Structural changes in the Spanish housing market and their implications for housing policy
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|Title:||Structural changes in the Spanish housing market and their implications for housing policy|
|Authors:||Taltavull de La Paz, Paloma|
|Research Group/s:||Territorio y Movilidad. Mercados de Trabajo y Vivienda|
|Center, Department or Service:||Universidad de Alicante. Departamento de Análisis Económico Aplicado|
|Keywords:||Spanish housing prices | Housing market fundamentals | Bubbles | Housing equity|
|Knowledge Area:||Economía Aplicada|
|Abstract:||The paper evaluates the role of fundamentals to explain the evolution of housing prices in the Spanish market. Real and financial components of the housing demand are included in an empirical exercise in order to evaluate their impact on prices. It also check the possibility of current Spanish housing price cycle to be a bubble regarding the market absorption and the households indebtedness, and the macro-effects of the price evolution. Some results suggest that there is not a bubble on Spanish housing prices but a strong revaluation on Spanish wealth.|
|Description:||Paper presented to the Ramón Areces Seminar “Housing Fluctuations in Europe: Causes and Policy Options”, Madrid, April 8-9, 2005.|
|Appears in Collections:||INV - TEYMO - Comunicaciones a Congresos / Conference Papers|
INV - ECOVISI - Comunicaciones a Congresos, Conferencias, etc.
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