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Property Price Determinants in the Czech Regions

In: CNB Financial Stability Report 2008/2009

  • Michal Hlavacek
  • Lubos Komarek

This article, based on an empirical analysis, discusses factors affecting property prices and tries to identify periods of property price overvaluation by time series analysis for the Czech Republic as a whole and by panel regression for the Czech regions. The time series analysis identifies overvalued property prices in 2002/2003 and 2007/2008. In 2007/2008, however, the rise in property prices was largely explainable by fundamentals, meaning that the price overvaluation in this period was considerably smaller than that in the first. From the regional perspective, there is a higher degree of overvaluation in regions with higher property prices. The exception is Prague, which seems to be a “specific†region – partly due to the properties of the estimation technique.

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This chapter was published in: Michal Hlavacek & Lubos Komarek CNB Financial Stability Report 2008/2009, , chapter Thematic Article 2, pages 82-91, 2009.
This item is provided by Czech National Bank, Research Department in its series Occasional Publications - Chapters in Edited Volumes with number fsr0809/2.
Handle: RePEc:cnb:ocpubc:fsr0809/2
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  1. Frait, Jan & Komarek, Lubos, 2006. "Monetary Policy and Asset Prices : What Role for Central Banks in New EU Member States?," The Warwick Economics Research Paper Series (TWERPS) 738, University of Warwick, Department of Economics.
  2. Poterba, James M, 1984. "Tax Subsidies to Owner-occupied Housing: An Asset-Market Approach," The Quarterly Journal of Economics, MIT Press, vol. 99(4), pages 729-52, November.
  3. Adam S. Posen, 2006. "Why Central Banks Should Not Burst Bubbles," Working Paper Series WP06-1, Peterson Institute for International Economics.
  4. Bordo, Michael D & Jeanne, Olivier, 2002. "Boom-Busts in Asset Prices, Economic Instability and Monetary Policy," CEPR Discussion Papers 3398, C.E.P.R. Discussion Papers.
  5. Nouriel Roubini, 2006. "Why Central Banks Should Burst Bubbles," International Finance, Wiley Blackwell, vol. 9(1), pages 87-107, 05.
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