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A Quantitative Analysis of Investment in New Housing in Greece

Author

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  • George Donatos

    (Department of Economics, National and Kapodistria University of Athens, 8 PesmayoglouStreet, GR-105 59 Athens, Greece)

Abstract

This paper analyses empirically investment in housing in Greece using aggregate data for the period 1958-89 and a version of the flexible accelerator model of investment demand. Housing production is undertaken mainly by households aiming at private home ownership and is subject to significant fluctuations which were more pronounced in the 1980s. The estimation of the model shows that traditional determinants of housing demand, such as income and population, influence significantly investment decisions. Moreover, the dynamic specification adopted seems to have traced well the dynamic adjustment of the housing stock. Finance variables, on the other hand, were not found to affect significantly housing investment. Tests of stability indicated that estimated equations are reasonably stable over the sample period.

Suggested Citation

  • George Donatos, 1995. "A Quantitative Analysis of Investment in New Housing in Greece," Urban Studies, Urban Studies Journal Limited, vol. 32(9), pages 1475-1487, November.
    • Handle: RePEc:sae:urbstu:v:32:y:1995:i:9:p:1475-1487
    DOI: 10.1080/00420989550012357
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    References listed on IDEAS

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    1. Vaughn, Garrett A., 1976. "Sources of downward bias in estimating the demand income elasticity for urban housing," Journal of Urban Economics, Elsevier, vol. 3(1), pages 45-56, January.
    2. de Leeuw, Frank, 1971. "The Demand for Housing: A Review of Cross-Section Evidence," The Review of Economics and Statistics, MIT Press, vol. 53(1), pages 1-10, February.
    3. Burns, Leland S & Grebler, Leo, 1976. "Resource Allocation to Housing Investment: A Comparative International Study," Economic Development and Cultural Change, University of Chicago Press, vol. 25(1), pages 95-121, October.
    4. Jimenez, Emmanuel & Keare, Douglas H., 1984. "Housing consumption and permanent income in developing countries: Estimates from panel data in El Salvador," Journal of Urban Economics, Elsevier, vol. 15(2), pages 172-194, March.
    5. Smith, Lawrence B & Rosen, Kenneth T & Fallis, George, 1988. "Recent Developments in Economic Models of Housing Markets," Journal of Economic Literature, American Economic Association, vol. 26(1), pages 29-64, March.
    6. Mayo, Stephen K., 1981. "Theory and estimation in the economics of housing demand," Journal of Urban Economics, Elsevier, vol. 10(1), pages 95-116, July.
    7. Polinsky, A Mitchell, 1977. "The Demand for Housing: A Study in Specification and Grouping," Econometrica, Econometric Society, vol. 45(2), pages 447-461, March.
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    Cited by:

    1. Reza Najarzadeh & Amene Shahidi, 2015. "Modeling Housing Demand for New Residential Buildings in Urban Areas," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 19(2), pages 165-176, Spring.

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