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Debt and Taxes: The Sale-Rent Housing Price Ratio in Dublin since 1945

Richard Keely () and Ronan Lyons ()
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Richard Keely: Trinity College Dublin

Economic Papers from Trinity College Dublin, Economics Department

Abstract: The recent Great Recession highlights the importance of housing to the broader economy, yet few reliable long-run series exist for sale and rental prices of housing. Using hedonic methods, frequency conversion techniques, and a detailed dataset of over one million sale and rental listings from newspapers and online, we construct new quarterly indices of sale and rental prices for Dublin, Ireland for the period starting in 1945 and an annual panel for six areas of the city over the same period. The series show four major market cycles, as well as three distinct phases for housing yield, with downward shifts in the early 1970s and again in the late 1990s. There is some evidence of rents converging across markets within the city but sale prices have diverged over the same period. An error-correction econometric analysis confirms the predictions of economic theory, that credit conditions in the credit market and user cost drive changes in the yield over time.

Keywords: housing price ratio; housing markets; economic history; user cost. (search for similar items in EconPapers)
JEL-codes: E32 G12 N14 N94 R21 R31 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2019-03
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