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1 – 10 of 588In this chapter, we aim to analyze the housing market development in Czechia, in particular the development of housing prices over the last 25 years. We quantify and discuss three…
Abstract
In this chapter, we aim to analyze the housing market development in Czechia, in particular the development of housing prices over the last 25 years. We quantify and discuss three distinct periods of excessive growth of regional Czech housing prices, identified through the formation of large positive GAPs – (1) before the entrance of Czechia to the European Union (EU), (2) at the onset of the Global Financial Crisis GFC, (3) in 2021. In all these periods, we identify significant differences among regions. We find that GAPs above 15% may be considered an indication of unsustainable long-term housing price growth that will be followed by a correction.
We then employ fixed effect panel data model to determine the drivers of flat and house prices in 14 Czech regions. Our results show that wage growth, migration and crime rate are significant factors affecting the prices of both flats and houses. Nevertheless, the impact of GDP per capita and job market indicators differs between flats and houses. Moreover, we find that higher migration into the region increases the difference between the prices of houses and flats, while increasing GDP per capita growth and crime rate mitigate this difference significantly.
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Due to greater returns to high skill and desirable amenities, high-skilled workers are increasingly agglomerating in metropolitan areas and form path dependence. This chapter…
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Due to greater returns to high skill and desirable amenities, high-skilled workers are increasingly agglomerating in metropolitan areas and form path dependence. This chapter explores whether the land supply policy of China constraining big cities' urban construction land quota strengthens the spatial divergence of human capital. Using city-level land supply data, population census data, and land transaction micro data, we find that the higher the degree of a city's land supply lagging behind land demand, the greater the enlargement effect of the initial share of population with college degrees on the increase in share of population with college degrees. Further research reveals that the main mechanism causing this phenomenon is the rapidly rising housing prices hindering low-skill labor flows to big cities.
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Sampa Chisumbe, Clinton Ohis Aigbavboa, Erastus Mwanaumo and Wellington Didibhuku Thwala
George Okechukwu Onatu, Wellington Didibhuku Thwala and Clinton Ohis Aigbavboa
Sampa Chisumbe, Clinton Ohis Aigbavboa, Erastus Mwanaumo and Wellington Didibhuku Thwala
Alessia Bruzzo and Enrico Ivaldi
The real estate market shows a number of distinctive features that are yet to be clearly understood at the theoretical level, because of the extreme complexity of its nature of…
Abstract
The real estate market shows a number of distinctive features that are yet to be clearly understood at the theoretical level, because of the extreme complexity of its nature of both financial instrument and mere commodity. Moreover, as we know, a long lasting speculative bubble in the housing market was one of the main causes of the great recession. The aim of this chapter is to generate an index to explain how inclusive contextual factors influence the price level of real estate in Genoa, Italy. The authors use the non-parametric methodologies of factor analysis and cluster analysis. The results of the analysis suggest that most of the variability in the fluctuation of the average price of properties is strictly connected to the features of the reference context (such as neighbourhood prestige, type and level of education of residents, access to services, etc.). However, the percentage of unjustified price variability is assumed to refer to the incidence of the intrinsic variables of the estate assets.
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Sampa Chisumbe, Clinton Ohis Aigbavboa, Erastus Mwanaumo and Wellington Didibhuku Thwala
Sampa Chisumbe, Clinton Ohis Aigbavboa, Erastus Mwanaumo and Wellington Didibhuku Thwala
Sampa Chisumbe, Clinton Ohis Aigbavboa, Erastus Mwanaumo and Wellington Didibhuku Thwala
Sampa Chisumbe, Clinton Ohis Aigbavboa, Erastus Mwanaumo and Wellington Didibhuku Thwala