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Price Adjustments and Financing Type Effect on Bucharest Housing Market

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  • Costin CIORA

Abstract

As the housing market is changing, a view on price adjustments is needed in order to understand certain patterns of action both for buyers and sellers. The first purpose of this paper is to introduce a new perspective on different changes of prices through the analysis of adjustment margin and negotiation margin. Furthermore, the results are presented with a view on weights and trends of the analyzed indicators by analyzing a sample of more than 11,000 transactions in Bucharest between 2013 and first quarter of 2015. The second purpose of the paper is to study the financing type effect on residential property prices. Results suggest important differences between areas in Bucharest on the comparison between average prices. The conclusions states a change in the sellers' behavior which imply a significant adjustment of the listing price towards the final selling price, which indicates that sellers are more aware of the market movements. This article fills an empty area in the current literature related to the negotiation margin. Moreover, the analysis on the financing type and results on the study could provide further research directions. Practical implications of this study come from the actual literature review and from the findings of the paper.

Suggested Citation

  • Costin CIORA, 2015. "Price Adjustments and Financing Type Effect on Bucharest Housing Market," The Valuation Journal, The National Association of Authorized Romanian Valuers, vol. 10(1), pages 74-100.
    • Handle: RePEc:vaj:journl:v:10:y:2015:i:1:p:74-100
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    More about this item

    JEL classification:

    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • 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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