Fundamental Economic Factors That Affect Housing Prices: Comparative Analysis between Kosovo and Slovenia

Visar Hoxha and Alenka Temeljotov Salaj
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Visar Hoxha: College ESLG, Kosovo
Alenka Temeljotov Salaj: European Faculty of Law, Slovenia

Management, 2014, vol. 9, issue 4, 323-348

Abstract: The purpose of this study is to provide strategic implications for real estate appraisers and real estate managers to know the economic determinants of housing price dynamics in Kosovo. The fundamental economic determinants of housing prices, adopted from previous studies, are Gross Domestic Product growth, demographics, real interest rates, and construction costs. The research methodology used is quantitative factor analysis. The main question addressed is, whether the conventional fundamental determinants of housing prices, such as Gross Domestic Product per capita, real interest rates, demographic factors, and construction costs have driven the observed housing prices in Kosovo. By sampling the determinants of housing prices in Kosovo, the study shows their effects on housing price dynamics. The study shows that housing prices in Kosovo are significantly determined by the underlying conventional fundamentals. This is the first research that tries to determine whether the fundamental economic factors influence the housing prices in Kosovo.

Keywords: housing prices; economic characteristics; Kosovo; Slovenia (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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