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An Analysis of the Evolutions of Real Estate Market and Purchasing Power within the European Union

Listed author(s):
  • Ciprian Sipos
  • Alexandru Buglea

The paper analyzes to what extent the evolution of the real estate market in the EU countries is influenced by the purchasing power of the citizens of those countries. This analysis is based on the developments of GDP per capita, purchasing power parities, House Price Index and production in construction in period 2008 - 2013 in the EU countries and is structured on three research hypotheses.The first research hypothesis assumes that purchasing power, quantified both by GDP per capita and through purchasing power parities, significantly influences the House Price Index. The second hypothesis assumes that purchasing power significantly influences the production in construction and the third hypothesis assumes that the House Price Index significantly influences the evolution of production in constructions.Testing these hypotheses result in a complex influence: the evolution of GDP per capita significantly influences the evolution of House Price Index, and the price index at his turn influences the evolution of production in construction. There was no significant correlation between the purchasing power and production in construction.Finally, is made a grouping of EU countries into four categories according to all indicators analyzed and are discussed the prospects of Real Estate market developments in the EU countries.

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Paper provided by European Real Estate Society (ERES) in its series ERES with number eres2014_177.

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Date of creation: 01 Jan 2014
Handle: RePEc:arz:wpaper:eres2014_177
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  1. Bradford Case & Susan Wachter, 2005. "Residential real estate price indices as financial soundness indicators: methodological issues," BIS Papers chapters,in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 197-211 Bank for International Settlements.
  2. Ron Martin, 2011. "The local geographies of the financial crisis: from the housing bubble to economic recession and beyond," Journal of Economic Geography, Oxford University Press, vol. 11(4), pages 587-618, July.
  3. Dean Gatzlaff & Cynthia Holmes, 2013. "Estimating Transaction-Based Price Indices of Local Commercial Real Estate Markets Using Public Assessment Data," The Journal of Real Estate Finance and Economics, Springer, vol. 46(2), pages 260-281, February.
  4. Jim Clayton & Greg MacKinnon & Liang Peng, 2008. "Time Variation of Liquidity in the Private Real Estate Market: An Empirical Investigation," Journal of Real Estate Research, American Real Estate Society, vol. 30(2), pages 125-160.
  5. Kuniko Fujita, 2011. "The global financial crisis, state regime shifts, and urban theory," Environment and Planning A, Pion Ltd, London, vol. 43(2), pages 265-271, February.
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