An Analysis of the Relationships Between Domestic Real Estate Markets – A Systemic Approach

Brzezicka Justyna (), Łaszek Jacek () and Krzysztof Olszewski ()
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Brzezicka Justyna: Faculty of Geodesy, Geospatial and Civil Engineering, University of Warmia and Mazury in Olsztyn
Łaszek Jacek: Collegium of Business Administration, Warsaw School of Economics, Narodowy Bank Polski

Real Estate Management and Valuation, 2019, vol. 27, issue 1, 79-91

Abstract: This article analyzes the spread of market phenomena, market tensions and trends between real estate markets on the global scale. At the theoretical level, the main aim of the study was to determine the nature of the relationships between housing markets throughout the world. The main research goal was to identify and describe the strength of the correlations between the real estate markets of the world’s 10 largest economies (countries with the highest GDP). The analyses were conducted with the use of Pearson’s correlation tests, Granger causality tests and graphs. Our results revealed strong correlations between most of the markets; however, we did not find strong evidence for causality. In a globalizing world, national economies will become increasingly interconnected, which will indirectly influence the housing market.

Keywords: International house prices; spillovers; financial globalization (search for similar items in EconPapers)
JEL-codes: R10 R30 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:vrs:remava:v:27:y:2019:i:1:p:79-91:n:8

DOI: 10.2478/remav-2019-0008

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