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An analysis of the evolutions of real estate market and purchasing power within the European Union

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  • Ciprian ȘIPOȘ

    (West University of Timisoara, Romania)

  • Alexandru BUGLEA

    (West University of Timisoara, Romania)

Abstract

The paper analyzes the influence of the purchasing power on the evolution of the real estate market in the EU countries, based on the developments of GDP per capita, purchasing power parities, House Price Index and production in construction in period 2008-2013 in the EU countries. The research reveals that the evolution of GDP per capita significantly influences the evolution of House Price Index, and the price index at his turn influences the evolution of production in construction. Finally, is made a grouping of EU countries into four categories and are discussed the prospects of Real Estate market developments in the EU countries.

Suggested Citation

  • Ciprian ȘIPOȘ & Alexandru BUGLEA, 2015. "An analysis of the evolutions of real estate market and purchasing power within the European Union," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(Special(I), pages 5-14.
    • Handle: RePEc:agr:journl:v:xxii:y:2015:i:special(iii):p:5-14
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    References listed on IDEAS

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    1. Dean Gatzlaff & Cynthia Holmes, 2013. "Estimating Transaction-Based Price Indices of Local Commercial Real Estate Markets Using Public Assessment Data," The Journal of Real Estate Finance and Economics, Springer, vol. 46(2), pages 260-281, February.
    2. Bradford Case & Susan Wachter, 2005. "Residential real estate price indices as financial soundness indicators: methodological issues," BIS Papers chapters, in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 197-211, Bank for International Settlements.
    3. Jim Clayton & Greg MacKinnon & Liang Peng, 2008. "Time Variation of Liquidity in the Private Real Estate Market: An Empirical Investigation," Journal of Real Estate Research, American Real Estate Society, vol. 30(2), pages 125-160.
    4. Ron Martin, 2011. "The local geographies of the financial crisis: from the housing bubble to economic recession and beyond," Journal of Economic Geography, Oxford University Press, vol. 11(4), pages 587-618, July.
    5. Jeffrey Fisher & Dean Gatzlaff & David Geltner & Donald Haurin, 2003. "Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(2), pages 269-303, June.
    6. Kuniko Fujita, 2011. "The Global Financial Crisis, State Regime Shifts, and Urban Theory," Environment and Planning A, , vol. 43(2), pages 265-271, February.
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    More about this item

    Keywords

    Real Estate Market; purchasing power; House Price Index; production in construction.;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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