Determinants of the real estate prices in Poland
Authors:
- Victor Shevchuk
Abstract
Using the quarterly data for the 2010-2020 period, both long- and short-term factors behind the real estate prices for existing flats in Poland are estimated. 3 The long-term determinants of the real estate prices include (i) deviations of the NBP reference rate from its Taylor rule-based counterpart and (ii) the level of GDP.Stagnation of the real estate prices in the 2010-2013 period contributed to a recovery in prices since then. The long-term estimates are robust to the choice of alternative 7 estimators (2SLS, FOLS, DOLS). In the short run, the real estate prices are affected by the changes in the central bank reference rate, wages, exchange rate of the Polish zloty to the US dollar, output in the Eurozone, as well as by the government-sponsored 10 program Family 500+. Our results are robust to the substitution of wages in the short-term regression by domestic output and control for the quality of housing and the real estate prices in Germany and the UK. Correction of the deviations of the short-term dynamics from the long-term trend seems to be rather weak, being observed mainly in the regressions with the residuals from the long-term specifications with the Taylor rule-based interest rate.
- Record ID
- CUT3c78048a5ba6415bad440c3f3ecaf793
- Publication categories
- ; ;
- Author
- Pages
- 119-134
- Other elements of collation
- wykr.; Bibliografia (liczba pozycji) - [35]; Oznaczenie streszczenia - Abstr.
- Substantive notes
- Data wydania wg cop.
- Book
- Jajuga Krzysztof, Krzysztof Jajuga Dehnel Grażyna, Grażyna Dehnel Walesiak Marek Marek Walesiak (eds.): Modern classification and data analysis : methodology and applications to micro- and macroeconomic problems, Studies in Classification, Data Analysis, and Knowledge Organization, 2022, Cham, Springer, Springer, ISBN 978-3-031-10190-8 (eBook)
- Keywords in English
- real estate market, interest rate, Taylor rule, Poland
- DOI
- DOI:10.1007/978-3-031-10190-8_9 Opening in a new tab
- URL
- https://link.springer.com/chapter/10.1007/978-3-031-10190-8_9 Opening in a new tab
- Language
- eng (en) English
- Score (nominal)
- 20
- Score source
- publisherList
- Score
- Uniform Resource Identifier
- https://cris.pk.edu.pl/info/article/CUT3c78048a5ba6415bad440c3f3ecaf793/
- URN
urn:pkr-prod:CUT3c78048a5ba6415bad440c3f3ecaf793
* presented citation count is obtained through Internet information analysis, and it is close to the number calculated by the Publish or PerishOpening in a new tab system.