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Exploring supply and demand-driven imbalances in Austria’s housing market

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Abstract

This article explores supply and demand imbalances in Austria’s housing market over time. In the period under review, which starts in 1980, excess demand for housing emerged in the early 1990s and peaked in 1993, when demand exceeded the number of available housing units by a number of 41,000. A construction boom in the late 1990s tipped the market back toward excess supply, which rose to 27,000 homes until 1998. By 2016, a combination of shrinking household sizes, rising net migration and weak construction activity had created another peak in excess housing demand, with demand exceeding supply by 65,000 homes. Since 2017, Austria’s housing market has been easing again. Increased construction activity and weaker demand are expected to eliminate backlog demand by 2020. With the growth rates of household numbers decreasing steadily, housing demand will continue to weaken until 2030.

Suggested Citation

  • Martin Schneider, 2019. "Exploring supply and demand-driven imbalances in Austria’s housing market," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 19/Q3, pages 54-71.
    • Handle: RePEc:onb:oenbmp:y:2019:i:19/q3:b:4
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    File URL: https://www.oenb.at/dam/jcr:a2796425-53db-4058-9381-d05441292da3/06_Exploring_imbalances_PB_MOP_Q319_screen.pdf
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    References listed on IDEAS

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    1. Henger, Ralph & Schier, Michael & Voigtländer, Michael, 2015. "Der künftige Bedarf an Wohnungen: Eine Analyse für Deutschland und alle 402 Kreise," IW policy papers 24/2015, Institut der deutschen Wirtschaft (IW) / German Economic Institute.
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    More about this item

    Keywords

    housing market; supply; demand; excess demand;
    All these keywords.

    JEL classification:

    • 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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