IDEAS home Printed from https://ideas.repec.org/a/jes/wpaper/y2017v9i3p377-400.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://ceswp.uaic.ro/articles/CESWP2017_IX3_ION.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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.
    6. Robert Buckleyand & Sasha Tsenkova, 2001. "Housing Market Systems In Reforming Socialist Economies: Comparative Indicators Of Performance And Policy," International Journal of Housing Policy, Taylor & Francis Journals, vol. 1(2), pages 257-289.
    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.
    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sasha Tsenkova & Bengt Turner, 2004. "The Future Of Social Housing In Eastern Europe: Reforms In Latvia And Ukraine," European Journal of Housing Policy, Taylor and Francis Journals, vol. 4(2), pages 133-149.
    2. Krzysztof Olszewski & Hanna Augustyniak & Jacek Laszek & Robert Leszczynski & Joanna Waszczuk, 2016. "On the dynamics of the primary housing market and the forecasting of house prices," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Combining micro and macro data for financial stability analysis, volume 41, Bank for International Settlements.
    3. Luciana Kabello Koprencka, 2014. "Factorial Analysis of Albanian Housing Market," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 10(4), pages 127-144, August.
    4. Michał Rubaszek & Adam Czerniak, 2017. "Preferencje Polaków dotyczące struktury własnościowej mieszkań: opis wyników ankiety," Bank i Kredyt, Narodowy Bank Polski, vol. 48(2), pages 197-234.
    5. Christian L. Redfearn, 2005. "The Cost of Imposing Monocentricity: Uncovering the Dynamics of Emerging Centrality in Post-Socialist Krakow's Land Markets," Working Paper 8586, USC Lusk Center for Real Estate.
    6. Elisabeth Beckmann, & Antje Hildebrandt & Krisztina Jäger-Gyovai, 2016. "Current risks in the CESEE residential property market: evidence from the OeNB Euro Survey," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition, chapter 4, pages v1, 103-1, Narodowy Bank Polski, Economic Research Department.
    7. Antje Hildebrandt & Duy T. Huynh-Olesen & Katharina Steiner & Karin Wagner, 2013. "Residential Property Prices in Central, Eastern and Southeastern European Countries," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 52-76.
    8. Ciarlone, Alessio, 2011. "Housing wealth effect in emerging economies," Emerging Markets Review, Elsevier, vol. 12(4), pages 399-417.
    9. Rudiger Ahrend & Carlos Winograd, 2006. "The political economy of mass privatisation and imperfect taxation: Winners and loosers," Public Choice, Springer, vol. 126(1), pages 201-224, January.
    10. Cesa-Bianchi, Ambrogio, 2013. "Housing cycles and macroeconomic fluctuations: A global perspective," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 215-238.
    11. R. Daviddi, 1994. "Privatisation in the transition to a market economy," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 47(191), pages 399-429.
    12. Schmidt, Klaus M., 2000. "The political economy of mass privatization and the risk of expropriation," European Economic Review, Elsevier, vol. 44(2), pages 393-421, February.
    13. Mehlum, Halvor, 2001. "Capital accumulation, unemployment, and self-fulfilling failure of economic reform," Journal of Development Economics, Elsevier, vol. 65(2), pages 291-306, August.
    14. R. Daviddi, 1994. "Privatisation in the transition to a market economy," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 47(191), pages 399-429.
    15. Perotti, Enrico C. & van Oijen, Pieter, 2001. "Privatization, political risk and stock market development in emerging economies," Journal of International Money and Finance, Elsevier, vol. 20(1), pages 43-69, February.
    16. Di Tella, Rafael & Galiani, Sebastian & Schargrodsky, Ernesto, 2012. "Reality versus propaganda in the formation of beliefs about privatization," Journal of Public Economics, Elsevier, vol. 96(5), pages 553-567.
    17. JÓzsef Hegedüs & Natalia Rogozhina & Eszter Somogyi & Raymond Struyk & Andrey Tumanov, 2004. "Potential Effects Of Subsidy Programmes On Housing Affordability: The Cases Of Budapest And Moscow," European Journal of Housing Policy, Taylor and Francis Journals, vol. 4(2), pages 151-184.
    18. Lein-lein Chen & Melvin Jameson, 2012. "Rents, party cadres and the proliferation of Special Economic Zones in China," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 15(3), pages 207-221, September.
    19. Barthold Albrecht, 1996. "Privatization, coordination and agency costs: The case for participation in Eastern Europe," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 3(3), pages 351-368, July.
    20. Gerard Roland, 1994. "The role of political constraints in transition strategies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(1), pages 27-41, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jes:wpaper:y:2017:v:9:i:3:p:377-400. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alupului Ciprian). General contact details of provider: https://edirc.repec.org/data/csjesro.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.