Determinantes de los precios de las viviendas en las ciudades españolas

Abstract

Residential price level in Spain varies broadly among markets. Real state theory explains that prices depend on market characteristics such as vacancy level, land availability, construction offer elasticity to respond to high or low speed to changes on the demand, as well as economic growth potentiality, industrial and services activities located inside urban areas, etc. Price analysis in Spanish main cities show that tensions appear to exist in some of them where economic activity shows different dynamism (Taltavull, 2000) and price level appears to be independent to them. This paper tries to find evidence of the existent relationship between residential prices and economic and demographic factors that are demand determinants such wages, migrations and productive structure, among others, to explain price formation on Spanish cities. It uses panel data and GLS methodology applied to 71 main Spanish province capitals and cities with more than 100.000 inhabitants. The results show evidence on determinants of housing prices and how some relationships appears to exist between price levels and families’ waged income as well as with population and productive structure into cities in Spain.