L’exubérance rationnelle de l’immobilier

Sabine Le Bayon () and Hervé Péléraux ()
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Sabine Le Bayon: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Hervé Péléraux: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

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Abstract: House prices have risen strongly since 1997 in France, like in many other developed countries. Indeed, housing supply has not been strong enough to answer a buoyant demand. Household demand for housing has been mainly boosted by falling interest rates and a lengthening of loan duration, but also by demographic factors and foreign investment. The increase in house prices seems therefore justified and not the sign of a speculative bubble, like in Paris at the beginning of the 1990s. This is confirmed by the analysis of housing yields: due to the inertia of rent prices, rates of return on housing have decreased but not as much as long-term interest rates, thus remaining slightly higher than bonds yields.

Keywords: Marché de l'immobilier; Logement; Hausse des prix (search for similar items in EconPapers)
Date: 2006-01
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03462177
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Published in Revue de l'OFCE, 2006, 96, pp.83 - 114. ⟨10.3917/reof.096.0083⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03462177

DOI: 10.3917/reof.096.0083

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