Download This PaperProperty Prices and the Real Sector: Comovements in European Markets
The Narodowy Bank Polski Workshop: Recent Trends in the Real Estate Market and Its Analysis – 2015 Edition NBP Working Paper No. 243, Volume 2
25 Pages Posted: 6 Oct 2016
Date Written: August 9, 2016
Abstract
The paper establishes stylised facts about residential and commercial property prices focusing on 12 European markets over the sample 1984-2013. Using the measure of dynamic correlation and cohesion we look at the medium and long-term dynamics in the real estate markets. We investigate how do comovements within real estate cycles relate to comovements within cycles of real activity variables over time.
Keywords: dynamic correlations, real estate, cluster analysis
JEL Classification: C63, E00, E32, R30, R33
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