Does increased construction activity transmit into housing prices and rents? Evidence from the V4 countries and Austria

IF 2.4 Q3 ENVIRONMENTAL SCIENCES Frontiers in Sustainable Cities Pub Date : 2023-09-21 DOI:10.3389/frsc.2023.1267964
Božena Kadeřábková, Pavel Řežábek
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Abstract

This study focuses on the housing market in Central European countries. We analyze the housing prices and their sensitiveness to selected variables, especially regarding construction activity in the V4 countries and Austria. By employing a specification of a recursive VAR model for each country, we show that the most responsive to changes in construction activity is housing market in Austria. Meanwhile housing prices in the V4 countries do not exhibit any strong association with construction activity, perhaps due to under-supply of housing in the countries. The paper provides discussion on the variables dependencies explanations.
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增加的建筑活动会传导到房价和租金中吗?来自V4国家和奥地利的证据
本研究的重点是中欧国家的住房市场。我们分析了房价及其对选定变量的敏感性,特别是关于V4国家和奥地利的建筑活动。通过采用每个国家的递归VAR模型的规范,我们表明对建筑活动变化最敏感的是奥地利的住房市场。与此同时,V4国家的房价与建筑活动并没有表现出任何强烈的联系,这可能是由于这些国家的住房供应不足。本文讨论了变量相关性的解释。
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来源期刊
CiteScore
4.00
自引率
7.10%
发文量
176
审稿时长
13 weeks
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