Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/228090
Authors: 
Hlaváécek, Michal
Kalabiska, Roman
Year of Publication: 
2020
Series/Report no.: 
IES Working Paper No. 09/2020
Abstract: 
This paper examines the behaviour of housing prices and identifies their determinants across Czech regions from 2000 to 2017. The effect of a wide range of variables on apartment prices is analyzed on quarterly data for all regions of the Czech Republic using panel dynamic OLS estimator. Furthermore, an error correction model is employed to verify the existence of long-term equilibrium of apartment prices and the speed of price adjustment in the short run. The regression reveales that apartment prices are driven mainly by wages, unemployment rate and building plot prices. In order to check robustness of selected model, several regions with unique characteristics are excluded from the sample and analyzed separately. Our results show that building plot prices have an unexpected negative effect in low-income regions and labour force factors are less important in Prague, caused by a number of unique features of the capital city.
Subjects: 
Apartment prices
regional analysis
residential real estate
panel regression
JEL: 
C23
O18
R11
R13
R31
Document Type: 
Working Paper

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