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Title:Determinants of house prices in Central and Eastern Europe PDF Logo
Authors:Égert, Balázs
Mihaljek, Dubravko
Issue Date:2007
Series/Report no.:CESifo working paper 2152
Abstract:This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing credit and demographic factors, have driven observed house prices in CEE. We show that house prices in CEE are determined to a large extent by the underlying conventional fundamentals and some transition-specific factors, in particular institutional development of housing markets and housing finance and quality effects.
Subjects:house prices
housing market
transition economies
central and eastern Europe
OECD countries
JEL:E20
E39
P25
R21
R31
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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