Journal
COMPARATIVE ECONOMIC STUDIES
Volume 49, Issue 3, Pages 367-388Publisher
PALGRAVE MACMILLAN LTD
DOI: 10.1057/palgrave.ces.8100221
Keywords
House prices; housing market; transition economies; central and eastern Europe; OECD countries
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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 the observed house prices in CEE. We show that house prices in CEE can be explained well by the underlying conventional fundamentals and some transition specific factors, in particular institutional development of housing markets and housing finance and quality effects.
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