House Price Developments in Europe: A Comparison

By A. Hoffmaister, Angana Banerji, Haiyan Shi, P. Hilbers. Social Science Research Network, 2008

128 citations recorded by the source corpus.

House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/42daba6e1e1509f0e92e235a14c57940d45f5dd8

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In Economics and Econometrics

1. Panagiotis Printzis
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Citations in the corpus

• On the macroeconomic determinants of the housing market in Greece: a VECM approach (2016, background): “Hilbers et al (2008) classifies policies in four types; fiscal (for rents and income), monetary (for interest rates), structural (supply and demand for housing) and prudential (for the financing of the housing market).”