Housing prices, costs, and policy: The housing supply equation in Ireland since 1970

Maximilian Günnewig‐Mönert and Ronan Lyons ()

Real Estate Economics, 2024, vol. 52, issue 4, 1075-1102

Abstract: This article examines the responsiveness of new housing supply to prices and costs, using the case of Ireland at quarterly frequency from the 1970s, as well as a county‐level panel from the 1990s. Across four error‐correction specifications, and supported by an instrumental variables approach, we find the estimated elasticity of new housing supply to prices of +0.9 in the baseline, while that of costs is larger in magnitude (−1.9). We present evidence that responsiveness to prices rose after the 1980s, then fell in the 2000s, before rising again and also that elasticities vary at the county level.

Date: 2024
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https://doi.org/10.1111/1540-6229.12491

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