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The Private Housing Market in Eastern Europe and the CIS

Author

Listed:
  • Jose Palacin

    (United Nations Economic Commission for Europe)

  • Robert Shelburne

    (United Nations Economic Commission for Europe)

Abstract

This study provides a broad overview of the private housing market in central and eastern Europe and some of the CIS – its history, current conditions and implications for the overall economy. It highlights regional differences, describes the different policy choices that have been made, and evaluates potential problem areas and the policy options for addressing them. The paper begins with a description of housing in these countries before and during their transition phase to market economies. The current state of the housing market in this region is then examined with an emphasis on its institutional development and size. Price trends throughout the region are analysed. A major objective is to ascertain the extent to which these markets are now similar to those observed in more developed western economies. The implications for the housing market resulting from the further integration of these countries into the global financial system are also explored.

Suggested Citation

  • Jose Palacin & Robert Shelburne, 2005. "The Private Housing Market in Eastern Europe and the CIS," ECE Discussion Papers Series 2005_5, UNECE.
    • Handle: RePEc:ece:dispap:2005_5
    as

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    File URL: http://www.unece.org/fileadmin/DAM/oes/disc_papers/ECE_DP_2005-5.pdf
    File Function: First version, 2005
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    Citations

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    Cited by:

    1. Balázs Égert & Dubravko Mihaljek, 2007. "Determinants of House Prices in Central and Eastern Europe," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 49(3), pages 367-388, September.
    2. repec:onb:oenbwp:y:2007:i:1:b:1 is not listed on IDEAS
    3. Robert Buckley & Ashna Mathema, 2018. "Housing privatization in Romania : An Anti†commons tragedy?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 26(1), pages 127-145, January.
    4. Dorothee Bohle, 2014. "Post-socialist housing meets transnational finance: Foreign banks, mortgage lending, and the privatization of welfare in Hungary and Estonia," Review of International Political Economy, Taylor & Francis Journals, vol. 21(4), pages 913-948, August.
    5. Robert Shelburne & Jose Palacin, 2007. "Remittances in the CIS: Their Economic Implications and a New Estimation Procedure," ECE Discussion Papers Series 2007_5, UNECE.
    6. Filip Novokmet & Thomas Piketty & Gabriel Zucman, 2017. "Appendix to "From Soviets to Oligarchs: Inequality and Property in Russia, 1905-2016"," Working Papers 201710, World Inequality Lab.
    7. Antje Hildebrandt & Reiner Martin & Katharina Steiner & Karin Wagner, 2012. "Residential Property Markets in CESEE EU Member States," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 8-30.
    8. Broulíková Hana M. & Montag Josef, 2020. "Housing Privatization in Transition Countries: Institutional Features and Outcomes," Review of Economic Perspectives, Sciendo, vol. 20(1), pages 51-71, March.
    9. Elena IONASCU, 2017. "The CEE housing markets before, during and after the transition: an overview of property prices and home ownership rates," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 9(3), pages 377-400, October.
    10. Tiit Tammaru & Kadri Leetmaa & Siiri Silm & Rein Ahas, 2007. "Temporal and Spatial Dynamics of the New Residential Areas around Tallinn," European Planning Studies, Taylor & Francis Journals, vol. 17(3), pages 423-439, August.
    11. Kadri Leetmaa & Tiit Tammaru & Kristi Anniste, 2009. "From Priority‐Led To Market‐Led Suburbanisation In A Post‐Communist Metropolis," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 100(4), pages 436-453, September.
    12. Broulíková, Hana M. & Huber, Peter & Montag, Josef & Sunega, Petr, 2020. "Homeownership, mobility, and unemployment: Evidence from housing privatization," Journal of Housing Economics, Elsevier, vol. 50(C).
    13. Robert Shelburne & Jose Palacin, 2008. "Remittance Flows in the Transition Economies: Levels, Trends, and Determinants," ECE Discussion Papers Series 2008_5, UNECE.
    14. Marcin Grela & Aleksandra Majchrowska & Tomasz Michałek & Jakub Mućk & Agnieszka Stążka-Gawrysiak & Grzegorz Tchorek & Marcin Wagner, 2017. "Is Central and Eastern Europe converging towards the EU-15?," NBP Working Papers 264, Narodowy Bank Polski.
    15. Dorothee Bohle, 2017. "Mortgaging Europe’s periphery," LEQS – LSE 'Europe in Question' Discussion Paper Series 124, European Institute, LSE.
    16. Kadri Leetmaa & Isolde Brade & Kristi Anniste & Mari Nuga, 2012. "Socialist Summer-home Settlements in Post-socialist Suburbanisation," Urban Studies, Urban Studies Journal Limited, vol. 49(1), pages 3-21, January.

    More about this item

    Keywords

    housing market; East Europe; CIS; housing prices; housing bubble; mortgage market;
    All these keywords.

    JEL classification:

    • P25 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Urban, Rural, and Regional Economics
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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