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The CEE housing markets before, during and after the transition: an overview of property prices and home ownership rates

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  • Elena IONASCU

    () (PhD candidate at Alexandru Ioan Cuza University, Iasi, Romania;)

Abstract

The purpose of this research is to investigate relevant economic aspects, which characterized housing markets from Central and Eastern European (CEE) countries, to identify the factors which determine the house prices and to find the economic implications of property investments, under an international micro and macroeconomic environment. Methodological, the article uses the deduction and comparative analysis of collected statistical data, and strategic reforms in post-communist countries are qualitatively explored through content analysis. In the case of CEE region, fundamentals determinants, such as real income, real interest rate, demographic factors, play an extremely important role in explaining house price distortions. The principles of communist ideology added a special note in the evolution of prices, so the home ownership rate, the housing quality, the financial housing system, European integration represent a number of traditional factors with significant impact.

Suggested Citation

  • Elena IONASCU, 2017. "The CEE housing markets before, during and after the transition: an overview of property prices and home ownership rates," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 9(3), pages 377-400, October.
    • Handle: RePEc:jes:wpaper:y:2017:v:9:i:3:p:377-400
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    References listed on IDEAS

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    1. David Clapham, 1995. "Privatisation and the East European Housing Model," Urban Studies, Urban Studies Journal Limited, vol. 32(4-5), pages 679-694, May.
    2. Leszek Balcerowicz, 1994. "Economic Transition in Central and Eastern Europe: Comparisons and Lessons," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 27(1), pages 47-59, January.
    3. Antje Hildebrandt & Reiner Martin & Katharina Steiner & Karin Wagner, 2012. "Residential Property Markets in CESEE EU Member States," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 8-30.
    4. Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk, 2013. "To Rent or to Buy – Analysis of Housing Tenure Choice Determined by Housing Policy," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 33.
    5. Martin Lux & Petr Sunega, 2014. "Public Housing in the Post-Socialist States of Central and Eastern Europe: Decline and an Open Future," Housing Studies, Taylor & Francis Journals, vol. 29(4), pages 501-519, June.
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    7. Roland, Gerard & Verdier, Thierry, 1994. "Privatization in Eastern Europe : Irreversibility and critical mass effects," Journal of Public Economics, Elsevier, vol. 54(2), pages 161-183, June.
    8. repec:onb:oenbwp:y:2012:i:1:b:1 is not listed on IDEAS
    9. Robert M. Buckleyand, Sasha Tsenkova, 2001. "Housing Market Systems In Reforming Socialist Economies: Comparative Indicators Of Performance And Policy," European Journal of Housing Policy, Taylor and Francis Journals, vol. 1(2), pages 257-289, August.
    10. Alessio Ciarlone, 2015. "House price cycles in emerging economies," Studies in Economics and Finance, Emerald Group Publishing, vol. 32(1), pages 17-52, March.
    11. JoAzsef Hegedüs & Iván Tosics & Stephen K. Mayo, 1996. "Transition Of The Housing Sector In The East Central European Countries," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 8(2), pages 101-136, July.
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