Real Estate Market Cycle Analysis (The Example of Tbilisi, Georgia)

Nino Beraia and Marine Natsvaladze

The Valuation Journal, 2017, vol. 12, issue 1, 42-57

Abstract: This paper sums up the results of the research on real estate cycles conducted by foreign scientists. In Georgia the cyclical research is limited to formal descriptive statistics and econometric analysis of the subject has not so far been conducted. The paper introduces the use of the Hodrick-Prescott Filter to assess the average length of the real estate cycles by filtering the Tbilisi real estate index time series. The results of the research suggest that Tbilisi real estate market follows a 2?2.5 year cycle pattern. The findings of the study will be useful for the real estate market prognosis, will help the investors and portfolio manager companies in decision making regarding strategy, the type of the real estate and the location. A greater understanding of the real estate cycles can help the policy makers in counter cyclical economic and social planning.

JEL-codes: C32 R3 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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: https://EconPapers.repec.org/RePEc:vaj:journl:v:12:y:2017:i:1:p:42-57

Access Statistics for this article

The Valuation Journal is currently edited by Ion Anghel

More articles in The Valuation Journal from The National Association of Authorized Romanian Valuers Contact information at EDIRC.
Bibliographic data for series maintained by Stefan Alexandru ().