House Price Determinants in Selected Countries of the Former Soviet Union

Vahram Stepanyan, Tigran Poghosyan and Aidyn Bibolov

No 2010/104, IMF Working Papers from International Monetary Fund

Abstract: This paper analyses the recent boom-bust cycle in the housing markets of selected Former Soviet Union (FSU) countries. The analysis is based on a newly constructed database on house prices in the FSU countries. Our estimations suggest that house price developments can largely be explained by the dynamics of fundamentals, such as GDP, remittances, and external financing. Overall, we find that deviations of house prices from their fundamentals have not been pronounced, suggesting that house price bubbles have not been formed in the FSU countries.

Keywords: WP; error-correction term; GDP; House prices; pooled mean group estimator; the Former Soviet Union; housing price development; FSU country; house price elasticity; price development; house prices in the FSU country; mortgage rate; house price development; Housing prices; Remittances; Real estate prices; Housing; Inflation; Baltics (search for similar items in EconPapers)
Pages: 15
Date: 2010-04-01
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Citations: View citations in EconPapers (18)

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