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Are Swedish houses overpriced?

Author

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  • Carl Andreas Claussen

Abstract

Purpose - Swedish house prices have risen rapidly since the mid‐1990s. How can this be explained? Are houses overpriced? In this paper the author tries to answer these questions. Design/methodology/approach - The author estimates an error correction model (ECM), and sees if the model can explain the house price developments. Findings - The model suggests that increasing household disposable income and falling mortgage rates are the most important factors behind the upswing in prices. There is no evidence of overpricing. Originality/value - Compared to earlier Swedish studies, this study is based on new data and new variables. Furthermore, the estimation period is restricted to the more recent period when Swedish credit markets have been unregulated.

Suggested Citation

  • Carl Andreas Claussen, 2013. "Are Swedish houses overpriced?," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 6(2), pages 180-196, May.
    • Handle: RePEc:eme:ijhmap:v:6:y:2013:i:2:p:180-196
    DOI: 10.1108/IJHMA-12-2011-0056
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    Citations

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    Cited by:

    1. Lars E. O. Svensson, 2015. "The Possible Unemployment Cost of Average Inflation below a Credible Target," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(1), pages 258-296, January.
    2. Humoud Almutairi & El-Sakka, M.I.T., 2016. "Determinants of Housing Prices in an Oil Based Economy," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 6(5), pages 247-260, May.
    3. Svensson, Lars E.O., 2013. "Some Lessons from Six Years of Practical Inflation Targeting," CEPR Discussion Papers 9756, C.E.P.R. Discussion Papers.
    4. Pär Österholm, 2016. "The Long-run Relationship Between Stock Prices and GDP in Sweden," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 45(2), pages 283-297, July.
    5. Engerstam, Sviatlana, 2020. "Macroeconomic determinants of apartment prices in Swedish and German cities," Working Paper Series 20/2, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance.
    6. Svensson, Lars E.O., 2020. "Macroprudential Policy and Household Debt: What is Wrong with Swedish Macroprudential Policy?," CEPR Discussion Papers 14585, C.E.P.R. Discussion Papers.

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