Housing Prices and Cultural Values: A Cross-nation Empirical Analysis

Linjie Chou ()

Zagreb International Review of Economics and Business, 2013, vol. 16, issue 1, 1-15

Abstract: Most real estate studies have been concerned with exploring the macroeconomic determinants of housing prices. Little attention has been paid to the context in which property markets function. This study, however, goes beyond macroeconomic factors and explores how country specifi c factors such as cultural values infl uence residential property markets. We have tested and verifi ed the assumption that the cultural dimension of survival values versus self-expression values infl uences housing price growth, using a sample of 30 countries. As a result of this research, we suggest that culture should be adopted as a long-term housing price determinant. JEL Classification:R2

Keywords: Housing Markets; Property Prices; House Price Determinants; Culture; Cultural Values (search for similar items in EconPapers)
Date: 2013
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