A model of the Spanish housing market

Esteban, Marisol; Artola, Amaia Altuzarra

doi:10.2753/pke0160-3477300303

Cited by 12 publications

(15 citation statements)

References 3 publications

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“…The effect of real disposable income in the case of Spain is higher in our contribution in comparison with the one estimated by Esteban and Altuzarra (), although both have identical signs (3.544 and 0.851, respectively).…”

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confidence: 57%

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Importance of Demographics for Housing in the Oecd Economies

Arestis¹,

Gonzalez-Martinez

2016

Bulletin of Econ Res

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The aim of this contribution is to study the role of demographics in the explanation of house prices in the last few decades. Special attention is paid to the role, which has been played by three groups of population that have different necessities in terms of the amount of housing services that they wish to consume: (a) population aged between 25 and 44 years old; (b) population aged between 45 and 64 years old; and (c) retirees. Following our discussion of recent trends in demographics and relevant stylized facts, the construction of a theoretical framework ensues; finally we provide empirical evidence in the case of 17 OECD economies over the period 1970-2013, discuss it in relation to our theoretical framework before we summarize and conclude. 3After this short introduction we discuss recent trends in demographics along with a description of the sources of data utilized in Section II. Then we formulate our theoretical house price model in Section III. Section IV presents the econometric methodology applied in the empirical analysis. The empirical results obtained, along with a discussion of them, are displayed in Section V. Section VI provides more general comments. Finally, section VII summarizes and concludes. II. SOME STYLIZED FACTSFor the purpose of our analysis, we concentrate on a sample, which spans from 1970 to 2013, and gathers data for: Australia,

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confidence: 57%

“…The parameter, which the Spanish model displays, is higher than the one estimated by Esteban and Altuzarra (), i.e., 0.7174 versus 1.634.…”

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confidence: 57%

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Importance of Demographics for Housing in the Oecd Economies

Arestis¹,

Gonzalez-Martinez

2016

Bulletin of Econ Res

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“…13 However Esteban and Altuzarra (2008) do not find such a speculative component in the housing prices in Spain: "the Spanish housing boom seems not to be an artificial bubble created by ...speculation", (p.371). In line with the theoretical discussion the natural way to test for FREI acquisition costs is the direct inclusion of the current housing prices (HP) with an expected negative sign.…”

Section: The Empirical Specificationmentioning

confidence: 95%

Modelling Foreign Real Estate Investment: The Spanish Case

Rodriguez

Bustillo

2008

J Real Estate Finan Econ

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“…The earlier econometric analyses included Nellis and Longbottom (1981), which looked at residential property prices in the UK during the 1960-70s, and Case and Shiller (1990), which investigated house price dynamics in four US cities using quarterly data covering 1970-1986. More recently, the determinants of residential house prices were examined in various individual economies: the UK (Xu & Tang, 2014), Spain (Esteban & Altuzarra, 2008;Gimeno & Martinez-Carrascal, 2010), Hong Kong (Chow & Shih, 1995;Tse et al, 1999;Leung et al, 2008), Taiwan (Chen et al, 2007;Tsai & Peng, 2011), Singapore (Lum, 2002), China (Liu & Shen, 2005;Wang & Zhang, 2013;Guo & Wu, 2013), and Iran (Pour et al, 2013). Major comparative studies included Greiber and Setzer (2007), who examined European economies and the US in the periods of 1981-2006and 1986-2006as well as Hofmann (2003), who considered 20 developed economies in Europe, America, and Asia.…”

Section: Literature Reviewmentioning

confidence: 99%

Macroeconomic and Demographic Determinants of Residential Property Prices in Malaysia

Trofimov

Aris

Xuan³

2018

Zagreb International Review of Economics and Business

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This paper studies the relationship between residential property prices and macroeconomic and demographic determinants in Malaysia. In the years following the Asian financial crisis, property prices in Malaysia rose substantially, resulting in an affordability crisis and ultimately policy responses to the problem. Using unit root, Johansen-Juselius cointegration, VECM-based Granger causality tests and variance decomposition, and considering quarterly data that covers 2000-2015 period, we established that residential property price growth is principally driven by strong demographic performance and population growth and is backed by the low interest rate environment and rising consumer prices. Household income and level of GDP do not appear to contribute to property price growth. Certain distortions and asymmetries in the Malaysian real estate markets are documented: oversupply in the higher price segment of the market coupled with the lack of affordable housing in the lower price segment; household income growth lagging behind GDP and property price growth, thereby dampening housing demand; growing rental markets in major urban areas as a result of the affordability crisis; and a quality mismatch between buyers’ preferences and housing supply.

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A model of the Spanish housing market

Cited by 12 publications

References 3 publications

Importance of Demographics for Housing in the Oecd Economies

Importance of Demographics for Housing in the Oecd Economies

Modelling Foreign Real Estate Investment: The Spanish Case

Macroeconomic and Demographic Determinants of Residential Property Prices in Malaysia

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