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Determinants of House Price Dynamics in Central and Eastern Europe

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  • Balázs Égert

    (Oesterreichische Nationalbank, Foreign Research Division)

Abstract

This paper examines the determinants of house price dynamics in Central and Eastern European (CEE) transition economies. While we emphasize the role of conventional fundamental factors, we also highlight the importance of transition-specific factors in house price dynamics in the region. We take a comparative approach by looking at various panels composed of eight CEE transition economies (Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Lithuania, Poland and Slovenia) and 19 industrialized non-CEE OECD countries. The use of these panels provides insights into the common determinants of house prices for the two groups of countries and, at the same time, allows us to identify the reasons for important differences in house price dynamics across countries. Overall, this paper shows that the growth in house prices in Central and Eastern Europe can be explained fairly well by the development of conventional underlying fundamentals and transition-specific factors.

Suggested Citation

  • Balázs Égert, 2007. "Determinants of House Price Dynamics in Central and Eastern Europe," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 52-76.
    • Handle: RePEc:onb:oenbfi:y:2007:i:1:b:1
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    File URL: https://www.oenb.at/dam/jcr:42177fef-0319-45fe-9be8-2efb08d40b10/feei_2007_1_egert_mihaljek_tcm16-58435.pdf
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    Cited by:

    1. Haug, Peter (Ed.) & Rosenfeld, Martin T. W. (Ed.) & Weiß, Dominik (Ed.), 2012. "Zur Zukunft der kommunalen Wohnungspolitik in Deutschland und Europa. Tagungsband: Referate und Diskussionen im Rahmen des 3. Halleschen Kolloquiums zur Kommunalen Wirtschaft am 5. und 6. November 200," IWH-Sonderhefte 3/2012, Halle Institute for Economic Research (IWH).
    2. Christian Lambert Nguena & Fulbert Tchana Tchana & Albert Zeufack, 2024. "On threshold effect of housing finance on shared prosperity: Evidence from sub‐Saharan Africa," Bulletin of Economic Research, Wiley Blackwell, vol. 76(1), pages 5-40, January.
    3. Cesa-Bianchi, Ambrogio, 2013. "Housing cycles and macroeconomic fluctuations: A global perspective," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 215-238.
    4. Mr. Paul Louis Ceriel Hilbers & Angana Banerji & Haiyan Shi & Mr. Willy A Hoffmaister, 2008. "House Price Developments in Europe: A Comparison," IMF Working Papers 2008/211, International Monetary Fund.
    5. Bo Malmberg, 2010. "Low Fertility and the Housing Market: Evidence from Swedish Regional Data [Basse Fécondité et Marché du Logement: Une Analyse de Données Régionales Suédoises]," European Journal of Population, Springer;European Association for Population Studies, vol. 26(2), pages 229-244, May.
    6. Ales Melecky & Daniel Paksi, 2024. "Drivers of European housing prices in the new millennium: demand, financial, and supply determinants," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 51(3), pages 731-753, August.

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