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The rise in Dublin city house prices: bubble, fad or just fundamentals

  • Maurice J. Roche

    ()

    (Department of Economics, National University of Ireland, Maynooth, Ireland)

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    The recent dramatic rise in house prices in Dublin has been regularly discussed in the media. An obvious question is whether the seemingly ever-increasing house prices are driven by market fundamentals or by speculation? While the observed increase in house prices is due to excess demand for housing, it is the nature of this excess demand that we investigate in this paper. We decompose house prices in Dublin into fundamental and non-fundamental components using a variety of measures. A regime-switching model is estimated and tested to explore whether speculative bubbles, fads or just fundamentals drive house prices in Dublin. Our main findings suggest that there may be a speculative bubble in the Dublin house prices.

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    Paper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n920799.pdf.

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    Length: 18 pages
    Date of creation: Jul 1999
    Date of revision:
    Handle: RePEc:may:mayecw:n920799.pdf
    Contact details of provider: Postal: Maynooth, Co. Kildare
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    Fax: 353-1-7083934
    Web page: http://www.maynoothuniversity.ie/economics-finance-and-accounting
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