Determinants of House Prices in Central and Eastern Europe
Organization for Economic Co-Operation and Development (OECD); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Université Paris X Nanterre - Department of Economics; William Davidson Institute
Bank for International Settlements (BIS) - Monetary and Economic Department
BIS Working Paper No. 236
CESifo Working Paper Series No. 2152
William Davidson Institute Working Paper No. 894
This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing credit and demographic factors, have driven observed house prices in CEE. We show that house prices in CEE are determined to a large extent by the underlying conventional fundamentals and some transition-specific factors, in particular institutional development of housing markets and housing finance and quality effects.
Number of Pages in PDF File: 31
Keywords: House prices, housing market, transition economies, central and eastern Europe, OECD countries
JEL Classification: E20, E39, P25, R21, R31working papers series
Date posted: September 17, 2007
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