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Determinanty poptávky a nabídky na trhu s byty a jejich význam pro vysvětlení regionálních rozdílů
[Demand and Supply Determinants on the Property Market and Their Importance in Explaining Regional Differences]

Author

Listed:
  • Libor Votava
  • Lenka Komárková
  • Jiří Dvořák

Abstract

There is growing interest in property prices and price trends at national and regional levels. The paper aims to find links between selected demand and supply determinants based on a panel regression of regional data during 2000-2017 and to contribute to further discussion of the role of these determinants. The main output of the paper is the identification of regional differences in the direction and strength of the influence of individual determinants on the flat price. Regional differences were identified in the mid-year population, the number of inhabitants per completed flat, the number of applicants per job, the amount of household disposable income and the divorce rate. In Prague, the first three determinants were significant. The validity of the research is limited by the fact that some potentially significant data are not statistically monitored and data aggregated at the level of regions do not reflect local conditions. The output of the analysis shows determinants that explain the price variability and indicates unused economic policy instruments.

Suggested Citation

  • Libor Votava & Lenka Komárková & Jiří Dvořák, 2021. "Determinanty poptávky a nabídky na trhu s byty a jejich význam pro vysvětlení regionálních rozdílů [Demand and Supply Determinants on the Property Market and Their Importance in Explaining Regional," Politická ekonomie, Prague University of Economics and Business, vol. 2021(1), pages 26-47.
    • Handle: RePEc:prg:jnlpol:v:2021:y:2021:i:1:id:1309:p:26-47
    DOI: 10.18267/j.polek.1309
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    References listed on IDEAS

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    1. David Zimmer, 2015. "Asymmetric dependence in house prices: evidence from USA and international data," Empirical Economics, Springer, vol. 49(1), pages 161-183, August.
    2. Ivan Matalík & Michaela Skolkova & Jan Syrovatka, 2005. "Real estate prices and CNB monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 184-96, Bank for International Settlements.
    3. Bank for International Settlements, 2005. "Real estate indicators and financial stability," BIS Papers, Bank for International Settlements, number 21.
    4. Hodges, James S. & Reich, Brian J., 2010. "Adding Spatially-Correlated Errors Can Mess Up the Fixed Effect You Love," The American Statistician, American Statistical Association, vol. 64(4), pages 325-334.
    5. Miles, William, 2017. "Has there actually been a sustained increase in the synchronization of house price (and business) cycles across countries?," Journal of Housing Economics, Elsevier, vol. 36(C), pages 25-43.
    6. Hana Hejlová & Michal Hlaváček & Luboš Komárek, 2017. "A Comprehensive Method for House Price Sustainability Assessment in the Czech Republic," Prague Economic Papers, Prague University of Economics and Business, vol. 2017(3), pages 269-285.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    real estate price; GDP; price bubble; regional differences; regional trends; disposable income; monetary policy; tax policy;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E70 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - General
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General

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