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Measuring Heterogeneity of House Price Developments in Hungary, 1990–2016

Author

Listed:
  • Ádám Banai

    (Nemzeti Bank (MNB, the central bank of Hungary), Budapest, Hungary)

  • Nikolett Vágó

    (Nemzeti Bank (MNB, the central bank of Hungary), Budapest, Hungary)

  • Sándor Winkler

    (Nemzeti Bank (MNB, the central bank of Hungary), Budapest, Hungary)

Abstract

This study presents the detailed methodology of generating house price indices for the Hungarian market. The index family is an expansion of the Hungarian housing market statistics in several regards. The nationwide index is derived from a database starting from 1990, and thus the national index is regarded as the longest in comparison to the house price indices available so far. The long time series allow us to observe and compare the real levels of house prices across economic cycles. Another important innovation of this index family is its ability to capture house developments by regions and settlement types, which sheds light on the strong regional heterogeneity underlying the Hungarian housing market.

Suggested Citation

  • Ádám Banai & Nikolett Vágó & Sándor Winkler, 2018. "Measuring Heterogeneity of House Price Developments in Hungary, 1990–2016," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 68(3), pages 377-414, September.
    • Handle: RePEc:aka:aoecon:v:68:y:2018:i:3:p:377-414
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    More about this item

    Keywords

    housing market; house price index; hedonic regression; Hungary;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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