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Residential Property Markets in CESEE EU Member States

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Abstract

This paper provides an overview of residential property market developments in ten Central, Eastern and Southeastern European (CESEE) EU Member States over the last 10 to 15 years, featuring price developments, housing conditions, affordability, housing financing and policy measures targeting residential property markets. The descriptive cross-country approach particularly focuses on the period of the economic and financial crisis by capturing the recent boom and bust of residential property prices across the whole region. We observe that high levels of home ownership and low costs of external housing financing were related to rising residential property prices. Besides the small size of the rental market, rising demand for affordable good-quality housing suggests that price developments during the forthcoming catching-up of residential property markets are likely to be dynamic. In this respect, policy action in different areas should increasingly attempt to keep a lid on housing market developments in CESEE.

Suggested Citation

  • 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.
  • Handle: RePEc:onb:oenbfi:y:2012:i:1:b:1
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    File URL: https://www.oenb.at/dam/jcr:00ed6c3c-27cf-40cd-890c-5a41261162f1/feei_2012_q1_studies1_tcm16-245870.pdf
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    References listed on IDEAS

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    1. Jesús Crespo Cuaresma & Jarko Fidrmuc & Mariya Hake, 2011. "Determinants of Foreign Currency Loans in CESEE Countries: A Meta-Analysis," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 69-87.
    2. Warnock, Veronica Cacdac & Warnock, Francis E., 2008. "Markets and housing finance," Journal of Housing Economics, Elsevier, vol. 17(3), pages 239-251, September.
    3. Crowe, Christopher & Dell’Ariccia, Giovanni & Igan, Deniz & Rabanal, Pau, 2013. "How to deal with real estate booms: Lessons from country experiences," Journal of Financial Stability, Elsevier, vol. 9(3), pages 300-319.
    4. Balázs Égert & Reiner Martin, 2008. "Real Estate, Construction and Growth in Central and Eastern Europe: Impact on Competitiveness?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 52-72.
    5. Brixiova, Zuzana & Vartia, Laura & Wörgötter, Andreas, 2010. "Capital flows and the boom-bust cycle: The case of Estonia," Economic Systems, Elsevier, vol. 34(1), pages 55-72, March.
    6. Mark Robinson & Grant M. Scobie & Brian Hallinan, 2006. "Affordability of Housing: Concepts, Measurement and Evidence," Treasury Working Paper Series 06/03, New Zealand Treasury.
    7. Gan, Quan & Hill, Robert J., 2009. "Measuring housing affordability: Looking beyond the median," Journal of Housing Economics, Elsevier, vol. 18(2), pages 115-125, June.
    8. International Monetary Fund, 2011. "Macroprudential Policy; What Instruments and How to Use them? Lessons From Country Experiences," IMF Working Papers 11/238, International Monetary Fund.
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    Citations

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    Cited by:

    1. Katharina Steiner, 2013. "Residential Property Prices in Central, Eastern and Southeastern European Countries: Stocktaking of Data and a View on New Developments in Data Availability," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 85-97.
    2. Dominik Bernhofer & Octavio Fernández-Amador & Martin Gächter & Friedrich Sindermann, 2014. "Finance, Potential Output and the Business Cycle: Empirical Evidence from Selected Advanced and CESEE Economies," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 52-75.
    3. 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, Narodowy Bank Polski, Economic Research Department.
    4. repec:jes:wpaper:y:2017:v:9:i:3:p:377-400 is not listed on IDEAS
    5. 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.
    6. Mathias Lahnsteiner, 2013. "Private Sector Debt in CESEE EU Member States," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 30-47.

    More about this item

    Keywords

    Residential property market; housing finance; regulation of housing markets; CESEE countries;

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • P2 - Economic Systems - - Socialist Systems and Transition Economies
    • P5 - Economic Systems - - Comparative Economic Systems
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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