House prices in Spain: Is it always sunny and warm?

Juan Cuestas, Mercedes Monfort () and Javier Ordóñez
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Mercedes Monfort: IEI and Department of Economics, Universitat Jaume I, Castellón, Spain

No 2022/07, Working Papers from Economics Department, Universitat Jaume I, Castellón (Spain)

Abstract: In this paper we analyse the evolution of real estate prices in Spain in the last 50 years, focusing on the existence of rational bubbles, and to assess how to covid pandemic has affected the evolution of those prices. In order to do that, we estimate autoregressive models with structural breaks, and run a forecasting exercise to compare those values with the observed ones from 2020. We find that the real estate market in Spain has been hit by a continuum of bubbles since the 1970s and that the pandemic has negatively affected the real estate prices in Spain.

Keywords: Spain; house prices; real estate; COVID19; structural breaks (search for similar items in EconPapers)
JEL-codes: C22 F15 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2022
New Economics Papers: this item is included in nep-ban, nep-his, nep-ore and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:jau:wpaper:2022/07

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