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Tests for the Presence of Price Convergence on Residential Property Market in Several Districts of Szczecin in 2006–2009

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  • Gnat Sebastian

    (University of Szczecin, Faculty of Economics and Management, Institute of Econometrics and Statistics, Mickiewicza 64, 71-101 Szczecin, Poland)

Abstract

Neighbouring local property markets are not separate realities. They influence one another and create an interrelated system of supply and demand. Some of these interrelations are convergent, while others result in contradictory trends on the markets. Convergence is a term denoting a process of some phenomena approaching its normative level. Tests for the presence of convergence help to assess if the objects under observation show resemblance in the context of the observed phenomenon, and to find out how long it takes for this resemblance to be complete. In this paper, I propose the application of methods normally used in tests for convergence for the purpose of the analysis of trends of the average residential property prices in some districts in Szczecin over the time range of 2006–2009, that is during the housing bubble on the residential property market. The study will provide information if such a market phase encourages price convergence.

Suggested Citation

  • Gnat Sebastian, 2016. "Tests for the Presence of Price Convergence on Residential Property Market in Several Districts of Szczecin in 2006–2009," Folia Oeconomica Stetinensia, Sciendo, vol. 16(1), pages 186-195, December.
    • Handle: RePEc:vrs:foeste:v:16:y:2016:i:1:p:186-195:n:11
    DOI: 10.1515/foli-2016-0011
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    Keywords

    price convergence; residential property market;

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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