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Are correlated the real estate prices in romanian cities, to the living conditions offered?

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  • Ciprian SIPOS

Abstract

Due to the significant growth recorded in the Romanian real estate market over the last couple of years, the present study aims to analyse if these increases are due to objective factors related to the living conditions offered by the Romanian cities. The most important question that arises on the Romanian real estate market at this moment: is the growing trend sustainable or are we approaching to a new real estate bubble similar to year 2008? Thus, based on Eurostat data on environment conditions, population structure, economic and financial situation, fertility and mortality, tourism, culture and education, the correlation between these variables and real estate market value was analysed in 33 cities from Romania, large and medium sized. The results of the study show a moderate correlation between the variables analysed and the real estate market values, which leads us to the idea that there is also a significant speculative market component which, if not properly managed by real estate developers, banks and authorities, can lead to a new crisis. Undoubtedly, if the market value increases continue, the potential customers will not have the financial capacity to deal with real estate loans, even if the trend is to reduce the useful floor space of newly built apartments.

Suggested Citation

  • Ciprian SIPOS, 2018. "Are correlated the real estate prices in romanian cities, to the living conditions offered?," The Valuation Journal, The National Association of Authorized Romanian Valuers, vol. 13(1), pages 5-21.
    • Handle: RePEc:vaj:journl:v:13:y:2018:i:1:p:5-21
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    More about this item

    JEL classification:

    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • R28 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Government Policy
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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