MACROECONOMIC DETERMINANTS OF BRAZILIAN HOUSING MARKET PRICES: A PANEL DATA APPROACH

Jadson Pessoa (), Sérgio Rivero () and João Cerejeira ()
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Sérgio Rivero: Universidade Federal do Pará (UFPA)

Revista de Economia Mackenzie (REM), 2021, vol. 18, issue spe, 12-38

Abstract: This article investigated the macroeconomic determinants of residential property prices in the 13 Brazilian metropolitan regions between 2004 and 2016. We use it as a method of research estimates of models with panel data. We conducted specificity and robustness tests to find the best model. The main result estimated was for the gross domestic product (GDP), because of the positive elasticity and higher than 1 and an inverse relation with the Special Settlement and Custody System interest rate (Sistema Especial de Liquidação e de Custódia – Selic). Therefore, our conclusions point to the need for a strong recovery of the Brazilian economy in the short term, especially the GDP, and a significant reduction of Selic, which has already occurred, for the residential real estate sector to resume its growth trajectory.

Keywords: Price cycle; panel data; real estate prices; metropolitan region; macroeconomic determinants. (search for similar items in EconPapers)
JEL-codes: C23 D40 E30 R20 R29 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aft:journl:v:18:spe:2021:specialissue:p:12-38

DOI: 10.5935/1808-2785/rem.v18nespp.12-38

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