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2020 €“ Year Of Shocks €“ Assessment Of Impacts On Dwelling Prices In Croatia

Author

Listed:
  • Tamara Sliskovic

    (University of Zagreb)

  • Martina Solenicki

    (University of Zagreb)

  • Marija Beg

    (University of Zagreb)

Abstract

The past year (2020) was marked by shocks that shook the Croatian economy in various spheres. First and foremost, the Covid-19 pandemic and consequently full and/or partial economic lockdown initially slowed down economic activity and then resulted in record negative GDP growth rates. Immediately after the declaration of the world pandemic, the capital of Croatia was hit by another unforeseen shock in the form of a strong earthquake. This paper assesses the effects of these events on Croatian dwelling prices, but also looks into the effects in individual regions (Zagreb, Adriatic and others). At the same time, the effect of housing loan subsidies, which is not exclusively related to 2020, is being assessed. The hedonic model of estimating the requested and achieved housing prices showed that the pandemic is not significantly related to housing price developments in Croatia, while housing loan subsidies can be linked to rising prices in certain market segments. Also, according to the analysis results, the earthquake in Zagreb can be related to the prices growth in the segment of newly built dwellings.

Suggested Citation

  • Tamara Sliskovic & Martina Solenicki & Marija Beg, 2021. "2020 €“ Year Of Shocks €“ Assessment Of Impacts On Dwelling Prices In Croatia," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 30(2), pages 393-416, december.
    • Handle: RePEc:avo:emipdu:v:30:y:2021:i:2:p:393-416
    DOI: 10.17818/EMIP/2021/2.4
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    More about this item

    Keywords

    dwelling prices; hedonic model; Covid-19; housing loan subsidies; earthquake;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure

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