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Towards a Global Real Estate Market? Trends and Evidence

In: Hot Property

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  • Laurent Clerc

    (Autorité de Controle prudentiel et de résolution, Direction d’étude et d’analyse des risques)

Abstract

In this paper, I analyse house price developments in a set of 18 OECD countries. I find some evidence that global financial conditions have played an important role in shaping house price developments in these countries, especially in the run-up to the financial crisis. The current very accommodative monetary policy environment may already have triggered a new build-up of financial imbalances in some countries. However, while the synchronicity in housing cycles has increased across countries, the amplitude of these cycles continues to be influenced by domestic factors and local structural features, leaving national macroprudential authorities with some leeway to address these imbalances.

Suggested Citation

  • Laurent Clerc, 2019. "Towards a Global Real Estate Market? Trends and Evidence," Springer Books, in: Rob Nijskens & Melanie Lohuis & Paul Hilbers & Willem Heeringa (ed.), Hot Property, chapter 0, pages 63-81, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-11674-3_6
    DOI: 10.1007/978-3-030-11674-3_6
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