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House Price, House Quality And Economic Growth

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  • Paul de Vries

Abstract

Periods of economic growth are characterised by a demand for better housing quality and increasing prices. Affordability of the demand for higher quality then becomes a problem in the subsequent period of economic stagnation. This article seeks to identify the mechanism in which quality and affordability are weighed against each other, showing that the price-quality relationship changes with the economic growth. We do this against the background of the Dutch housing market. Our analysis shows that in a high-growth economy households search for better quality of property and are prepared to pay for it. In a stagnant economy the demand for quality takes second place to the demand for affordable homes. It also appears that appreciation of quality varies in particular between the low-growth phase and the medium-growth phase. The price-quality relationship barely varies between the medium-growth and high-growth phases.

Suggested Citation

  • Paul de Vries, 2010. "House Price, House Quality And Economic Growth," ERES eres2010_392, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_392
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2010-392
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    Cited by:

    1. Johan Graafland, 2020. "When Does Economic Freedom Promote Well Being? On the Moderating Role of Long-Term Orientation," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(1), pages 127-153, May.

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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