Housing market dynamic in central and eastern european countries: a comparative study

Elena Ionascu, Marilena Mironiuc and Ion Anghel

The Valuation Journal, 2018, vol. 13, issue 1, 35-77

Abstract: This study focuses on the dynamic relationship between house prices and the determinants at play on the real estate markets of Central and Eastern European EU Member States, in 2003-2018. The research methodology is based on an empirical framework used to estimate the deviations of the house prices from their equilibrium level. This empirical analysis rests on statistical indicators such as price-to-income and price-to-rent, as well as the one-sided Hodrick-Prescott filter and the econometric estimations derived from cointegrating the house prices and the supply and demand determinants. In almost all of the selected countries, the results indicate that house prices were overvalued compared to the estimated equilibrium criteria for the period before the financial crisis of 2008, as well as a trend towards stability once the crisis ended. The resulting estimates show that the residential markets in this European region are getting mature.

JEL-codes: C33 P25 R21 R3 R30 R31 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:vaj:journl:v:13:y:2018:i:1:p:35-77

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