Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/206254 
Year of Publication: 
2018
Citation: 
[Journal:] Naše gospodarstvo / Our Economy [ISSN:] 2385-8052 [Volume:] 64 [Issue:] 2 [Publisher:] De Gruyter Open [Place:] Warsaw [Year:] 2018 [Pages:] 3-14
Publisher: 
De Gruyter Open, Warsaw
Abstract: 
The main aim of this paper is to identify the underlying reasons for the cyclical nature of the Hungarian housing market, in particular the business cycles, the construction, and market participants' expectations. Our research was conducted based on analysis of statistical data and of the housing market indices. As a result, it can be stated that cyclic behaviour of the housing market may be explained primarily with business cycles, but state subsidies and mortgages also affect the variations. Accordingly, the increasing lending and the high amount of subsidies can generate a price bubble. The supply of second-hand dwellings looks more flexible compared with that of new ones. However, the expectations of market operators do not have a demonstrable effect on the housing market.
Subjects: 
property market
housing market cycles
asset price bubble
JEL: 
E32
R21
R31
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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