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An Analysis of the Relationships Between Domestic Real Estate Markets – A Systemic Approach

Author

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  • Brzezicka Justyna

    (Faculty of Geodesy, Geospatial and Civil Engineering, University of Warmia and Mazury in Olsztyn)

  • Łaszek Jacek

    (Collegium of Business Administration, Warsaw School of Economics, Narodowy Bank Polski)

  • Olszewski Krzysztof

    (Collegium of Business Administration, Warsaw School of Economics, Narodowy Bank Polski)

Abstract

This article analyzes the spread of market phenomena, market tensions and trends between real estate markets on the global scale. At the theoretical level, the main aim of the study was to determine the nature of the relationships between housing markets throughout the world. The main research goal was to identify and describe the strength of the correlations between the real estate markets of the world’s 10 largest economies (countries with the highest GDP). The analyses were conducted with the use of Pearson’s correlation tests, Granger causality tests and graphs. Our results revealed strong correlations between most of the markets; however, we did not find strong evidence for causality. In a globalizing world, national economies will become increasingly interconnected, which will indirectly influence the housing market.

Suggested Citation

  • Brzezicka Justyna & Łaszek Jacek & Olszewski Krzysztof, 2019. "An Analysis of the Relationships Between Domestic Real Estate Markets – A Systemic Approach," Real Estate Management and Valuation, Sciendo, vol. 27(1), pages 79-91, March.
    • Handle: RePEc:vrs:remava:v:27:y:2019:i:1:p:79-91:n:8
    DOI: 10.2478/remav-2019-0008
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    References listed on IDEAS

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    Cited by:

    1. Brzezicka, Justyna & Łaszek, Jacek & Olszewski, Krzysztof & Waszczuk, Joanna, 2019. "Analysis of the filtering process and the ripple effect on the primary and secondary housing market in Warsaw, Poland," Land Use Policy, Elsevier, vol. 88(C).
    2. Mateusz Tomal & Agata Gumieniak, 2020. "Agricultural Land Price Convergence: Evidence from Polish Provinces," Agriculture, MDPI, vol. 10(5), pages 1-20, May.

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    More about this item

    Keywords

    International house prices; spillovers; financial globalization;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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