de Liquidação e de Custódia – Selic). Therefore, our conclusions point to the need for a strong recovery of the Brazilian economy in the short term, especially the GDP, and a significant reduction of Selic, which has already occurred, for the residential real estate sector to resume its growth trajectory.

Suggested Citation

  • Jadson Pessoa & Sérgio Rivero & João Cerejeira, 2021. "Macroeconomic Determinants Of Brazilian Housing Market Prices: A Panel Data Approach," Revista de Economia Mackenzie (REM), Mackenzie Presbyterian University, Social and Applied Sciences Center, vol. 18(spe), pages 12-38, special i.
    • Handle: RePEc:aft:journl:v:18:spe:2021:specialissue:p:12-38
    DOI: 10.5935/1808-2785/rem.v18nespp.12-38
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    More about this item

    Keywords

    Price cycle; panel data; real estate prices; metropolitan region; macroeconomic determinants.;
    All these keywords.

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • R29 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Other
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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