Estimating the Structural Demand for Irish Housing

Diarmaid Addison-Smyth, Kieran McQuinn and Gerard O' Reilly
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Diarmaid Addison-Smyth: Central Bank and Financial Services Authority of Ireland
Gerard O' Reilly: Central Bank and Financial Services Authority of Ireland
Authors registered in the RePEc Author Service: Gerard Patrick O'Reilly

No 1/RT/08, Research Technical Papers from Central Bank of Ireland

Abstract: After 10 years of unprecedented increases in both prices and activity levels, the Irish housing market appears to be entering a period of some uncertainty. In the early part of 2007, Irish house prices, for the first time in recent history, experienced negative growth rates - leading indicators within the housing sector would suggest that house building is already beginning to contract, with future levels expected to be somewhat below the record level of construction in 2006. The sustained increase in housing construction prompted by the rapid increase in prices has resulted in the Irish construction sector assuming a position of considerable importance within the overall economy. Arguably, any significant slowdown in housing activity could have far-reaching domestic consequences. In this paper, we use a recently developed model of the housing sector to gauge what the structural level of demand is for Irish housing.

JEL-codes: C32 E47 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2008-03
New Economics Papers: this item is included in nep-geo and nep-ure
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Citations: View citations in EconPapers (5)

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