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House price fluctuations in the context of credit cycles: European perspective

Author

Listed:
  • Karolina Czechowska
  • Konrad Zelazowski

Abstract

The functioning of housing sector is determined by a number of factors, among which particularly important is system for financing housing investments. Traditionally mortgage loan is one of the main instruments of housing finance. Empirical studies emphasize that the developed mortgage lending market has a positive effect on the housing conditions of households and also induces growth in the area of housing construction and housing resources. However, an excessive increase in the scale of mortgage lending can be a source of instability in the real estate market and the banking sector. The aim of this article is to empirically analyse the course of credit cycles and housing price cycles in selected European economies, as well as the assessment of the degree of cycles interdependence and synchronisation.

Suggested Citation

  • Karolina Czechowska & Konrad Zelazowski, 2017. "House price fluctuations in the context of credit cycles: European perspective," ERES eres2017_254, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2017_254
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    More about this item

    Keywords

    credit cycles; house price cycles; Housing Finance; synchronisation of economic cycles;
    All these keywords.

    JEL classification:

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

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