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The Impact of Macroeconomic Factors on Residential Property Price Indices in Europe

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  • Renigier-Biłozor Małgorzata

    (University of Warmia and Mazury in Olsztyn, Poland Faculty of Geodesy and Land Management Department of Real Estate Management and Regional Development Prawochenskiego 15, 10-724 Olsztyn, Poland)

  • Wiśniewski Radosław

    (University of Warmia and Mazury in Olsztyn, Poland Faculty of Geodesy and Land Management Department of Real Estate Management and Regional Development Prawochenskiego 15, 10-724 Olsztyn, Poland)

Abstract

This paper aims to determine the influence of selected variables on residential property price indices for the European countries, with particular attention paid to Italy and Poland, using a rough set theory and an approach that uses a committee of artificial neural networks. Additionally, the overall analysis for each European country is presented.Quarterly time series data constituted the material for testing and empirical results. The developed models show that the economic and financial situation of European countries affects residential property markets. Residential property markets are connected, despite the fact that they are situated in different parts of Europe.The economic and financial crisis of countries has variable influence on prices of real estate. The results also suggest that methodology based on the rough set theory and a committee of artificial neural networks has the ability to learn, generalize, and converge the residential property prices index.

Suggested Citation

  • Renigier-Biłozor Małgorzata & Wiśniewski Radosław, 2012. "The Impact of Macroeconomic Factors on Residential Property Price Indices in Europe," Folia Oeconomica Stetinensia, Sciendo, vol. 12(2), pages 103-125, December.
    • Handle: RePEc:vrs:foeste:v:12:y:2012:i:2:p:103-125:n:11
    DOI: 10.2478/v10031-012-0036-3
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    References listed on IDEAS

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    Cited by:

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    3. Muktar Babatunde Wahab & Wasiu Ayobami Durosinmi & Matthew Mamman & Dodo Usman Zakari & Adetoye Sulaiman Adepoju, 2021. "Macroeconomic Dynamics in Real Estate Market amid Covid-19 Pandemic in Abuja, Nigeria," AfRES 2021-002, African Real Estate Society (AfRES).
    4. Abul, Sadeq & Al-Kandari, Ahmad M., 2020. "Real Estate Market and Macroeconomic Factors in Kuwait: An ARDL Approach," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 73(3), pages 405-434.
    5. Tomal Mateusz, 2019. "The Impact of Macro Factors on Apartment Prices in Polish Counties: A Two-Stage Quantile Spatial Regression Approach," Real Estate Management and Valuation, Sciendo, vol. 27(4), pages 1-14, December.

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