Analysis of the Housing Market in Lithuania

• Authors: Feliksas Ivanauskas , Rimantas Eidukevičius , Albinas Marčinskas , Birutė Galinienė

Title variants

LT

Nekilnojamojo Turto Rinkos Lietuvoje Analizė

Abstracts

EN

Cointegration and Granger causality tests were used for the statistical analyses of the housing market in Lithuania. The relationship between the cost of housing and affordability on the one hand, and interest rates, GDP and average incomes on the other was not proven to exist using the given statistical methods. The period of increase in the cost of housing in Lithuania over the last five years is exceptional and difficult to explain using fundamental economic factors and their fluctuation trends alone. The cost of housing has made a clear departure from the economic (business) cycle; the economy has grown, however at a much slower rate than rising costs in the housing market. The reasons for this situation are record lows in interest rates, good conditions to gain financing, the liberalisation of financial markets, speculative attitudes in expectation of the introduction of the Euro, and a divide between the supply and demand of housing that is available. It should be noted that the evaluation of the influence of these factors on fluctuations in costs in the housing market is more hypothetical in nature.

LT

Nekilnojamojo turto rinkos Lietuvoje statistinei analizei buvo naudojami kointegravimo ir Grangerio priežastingumo testai. Taikant esamus statistinius metodus nebuvo įrodyta, kad egzistavo ryšys tarp nekilnojamojo turto kainos ir įperkamumo, viena vertus, ir palūkanų normų, BVP bei vidutinių pajamų, kita vertus. Nekilnojamojo turto kainos Lietuvoje didėjimo per pastaruosius penketą metų laikotarpis yra išskirtinis ir sunkiai paaiškinamas remiantis vien pagrindiniais ekonominiais veiksniais ir jų svyravimų tendencijomis. Nekilnojamojo turto kaina aiškiai nukrypo nuo ekonomikos (verslo) ciklo; ekonomika išaugo, tačiau gerokai lėtesniu tempu nei augančios kainos nekilnojamojo turto rinkoje. Šios situacijos priežastys - rekordiškai mažos palūkanų normos, geros sąlygos gauti finansavimą, finansų rinkos liberalizavimas, spekuliaciniai požiūriai tikintis įsivesti eurą ir takoskyra tarp esamo nekilnojamojo turto pasiūlos ir paklausos. Pažymėtina, kad šių veiksnių įtakos kainų svyravimo nekilnojamojo turto rinkoje įvertinimas yra labiau hipotetinis.

Keywords

EN

Housing market; General factors influencing housing costs; Statistical methods

• Publisher: Sciendo
• Journal: International Journal of Strategic Property Management
• Year: 2008
• Volume: 12
• Issue: 4
• Pages: 271-280

Contributors

author

Feliksas Ivanauskas

• Department of Computer Science, Faculty of Mathematics and Informatics, Vilnius University, Naugarduko g. 24, LT-03225 Vilnius, Lithuania

author

Rimantas Eidukevičius

• Department of Mathematical Statistics, Faculty of Mathematics and Informatics, Vilnius University, Naugarduko g. 24, LT-03225 Vilnius, Lithuania

author

Albinas Marčinskas

• Department of Management, Faculty of Economics, Vilnius University, Saulėtekio al. 9, LT-10222 Vilnius, Lithuania

author

Birutė Galinienė

• Department of Economic Policy, Faculty of Economics, Vilnius University, Saulėtekio al. 9, LT-10222 Vilnius, Lithuania

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Identifiers

DOI

10.3846/1648-715X.2008.12.271-280