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House price convergence Across Europe

Laia Maynou (), Bruce Morley (), Mercedes Monfort () and Javier Ordóñez ()
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Laia Maynou: Department of Health Policy, London School of Economics and Political Science, UK
Mercedes Monfort: IEI and Department of Economics, Universitat Jaume I, Castellón, Spain

No 2020/07, Working Papers from Economics Department, Universitat Jaume I, Castellón (Spain)

Abstract: The aim of this study is to determine whether there is any evidence of convergence in house prices across the European economies, including both members and non-members of the Eurozone. A new test which searches for convergence among clusters of markets is used. This suggests there are five clusters across Europe, however there is no evidence of a Eurozone cluster. The bconvergence dynamic model shows overall convergence among the 12 countries analysed. The econometric analysis also allows us to determine the main drivers of the real House Price indices, which are private consolidated debt (%GDP), the unemployment rate (%) and the long-term government interest rate (%). Given the importance of housing markets to the economy, the Eurozone may have to consider measures that facilitate convergence across the member’s housing markets.

Keywords: convergence; European Union; house prices (search for similar items in EconPapers)
JEL-codes: C33 E44 R21 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2020
New Economics Papers: this item is included in nep-eec, nep-mac and nep-ure
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