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The state of the housing market in the euro area

Author

Listed:
  • Battistini, Niccolò
  • Le Roux, Julien
  • Roma, Moreno
  • Vourdas, John

Abstract

The housing market has important macroeconomic and macroprudential implications for the euro area economy. In view of the duration of the ongoing upturn in euro area house prices and residential investment, which started at the end of 2013, analysing the state of the housing market is particularly informative. This article discusses the ongoing housing market upturn, from a chronological and fundamental perspective. It also explores a selected set of indicators that can potentially inform on the state of the housing market, elaborating on the demand and supply factors underpinning the current upturn, as well as their relative importance. JEL Classification: E22, E31, E32, R31

Suggested Citation

  • Battistini, Niccolò & Le Roux, Julien & Roma, Moreno & Vourdas, John, 2018. "The state of the housing market in the euro area," Economic Bulletin Articles, European Central Bank, vol. 7.
    • Handle: RePEc:ecb:ecbart:2018:0007:2
    Note: 3182505
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/articles/2018/html/ecb.ebart201807_02.en.html
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    Citations

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    Cited by:

    1. Cengiz Tunc, 2020. "The Effect of Credit Supply on House Prices: Evidence From Turkey," Housing Policy Debate, Taylor & Francis Journals, vol. 30(2), pages 228-242, March.
    2. Muñoz, Manuel A., 2020. "Macroprudential policy and the role of institutional investors in housing markets," Working Paper Series 2454, European Central Bank.
    3. Snyder, Tricia Coxwell & Vale, Sofia, 2022. "House prices and household credit in the Eurozone: A single monetary policy with dissonant transmission mechanisms," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 243-256.
    4. Wolfgang Breuer & Bertram I. Steininger, 2020. "Recent trends in real estate research: a comparison of recent working papers and publications using machine learning algorithms," Journal of Business Economics, Springer, vol. 90(7), pages 963-974, August.

    More about this item

    Keywords

    house prices; housing cycle; housing market; residential investment;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • 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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