House Prices in Local Markets in Italy: Dynamics, Levels and the Role of Urban Agglomerations

Casolaro, Luca; Fabrizi, Cristina

doi:10.2139/ssrn.3429209

Cited by 3 publications

(4 citation statements)

References 14 publications

(16 reference statements)

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“…Yet, studies for other countries have until now not confirmed a clear correlation between phases of real-estate cycles and a divergence-convergence pattern. Casolaro and Fabrizi ( 2018 ) for instance identify five cycles for the Italian regions in the period 1970–2016. While convergence was unrelated to the boom-bust periods for large regions (Northeast, Northwest, Centre, South/Islands), bust periods were associated with convergence within these regions.…”

Section: Determinants and Disparities Of Land Pricesmentioning

confidence: 99%

“…Surges in land prices can spill over to other regions and exert an upward pressure on prices throughout the spatial system. According to the literature, there are two different patterns of price diffusion from urban centres (Casolaro and Fabrizi 2018 ): first, a diffusion that follows the hierarchy of the urban system, and second, the neighbourhood diffusion pattern, caused by short-distance migration and commuters triggering the convergence of housing prices between contiguous regions (Meen 1999 ; Kuethe and Pede 2011 ). We subsequently denote the latter pattern as the “ripple-effect hypothesis”.…”

Section: Determinants and Disparities Of Land Pricesmentioning

confidence: 99%

“…Martin 2011;Holm 2009;Vollmer 2018;Wachsmuth and Weisler 2018;Aigner 2018). Little attention has yet been paid to temporal and spatial price dynamics beyond large urban agglomerations (rare exceptions include Blanco et al 2016;Casolaro and Fabrizi 2018;Mariš 2021). Thus, the aim of this paper is to gain deeper insights into the regionally variegated effects of building land price developments in the context of a national housing price boom as experienced by the Austrian economy in the aftermath of the global financial crisis.…”

Section: Introductionmentioning

confidence: 99%

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The regional variation of a housing boom. Disparities of land prices in Austria, 2000–2018

Reiner

Musil

2023

Rev Reg Res

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Debates accompanying the global housing boom have primarily focussed on the economic and social implications for urban housing markets. Against this background, this paper analyses the repercussions for regional land prices of a national housing boom in and beyond agglomerations. Convergence and divergence dynamics, regional price drivers, and spatial diffusion are investigated by examining average building-land prices of 95 Austrian regions between 2000 and 2018. The results indicate a clear increase in regional disparities in land prices, with the main rise taking place during a high price-growth period. Regions with high land prices are the main drivers of divergence, while a substantial number of peripheral regions with converging land prices were hardly affected by the national price boom. Land-price growth rates are positively affected by the number of households but negatively impacted by income growth, which points to a problematic decoupling of household income and land prices. Finally, the diffusion of the land-price boom occurs along the urban hierarchy as well as via neighbouring regions, confirming the ripple-effect hypothesis.

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Section: Determinants and Disparities Of Land Pricesmentioning

confidence: 99%

Section: Determinants and Disparities Of Land Pricesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The regional variation of a housing boom. Disparities of land prices in Austria, 2000–2018

Reiner

Musil

2023

Rev Reg Res

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“…There is, furthermore, ample evidence that price differentials are largely due to the price of services and, especially, of housing and rents (Karády and Koren, 2009;Stroebel and Vavra, 2019;Tabuchi, 2001;Weinand and von Auer, 2020). In Italy too, remarkable North-South differences exist in house prices which, at the municipality level, are related to household incomes, labour market conditions, and population size (Casolaro and Fabrizi, 2018).…”

Section: Two Equilibriamentioning

confidence: 99%

Territorial disparities in labour productivity, wages and prices in Italy: What does the data show?

Daniele

2021

European Urban and Regional Studies

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In Italy, both at the regional and sub-regional levels, labour productivity and average wages are strongly correlated. Overall, in industry and services, the gap (about 30%) in productivity between Southern and Central-Northern regions is almost offset by that in the average wage: unit labour costs are similar. Since, in Italy, in each sector, nominal wages are set through national collective agreements – and therefore are the same throughout the country – regional differences in wage per employee depend solely on the composition of the occupational structures. The small difference in the unit labour cost suggests that also the North–South disparity in labour productivity is largely due to the characteristics of the respective productive structures. Across Italian regions, average wages and price levels are positively correlated. Spatial price differentials mainly depend on the prices of services and housing. In turn, prices influence regional nominal productivity in sectors producing non-tradable goods. The North–South difference in price levels substantially equalises the average real wage in the two areas. Nevertheless, thanks to the lower prices and the equality in nominal wages, in the South employees enjoy a greater purchasing power than their colleagues in the rest of the country with analogous job positions. The Italian case suggests that, at the regional level, labour productivity, average wages and prices are interrelated. The analysis of their mutual relationships is of great importance for regional policies.

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Relationship Between Real Estate Indices and Inflation Trends: An Application to the European Residential Property Market

Locurcio,

Morano,

Tajani

et al. 2024

Lecture Notes in Computer Science

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House Prices in Local Markets in Italy: Dynamics, Levels and the Role of Urban Agglomerations

Cited by 3 publications

References 14 publications

The regional variation of a housing boom. Disparities of land prices in Austria, 2000–2018

The regional variation of a housing boom. Disparities of land prices in Austria, 2000–2018

Territorial disparities in labour productivity, wages and prices in Italy: What does the data show?

Relationship Between Real Estate Indices and Inflation Trends: An Application to the European Residential Property Market

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