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Housing market reactions in presence of retirees’ migration

Paloma Taltavull de La Paz () and Karen M. Gibler

LARES from Latin American Real Estate Society (LARES)

Abstract: Retiree migration in Europe has been an increasing phenomenon during the last fifteen years as people from Northern countries move to the South. Spain has been one of the primary destinations for this group where they tend to concentrate in some coastal and very warm areas such as Alicante, the Islands and the South. The larger groups arriving to Alicante are British and German. Their flow of arrivals coincided with dramatic price and construction growth. This paper explores the role these retiree migrants may have played in the expansion of the Alicante housing market. We specifically investigate their influence on housing prices and the differential impact related to nationality. Using time series analysis, the twe adjust a housing demand function by introducing international economic variables in order to capture the impact of relative monetary and income conditions in Germany and UK on the Alicante housing market. Results seem to suggest that the strong retiree migration flow could have created a shock in the Alicante housing market with different effects depending on the immigrants’ nationality.

Keywords: economic effects; housing market; Housing Prices; retirement (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-09-01
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Working Paper: Housing Market Reactions in Presence of Retirees Migration (2009) Downloads
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