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Spanish housing markets during the first phase of the rural-urban transition process

  • Juan Carmona Pidal


  • Markus Lampe


  • Joan R. Roses


This paper discusses how Spain’s housing markets reacted to the far-reaching changes that affected the demand for dwellings during the first phase of the rural-urban transition process. To this end, we construct a new hedonic index of real housing prices and assemble a cross-regional panel dataset of price fundamentals. The results of our econometric analysis suggest that housing markets did not face supply constraints, responded swiftly to the growing demand for accommodation and were efficient. In light of this new evidence, we conclude that housing markets were not a burden for Spanish economic development and that Spain’s institutional and regulatory frameworks were suitable for the housing needs at the time.

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Paper provided by Universidad Carlos III, Instituto Figuerola de Historia y Ciencias Sociales in its series Working Papers in Economic History with number wp11-08.

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Date of creation: Jul 2011
Date of revision:
Handle: RePEc:cte:whrepe:wp11-08
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  1. Holly, Sean & Jones, Natasha, 1997. "House prices since the 1940s: Cointegration, demography and asymmetries," Economic Modelling, Elsevier, vol. 14(4), pages 549-565, October.
  2. Karl E. Case & Robert J. Shiller, 1990. "Forecasting Prices and Excess Returns in the Housing Market," NBER Working Papers 3368, National Bureau of Economic Research, Inc.
  3. Rosés, Joan Ramón & Martínez-Galarraga, Julio & Tirado, Daniel A., 2010. "The upswing of regional income inequality in Spain (1860-1930)," Explorations in Economic History, Elsevier, vol. 47(2), pages 244-257, April.
  4. Fitzpatrick, Trevor & McQuinn, Kieran, 2004. "House Prices and Mortgage Credit: Empirical Evidence for Ireland," Research Technical Papers 5/RT/04, Central Bank of Ireland.
  5. Conefrey, Thomas & FitzGerald, John, 2009. "Managing Housing Bubbles in Regional Economies under EMU: Ireland and Spain," Papers WP315, Economic and Social Research Institute (ESRI).
  6. Glaeser, Edward L. & Gyourko, Joseph & Saiz, Albert, 2008. "Housing supply and housing bubbles," Journal of Urban Economics, Elsevier, vol. 64(2), pages 198-217, September.
  7. Karl E. Case & Robert J. Shiller, 1988. "The Efficiency of the Market for Single-Family Homes," NBER Working Papers 2506, National Bureau of Economic Research, Inc.
  8. Juan Carmona Pidal & Joan Roses R., 2009. "Land markets and agrarian backwardness (Spain, 1900-1936)," Working Papers in Economic History wp09-02, Universidad Carlos III, Instituto Figuerola de Historia y Ciencias Sociales.
  9. Hwang, Min & Quigley, John M., 2006. "Economic Fundamentals in Local Housing Markets: Evidence from U.S. Metropolitan Regions," Berkeley Program on Housing and Urban Policy, Working Paper Series qt79d325cm, Berkeley Program on Housing and Urban Policy.
  10. Prados de la Escosura, Leandro & Rosés, Joan R., 2007. "The Sources of Long-run Growth in Spain 1850-2000," CEPR Discussion Papers 6189, C.E.P.R. Discussion Papers.
  11. John Muellbauer & Anthony Murphy, 2008. "Housing markets and the economy: the assessment," Oxford Review of Economic Policy, Oxford University Press, vol. 24(1), pages 1-33, spring.
  12. Silvestre, Javier, 2005. "Internal migrations in Spain, 1877 1930," European Review of Economic History, Cambridge University Press, vol. 9(02), pages 233-265, August.
  13. Diewert, Erwin, 2007. "The Paris OECD-IMF Workshop on Real Estate Price Indexes: Conclusions and Future Directions," Economics working papers diewert-07-01-03-08-12-12, Vancouver School of Economics, revised 31 Jan 2007.
  14. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
  15. Martin Weale, 2007. "House price worries," National Institute Economic Review, National Institute of Economic and Social Research, vol. 200(1), pages 4-6, April.
  16. Dougherty, Ann & Van Order, Robert, 1982. "Inflation, Housing Costs, and the Consumer Price Index," American Economic Review, American Economic Association, vol. 72(1), pages 154-64, March.
  17. McQuinn, Kieran & O'Reilly, Gerard, 2006. "Assessing the Role of Income and Interest Rates in Determining House Prices," Research Technical Papers 15/RT/06, Central Bank of Ireland.
  18. Tim Leunig & Henry Overman, 2008. "Spatial patterns of development and the British housing market," Oxford Review of Economic Policy, Oxford University Press, vol. 24(1), pages 59-78, spring.
  19. Stephen Malpezzi, 1996. "Economic Analysis of Housing Markets in Developing and Transition Economies," Wisconsin-Madison CULER working papers 96-11, University of Wisconsin Center for Urban Land Economic Research.
  20. Gerard Caprio, Jr. and Patrick Honohan, 2008. "Banking Crises," The Institute for International Integration Studies Discussion Paper Series iiisdp242, IIIS.
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