PL EN


2014 | 2(25) | 203-210
Article title

New supply and housing price behaviour: A short revision of the empirical evidence

Content
Title variants
PL
Wpływ podaży na kształtowanie się cen nowych mieszkań. Wyniki badań empirycznych
Languages of publication
EN
Abstracts
EN
House-building has been very intense in some European countries throughout the last 15 years but not in others. It has generated an expansion in the residential stock that has been explained as the result of some demand forces playing at the same time and boosting residential market mechanisms during this period. Although demand pressures have been similar across Europe, the new supply construction has reacted with distinct strength depending on the economies. This paper reviews the literature seeking for reasons to analyze the different reactions and the implication on house prices growth of development sector. It mainly classifies the literature between both the group that suggests stable supply elasticities in the short-long term and those sustaining that elasticities change dramatically, reflecting the developers reaction to market innovations. The differences in new housing supply responses across European countries remain a wide area for housing researchers to explain how housing prices react by region.
PL
Przez ostatnie piętnaście lat budownictwo mieszkaniowe w niektórych krajach europejskich rozwijało się bardzo intensywne, podczas gdy w innych nie. Przyczyniło się to do wzrostu zasobu mieszkaniowego, co wyjaśniono jako skutek popytu, odgrywającego w tym okresie znaczącą rolę w mechanizmach rynku mieszkaniowego oraz jednocześnie je pobudzającego. Chociaż siła popytu jest podobna w całej Europie, nowa struktura podaży zareagowała ze zdecydowanym natężeniem w zależności od ekonomii danego kraju. Niniejsza praca dokonuje przeglądu literatury, poszukując motywów różnych reakcji na wzrost cen domów w sektorze developerskim oraz konsekwencji tegoż wzrostu. Literaturę można podzielić na dwie grupy: tych autorów, którzy sugerują stabilną elastyczność podaży w krótkim / długim okresie czasu, oraz tych, którzy utrzymują, że elastyczność zmienia się dramatycznie, odzwierciedlając reakcję deweloperów na innowacje rynkowe. Różnice w reakcjach na podaż nowych mieszkań w krajach europejskich pozostają szerokim obszarem dla badaczy rynku mieszkaniowego chcących wyjaśnić, jak ceny mieszkań zmieniają się w zależności od regionu.
Year
Issue
Pages
203-210
Physical description
Dates
published
2014
Contributors
  • University of Alicante, Department of Applied Economic Analysis, International Economy Institute, Campus de San Vte. Del Raspeig s/n, 03080 Alicante, Spain, Tel.: +34 96 590 39 36, Fax: +34 96 590 93 22, paloma@ua.es
References
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Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.desklight-ac6b539f-40f4-4447-afe4-96a4a7fb311b
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