International retiree migration and housing markets. Evidence from Spain

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Title: International retiree migration and housing markets. Evidence from Spain
Authors: Taltavull de La Paz, Paloma | Gibler, Karen M.
Research Group/s: Economía de la Vivienda y Sector Inmobiliario (ECOVISI)
Center, Department or Service: Universidad de Alicante. Departamento de Análisis Económico Aplicado
Keywords: Retiree migration | Housing economics | Housing investment
Issue Date: 27-Sep-2023
Publisher: Emerald
Citation: Journal of European Real Estate Research. 2023, 16(2): 271-296. https://doi.org/10.1108/JERER-04-2023-0014
Abstract: Purpose – Large numbers of Northern European retirees have migrated to Southern European countries. A relevant part of this migration is not driven by work purposes but rather the desire to establish residence in a warmer country. These migrants come from different countries and exhibit diverse socioeconomic characteristics and preferences, including varying income levels, housing tastes and cultural habits, which could potentially influence the housing market in their host countries. This paper aims to examine the permanent impact of retiree migrant flows on house prices in Alicante, Spain, from 1988 to 2019, explicitly considering the impact related to the country of origin. Design/methodology/approach – This paper examines the permanent impact of retiree migrant flows on house prices in Alicante, Spain, from 1988 to 2019, explicitly considering the impact related to the country of origin using panel cointegration – Dynamic Ordinary Least Squared (DOLS) models. Findings – Results indicate that the long-term relationship captures the entire effect on house price change and that prices react immediately to the immigrants' presence with permanent effects. The results also suggest that the strong retiree migration flow created a shock in the housing market with different effects on house prices related to the immigrants' country of origin. The model identifies that when income growth in the origin country is slower than in Spain it has a major impact on house prices. When purchasing capacity is larger in Alicante than in the origin country it exerts a stronger effect on housing prices. Retiree migration flow has permanent effect on housing market prices. Practical implications – Results indicate several ways to act on social and housing policies in specific cities in Alicante province, as well as in the origin countries, to alleviate potential disadvantages faced by expatriate retirees. Originality/value – This paper finds evidence of the specific impact of international retiree migrants on the hosting housing market. This study is the first paper that can estimate the specific effect on housing prices from a flow of retiree migrants by country of origin.
URI: http://hdl.handle.net/10045/137599
ISSN: 1753-9269 (Print) | 1753-9277 (Online)
DOI: 10.1108/JERER-04-2023-0014
Language: eng
Type: info:eu-repo/semantics/article
Rights: © Emerald Publishing Limited. Emerald allows authors to deposit their AAM under the Creative Commons Attribution Non-commercial International Licence 4.0 (CC BY-NC 4.0). To do this, the deposit must clearly state that the AAM is deposited under this licence and that any reuse is allowed in accordance with the terms outlined by the licence. To reuse the AAM for commercial purposes, permission should be sought by contacting permissions@emeraldinsight.com
Peer Review: si
Publisher version: https://doi.org/10.1108/JERER-04-2023-0014
Appears in Collections:INV - ECOVISI - Artículos de Revistas

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