THE GALICIAN HOUSING MARKET: FROM BOOM TO CRISIS. AN ESTIMATE OF THE CURRENT MARKET SITUATION AND ITS FUTURE EVOLUTION

Manuel Vilas Fernández

Revista Galega de Economía, 2012, vol. 21, issue 2

Abstract: In late 2011 in the Galician housing market there is a stock of approximately 35,000 dwellings whose sale is difficult. The weakness of demand is due from multiple causes, which appear more relevant overprices, deflationary expectations, credit rationing and market saturation, all linked to a faulting demographic dynamic. This article discusses these factors, describing the dynamics of the residential sector in the first decade of the century. It quantifies the current overvaluation of housing in different housing markets. Finally, presents an approach to the demographic and sociological variables, which, along with economic ones, will determine the potential demand for housing in the next ten years in Galicia.

Keywords: Dwellings; Stocks; Real estate; Housing stock; Potential housing demand; Price-income ratio; Urban areas; Dwelling overvaluation; People per dwelling; Household heads (search for similar items in EconPapers)
Date: 2012
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