Exploring supply and demand-driven imbalances in Austria’s housing market

Martin Schneider ()
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Martin Schneider: Oesterreichische Nationalbank, Economic Analysis Divison, http://www.oenb.at

Monetary Policy & the Economy, 2019, issue 19/Q3, 54-71

Abstract: This article explores supply and demand imbalances in Austria’s housing market over time. In the period under review, which starts in 1980, excess demand for housing emerged in the early 1990s and peaked in 1993, when demand exceeded the number of available housing units by a number of 41,000. A construction boom in the late 1990s tipped the market back toward excess supply, which rose to 27,000 homes until 1998. By 2016, a combination of shrinking household sizes, rising net migration and weak construction activity had created another peak in excess housing demand, with demand exceeding supply by 65,000 homes. Since 2017, Austria’s housing market has been easing again. Increased construction activity and weaker demand are expected to eliminate backlog demand by 2020. With the growth rates of household numbers decreasing steadily, housing demand will continue to weaken until 2030.

Keywords: housing market; supply; demand; excess demand (search for similar items in EconPapers)
JEL-codes: R21 R31 (search for similar items in EconPapers)
Date: 2019
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