Impact of the economic crisis on house prices in the Czech Republic measured on hedonic price index on bank data

Martin Lux and Petr Sunega

Chapter 17 in Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis, 2013, 2013, pp 173-201 from Narodowy Bank Polski

Abstract: In the first section, this paper describes the methods employed to calculate the first ever hedonic price index created in the Czech Republic using data from the country’s biggest mortgage lenders. This section also presents the wider context of the creation of this index and its practical application. In the second section, hedonic price index data are used to demonstrate the impact of the global economic crisis on housing prices in the Czech Republic. The impact of the economic crisis on housing and mortgage markets is then analysed using methods from both neoclassic and institutional economics. The findings show that institutional factors relating to the housing system may have an important influence on the scope and character of the impact of the economic crisis on housing and mortgage markets in the Czech Republic.

Keywords: hedonic; price; index; –; Czech; Republic; –; house; prices; –; global; financial; crisis (search for similar items in EconPapers)
JEL-codes: E32 G12 G21 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpchp:17

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