House Price Developments in Europe : A Comparison.
Başlık:
House Price Developments in Europe : A Comparison.
Yazar:
Hilbers, Paul Louis Ceriel.
ISBN:
9781451915228
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 online resource (66 pages)
Seri:
IMF Working Papers
İçerik:
Contents -- I. Introduction -- II. Understanding Market Developments -- A. Key Features -- B. Determining Factors and Indicators -- C. Impact of Policies -- III. The European Picture: House Price Developments in Selected Countries -- A. Market Developments -- B. Demand Factors -- C. Supply Side and Rental Market -- D. Taxation Issues -- E. Financial Sector -- IV. Assessing House Price Developments: An Empirical Approach -- A. House Price Model -- B. Empirical Evidence -- V. Summary and Concluding Remarks -- References -- Boxes -- 1. Aspects of Housing Markets -- 2. User Cost Framework -- 3. Measuring User Costs in Europe -- 4. Do Housing Prices Reflect a Bubble? -- Tables -- 1. Indicators for Housing Market Conditions and Trends -- 2. Real House Price Index -- 3. Evolution of User Costs in Europe, 1995-2006 -- 4. Understanding the Decline in User Costs in Europe, 2000-05 -- 5. Home Ownership in Europe -- 6. Housing Stocks -- 7. Housing Stock Rented from Government and Social Housing -- 8. Property-Related Taxes -- 9. Mortgage Market Completeness Indicators -- 10. Standard Model Estimates for P/Rent -- 11. Standard Model Estimates for P -- 12. User Costs and Interest Rates -- 13. Extended Model Estimates -- 14. The Impact of the Risk-Free Interest Rate on User Costs -- 15. Overvaluation Resulting from an Increase in Interest Rates -- Figures -- 1. Key Policy Relationships -- 2. Average Real Property Prices, 1985-2007 -- 3. House Prices and Income, 1985-2006 -- 4. House Prices and Interest Rates, 1985-2006 -- 5. Demographics, 1985-2006 -- 6. Home Ownership and Property Price Appreciation -- 7. Housing and Household Wealth -- 8. House Prices and Housing Supply, 1985-2006 -- 9. House Prices and Rents, 1985-2006 -- 10. Price-Rental Ratio and Housing Stock -- 11. Selected European Countries: Property Taxes by Level, 1975-2005.
12. Selected European Countries: Property Tax Change, 1975-2005 -- 13. Selected European Countries: Property Tax Deflated by House Prices, 1975-2005 -- 14. Financial Sector Lending for Residential Property, 1990-2004 -- 15. Mortgage Lending Growth and Property Prices -- 16. Understanding the House Price-Rental Ratio -- 17. Understanding the House Price -- 18. Overvaluation in Housing Markets in Europe -- Appendices -- I. Data Sources -- II. Housing-Related Taxation.
Özet:
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
Notlar:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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