Residential Property Markets in CESEE EU Member States

Antje Hildebrandt (), Reiner Martin, Katharina Steiner () and Karin Wagner ()
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Antje Hildebrandt: Oesterreichische Nationalbank, Foreign Research Division, http://www.oenb.at
Katharina Steiner: Oesterreichische Nationalbank, Foreign Research Division
Karin Wagner: Oesterreichische Nationalbank, Economic Analysis Division

Focus on European Economic Integration, 2012, issue 1, 8-30

Abstract: This paper provides an overview of residential property market developments in ten Central, Eastern and Southeastern European (CESEE) EU Member States over the last 10 to 15 years, featuring price developments, housing conditions, affordability, housing financing and policy measures targeting residential property markets. The descriptive cross-country approach particularly focuses on the period of the economic and financial crisis by capturing the recent boom and bust of residential property prices across the whole region. We observe that high levels of home ownership and low costs of external housing financing were related to rising residential property prices. Besides the small size of the rental market, rising demand for affordable good-quality housing suggests that price developments during the forthcoming catching-up of residential property markets are likely to be dynamic. In this respect, policy action in different areas should increasingly attempt to keep a lid on housing market developments in CESEE.

Keywords: Residential property market; housing finance; regulation of housing markets; CESEE countries (search for similar items in EconPapers)
JEL-codes: E3 F36 P2 P5 R21 R31 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (6)

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