The impact of the Economic and Monetary Union on the Housing market

Jorge Lopes

ERES from European Real Estate Society (ERES)

Abstract: The housing market in Portugal has notched up a remarkable growth since the early 1990s, in line with the development pattern of the overall construction market. The new residential housing sub-segment has been the one that experienced the highest growth in this period. One of the catalysts of the impressive outcome in this segment of the construction market was the transformation operated in the financial system, which intended to be consistent with the process of European convergence. However, in the last two years the pattern has shown signs of flagging owing to excess supply, particularly in the owner-occupied housing tenure. This paper discusses the impact of the Economic and Monetary Union- EMU on the housing market. Secondly, it analyses the development of the housing market from the early 1990s. Finally it suggests ways to tackle the unfavourable conditions pertinent to the housing market, namely the new residential housing sub-segment. The paper argues that in order to face the demands of the Economic and Monetary Union, policy changes pertaining to the housing market and related economic sectors are needed.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2001-06-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2001_215

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