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A model-based approach to the real estate market
Abstract
This article presents the modelling of the real estate sector. First, housing is presented as a consumption and investment good and it is explained how the various functions that it serves affect housing demand. The supply side, thus the housing developer economics are presented in detail in the subsequent part. The analysis of the determinants of house prices in 17 regional cities helps to understand why house prices rose during the recent boom. The next section describes housing cycles, their evolution and how they can be modeled. In order to understand the occurrence of housing cycles one needs to understand the decisions of housing buyers and their interaction with housing producers, which is explained in the last section of this part.
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Vol. 53 No. 4 (2013)
Published: 2024-02-19
10.26354
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.