Comparative analysis of different approaches to the Ukrainian residential property market evolution modelling and its forecast for the years 2019–2024

Valery Yakubovsky and Kateryna Zhuk

International Journal of Housing Markets and Analysis, 2024, vol. 17, issue 4, 1104-1124

Abstract: Purpose - This study aims to provide a comprehensive analysis of various approaches to the residential property market evolution modelling and to examine the macroeconomic fundamentals that have shaped this market development in Ukraine in recent years. Design/methodology/approach - The study uses a comprehensive data set encompassing relevant macroeconomic indicators and historical apartment prices. Multifactor linear regression (MLR) and ridge regression (RR) models are constructed to identify the impact of multiple predictors on apartment prices. Additionally, the ARIMAX model integrates time series analysis and external factors to enhance modelling and forecasting accuracy. Findings - The investigation reveals that MLR and RR yield accurate predictions by considering a range of influential variables. The hybrid ARIMAX model further enhances predictive performance by fusing external indicators with time series analysis. These findings underscore the effectiveness of a multidimensional approach in capturing the complexity of housing price dynamics. Originality/value - This research contributes to the real estate modelling and forecasting literature by providing an analysis of multiple linear regression, RR and ARIMAX models within the specific context of property price prediction in the turbulent Ukrainian real estate market. This comprehensive analysis not only offers insights into the performance of these methodologies but also explores their adaptability and robustness in a market characterized by evolving dynamics, including the significant influence of external geopolitical factors.

Keywords: Multiple linear regression; Ridge regression; ARIMAX; Housing prices; Macroeconomic indicators; Forecasting; Real estate market; Ukraine (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijhmap:ijhma-11-2023-0160

DOI: 10.1108/IJHMA-11-2023-0160

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