Housing prices and economic development in Europe - a comparison of GFC and Corona Crisis

Peter Parlasca Frics

ERES from European Real Estate Society (ERES)

Abstract: The Great Financial Crisis (GFC) affected all European countries. House prices were affected later and with some exceptions in European Countries. It could be illuminating to compare this downturn with the latest Corona crisis.How developed the housing markets in the European countries during the Corona crisis and the follwing recovery compared to the periods after the GFC? First results of the analysis underline that on one hand market activity (turnover) declined during the pandamic. However, prices went up all over Europe.Comparing the developments since 2008 it is worth mentioning that GDP recovery after the GFC allowed nearly in all countries passing the pre-crisis level before the Corona crisis hit again the European economies in 2020.In contrast to the economic developments, housing markets in various European countries did not reach the pre-crisis level until 2019 and sometimes not until 2021 either although the upswing of the housing markets started in Europe around 2014. In a small number of European countries prices doubled between 2008 and 2021.

Keywords: Corona crisis; economic development during crises; housing market activity (turnover); Housing Prices (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2022-01-01
New Economics Papers: this item is included in nep-his and nep-ure
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