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Author: Angana Banerji
Publisher: International Monetary Fund
ISBN: 1451870698
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
Author: Angana Banerji
Publisher: International Monetary Fund
ISBN: 1451870698
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
Author: Mr. Serhan Cevik
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 23
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Book Description
This paper investigates how housing prices respond to economic, financial and demographic conditions in emerging markets in Europe. We use quarterly data covering 10 countries over the period 1998–2022 and implement a panel quantile regression approach to obtain a granular analysis of real estate markets. Overall, economic, financial and demographic factors explain the changes in real house prices in emerging Europe, with income growth having the most significant impact. Quantile regression estimations show that income growth matters more for higher housing prices than those at the lower quantiles of the property market. We also find that an increase in short-term or long-term interest rates have a price-dampening impact, indicating that a higher cost of borrowing is associated with lower real house prices. These results indicate that the downturn in house prices could deepen with the looming economic recession and soaring interest rates.
Author: Rob Nijskens
Publisher: Springer
ISBN: 3030116743
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Author: Juan Carlos Hatchondo
Publisher: International Monetary Fund
ISBN: 1463954778
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the mortgage default rate. The average coefficients that measure the agents' ability to self-insure against income shocks are similar to those of a SIM model without housing but housing increases the values of these coefficients for younger agents. The response of consumption to house price shocks is minimal. The introduction of minimum down payments or income garnishment benefits a majority of the population.
Author: P. Arestis
Publisher: Springer
ISBN: 0230246982
Category : Business & Economics
Languages : en
Pages : 283
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Book Description
Housing finance structures and Institutional and regulatory/fiscal aspects in housing have changed significantly in recent years. This book examines the development in housing markets in Europe and the US, and looks at ways to make housing more affordable and housing market developments more stable.
Author: Florian Hackelberg
Publisher: Haufe-Lexware
ISBN: 3648146580
Category : Business & Economics
Languages : en
Pages : 423
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Book Description
Investing in one of the most promising real estate markets in Europe offers enormous opportunities. And as with every real estate market, in Germany too, the local framework conditions must be understood and their particularities must be adequately taken into account. The authors are renowned senior executives, real estate advisors and academics, who share here their extensive experience and real life insights from countless real estate investments, covering all aspects of a successful investment process in Germany. Includes: markets, the regulatory framework and investment guidelines. Contents: - Essentials for successful real estate investments in Germany - Macro-economic structure and dynamics of the German real estate market - Real estate investment, trends and strategies - Diverse submarkets: residential, offices, retail, hotel and nursing homes - Real estate legal, tax and audit frameworks - German REITS and ESG in real estate investments - Real estate M&A, financing, due diligence and valuations
Author: Kathleen Scanlon
Publisher: John Wiley & Sons
ISBN: 1118412346
Category : Business & Economics
Languages : en
Pages : 494
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Book Description
All countries aim to improve housing conditions for their citizens but many have been forced by the financial crisis to reduce government expenditure. Social housing is at the crux of this tension. Policy-makers, practitioners and academics want to know how other systems work and are looking for something written in clear English, where there is a depth of understanding of the literature in other languages and direct contributions from country experts across the continent. Social Housing in Europe combines a comparative overview of European social housing written by scholars with in-depth chapters written by international housing experts. The countries covered include Austria, Denmark, England, France, Germany, Hungary, Ireland, The Netherlands and Sweden, with a further chapter devoted to CEE countries other than Hungary. The book provides an up-to-date international comparison of social housing policy and practice. It offers an analysis of how the social housing system currently works in each country, supported by relevant statistics. It identifies European trends in the sector, and opportunities for innovation and improvement. These country-specific chapters are accompanied by topical thematic chapters dealing with subjects such as the role of social housing in urban regeneration, the privatisation of social housing, financing models, and the impact of European Union state aid regulations on the definitions and financing of social housing.
Author: Paul de Vries
Publisher: IOS Press
ISBN: 1607506653
Category : Political Science
Languages : en
Pages : 227
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Book Description
This study discusses ways of measuring and explaining the development of house prices. The goal of the research underpinning this dissertation was to develop a methodological framework for studying these developments. This framework relates, first, to correcting for changes in the composition of dwellings and, second, to the fundamentals of the price development. Using the weighted repeat sales method and sale price appraisal ratio (SPAR) method, house price indexes were developed for the Netherlands. Both the Dutch land registry office and Statistics Netherlands publish the SPAR based house price index monthly. To explain and predict changes in prices, a house price model is presented. As suggested in literature on western housing markets, the Dutch house price developments can be explained by demand-oriented short-run term variables and a long-run term variable.
Author: Khalid ElFayoumi
Publisher: International Monetary Fund
ISBN: 151357020X
Category : Business & Economics
Languages : en
Pages : 97
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Book Description
Many European economies have faced pressure from rental housing affordability that has widened social and economic divergence. While significant country and regional differences exist, this departmental paper finds that in many advanced European economies a large and rising share of low-income renters, the young, and those living in cities is overburdened. In several locations, middle-income groups also increasingly face rental affordability issues.
Author: Karl E. Case
Publisher: Lincoln Inst of Land Policy
ISBN: 9781558441842
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
