Economics at your fingertips  

Long-run Supply and Demand Elasticities in the Spanish Housing Market

María Arrazola, Jose de Hevia (), Desiderio Romero-Jordan () and Jose Felix Sanz-Sanz ()
Additional contact information
Jose Felix Sanz-Sanz: Universidad Complutense de Madrid

Journal of Real Estate Research, 2015, vol. 37, issue 3, 371-404

Abstract: This paper analyses housing supply and demand in Spain. Using data for 1975 to 2009, reduced form and structural models are estimated. The results show that faced with situations of disequilibrium prices adjust more rapidly than stock. Similarly, they demonstrate that demand shows low sensitivity to variations in prices and real interest rates. By contrast, it’s highly sensitive to demographic changes and the evolution of the labor market. The evidence confirms that permanent income has greater weight than prices as a determinant of demand. On the contrary, supply is highly sensitive to variations in prices and interest rates.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed

Downloads: (external link) Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323

Access Statistics for this article

Journal of Real Estate Research is currently edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323.
Bibliographic data for series maintained by JRER Graduate Assistant/Webmaster ().

Page updated 2023-05-18
Handle: RePEc:jre:issued:v:37:n:3:2015:p:371-404