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Spillovers across House Price Convergence Clubs: Evidence from the Polish Housing Market

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  • Tomal Mateusz

    (Department of Real Estate and Investment Economics, Cracow University of Economics)

Abstract

The aim of this study is to assess whether significant spillovers exist among house price convergence clubs in the Polish housing market. This paper is a continuation of my previous research on house price convergence in Poland. In order to achieve the defined goal, VAR modelling was used. Based on the results of the VAR model, impulse response functions (IRFs) and the Spillover Index were calculated. The obtained results indicate that spillovers in the Polish housing market are strong. The relationships are observed both inside the primary and secondary markets and between them. In particular, a very powerful influence is exerted from a club of cities from the primary market, consisting of Cracow, Warsaw, Gdańsk, Poznań, Rzeszów and Wrocław, on the remaining identified house price convergence clubs.

Suggested Citation

  • Tomal Mateusz, 2020. "Spillovers across House Price Convergence Clubs: Evidence from the Polish Housing Market," Real Estate Management and Valuation, Sciendo, vol. 28(2), pages 13-20, June.
    • Handle: RePEc:vrs:remava:v:28:y:2020:i:2:p:13-20:n:2
    DOI: 10.1515/remav-2020-0012
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    References listed on IDEAS

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    More about this item

    Keywords

    house price convergence; impulse response function; spillover index; VAR model; ripple effect;
    All these keywords.

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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