 House price determinants in transition and EU-15 countriesPetra Posedel Šimović () and Maruška Vizek Post-Communist Economies, 2009, vol. 21, issue 3, 327-343 Abstract: This article studies house price developments in six European countries: Croatia, Estonia, Poland, Ireland, Spain and the United Kingdom. The main goal is to explore the factors driving the rise of house prices in transition countries. Because house price increases in the last two decades are not peculiar to transition countries, the analysis is extended to three EU-15 countries that have recorded house price rises. The similarities and differences between the two groups of countries in terms of house price determinants can thus be explored. In the first part of the empirical analysis VAR is employed to detect how GDP, housing loans, interest rates and construction contribute to real house price variance. In the second part of the analysis multiple regression models are estimated. The results of both methods suggest that the driving forces behind house price inflation in both groups of countries are very similar and encompass the combined influence of house price persistence, income and interest rates. Date: 2009 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:pocoec:v:21:y:2009:i:3:p:327-343 Ordering information: This journal article can be ordered from DOI: 10.1080/14631370903090640 Access Statistics for this article Post-Communist Economies is currently edited by Roger Clarke More articles in Post-Communist Economies from Taylor & Francis Journals |
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