The Private Housing Market in Eastern Europe and the CIS

UN Commission for Europe Discussion Paper No. 6

40 Pages Posted: 19 May 2006

See all articles by Robert C. Shelburne

Robert C. Shelburne

UN Commission for Europe

Jose Palacin

UN Commission for Europe

Date Written: December 2005

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.

Keywords: housing market, East Europe, CIS, housing prices, housing bubble, mortgage market

JEL Classification: P25, G21, R31

Suggested Citation

Shelburne, Robert C. and Palacin, Jose, The Private Housing Market in Eastern Europe and the CIS (December 2005). UN Commission for Europe Discussion Paper No. 6, Available at SSRN: https://ssrn.com/abstract=903119 or http://dx.doi.org/10.2139/ssrn.903119

Robert C. Shelburne (Contact Author)

UN Commission for Europe ( email )

Palais des Nations
Room 470 CH-1211
Geneva 10, Switzerland
4122 917 1643 (Phone)

Jose Palacin

UN Commission for Europe ( email )

Palais des Nations
Room 470 CH-1211
Geneva 10, Switzerland
4122 917 2484 (Phone)

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