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Euro area house price developments during the coronavirus pandemic

Author

Listed:
  • Roma, Moreno

Abstract

During the pandemic, euro area house price dynamics remained robust, notwithstanding a general deterioration in macroeconomic conditions. The pandemic has caused the number of housing transactions to fall, triggering a quantity adjustment rather than a price adjustment. Favourable financing conditions and fiscal policies are supporting household income and have cushioned negative effects on house prices. Moreover, weak construction activity since the start of the pandemic has weighed on supply, possibly adding to upward price pressures on existing housing. The observed resilience of euro area house prices appears to be broad-based and not limited to developments in capital cities in the euro area. JEL Classification: E31

Suggested Citation

  • Roma, Moreno, 2021. "Euro area house price developments during the coronavirus pandemic," Economic Bulletin Boxes, European Central Bank, vol. 4.
    • Handle: RePEc:ecb:ecbbox:2021:0004:5
    Note: 337417
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2021/html/ecb.ebbox202104_05~681f95e295.en.html
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    Cited by:

    1. de Palma, André & Vosough, Shaghayegh & Liao, Feixiong, 2022. "An overview of effects of COVID-19 on mobility and lifestyle: 18 months since the outbreak," Transportation Research Part A: Policy and Practice, Elsevier, vol. 159(C), pages 372-397.

    More about this item

    Keywords

    house price cycles; House prices;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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