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Housing market dynamic in central and eastern european countries: a comparative study

Author

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  • Elena IONASCU
  • Marilena MIRONIUC
  • Ion ANGHEL

Abstract

This study focuses on the dynamic relationship between house prices and the determinants at play on the real estate markets of Central and Eastern European EU Member States, in 2003-2018. The research methodology is based on an empirical framework used to estimate the deviations of the house prices from their equilibrium level. This empirical analysis rests on statistical indicators such as price-to-income and price-to-rent, as well as the one-sided Hodrick-Prescott filter and the econometric estimations derived from cointegrating the house prices and the supply and demand determinants. In almost all of the selected countries, the results indicate that house prices were overvalued compared to the estimated equilibrium criteria for the period before the financial crisis of 2008, as well as a trend towards stability once the crisis ended. The resulting estimates show that the residential markets in this European region are getting mature.

Suggested Citation

  • Elena IONASCU & Marilena MIRONIUC & Ion ANGHEL, 2018. "Housing market dynamic in central and eastern european countries: a comparative study," The Valuation Journal, National Association of Romanian Valuers, vol. 13(1), pages 35-77.
  • Handle: RePEc:vaj:journl:v:13:y:2018:i:1:p:35-77
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    More about this item

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • P25 - Economic Systems - - Socialist Systems and Transition Economies - - - Urban, Rural, and Regional Economics

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