International retiree migration and housing markets. Evidence from Spain

IF 1.3 Q3 BUSINESS, FINANCE Journal of European Real Estate Research Pub Date : 2023-09-27 DOI:10.1108/jerer-04-2023-0014
Paloma Taltavull de La Paz, Karen Martin Gibler
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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.
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国际退休人员移民和住房市场。来自西班牙的证据
大量北欧退休人员移民到南欧国家。这种移民的一个相关部分不是由工作目的驱动的,而是希望在一个更温暖的国家定居。这些移民来自不同的国家,表现出不同的社会经济特征和偏好,包括不同的收入水平、住房品味和文化习惯,这可能会影响东道国的住房市场。本文旨在研究1988年至2019年退休人员移民对西班牙阿利坎特房价的永久影响,并明确考虑与原籍国相关的影响。本文研究了1988年至2019年西班牙阿利坎特退休人员移民流动对房价的永久影响,使用面板协整-动态普通最小二乘(DOLS)模型明确考虑了与原籍国相关的影响。结果表明,长期关系捕获了对房价变化的全部影响,并且价格对移民的存在立即做出反应并产生永久性影响。研究结果还表明,强大的退休人员移民流动对住房市场产生了冲击,对移民原籍国相关房价的影响不同。该模型指出,当移民来源国的收入增长慢于西班牙时,它会对房价产生重大影响。当阿利坎特的购买力大于原籍国时,它对房价的影响更大。退休人员流动对住房市场价格具有永久性影响。结果指出了在阿利坎特省的具体城市以及原籍国就社会和住房政策采取行动的几种方法,以减轻外籍退休人员面临的潜在不利条件。本文发现了国际退休移民对东道国住房市场具体影响的证据。这项研究是第一篇可以按原籍国估计退休移民流动对房价具体影响的论文。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.10
自引率
7.70%
发文量
18
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