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  • Real estate prices more than doubled in many countries of Central and Eastern Europe from 2003 to 2008. In this paper, I provide the first assessment of whether housing prices in this region correspond to rents, i.e. to cash-flows related to an apartment purchase. State-of-the-art panel data stationarity and Granger causality techniques are employed to test the implications of the standard present-value model using regional data from the Czech Republic. Apartment prices both in this country overall and in its capital are only slightly overvalued. In addition, changes in prices are helpful in predicting changes in rents and vice versa.
  • Real estate prices more than doubled in many countries of Central and Eastern Europe from 2003 to 2008. In this paper, I provide the first assessment of whether housing prices in this region correspond to rents, i.e. to cash-flows related to an apartment purchase. State-of-the-art panel data stationarity and Granger causality techniques are employed to test the implications of the standard present-value model using regional data from the Czech Republic. Apartment prices both in this country overall and in its capital are only slightly overvalued. In addition, changes in prices are helpful in predicting changes in rents and vice versa. (en)
Title
  • Housing markets in Central and Eastern Europe: is there a bubble in the Czech Republic?
  • Housing markets in Central and Eastern Europe: is there a bubble in the Czech Republic? (en)
skos:prefLabel
  • Housing markets in Central and Eastern Europe: is there a bubble in the Czech Republic?
  • Housing markets in Central and Eastern Europe: is there a bubble in the Czech Republic? (en)
skos:notation
  • RIV/00216208:11640/09:00330764!RIV10-GA0-11640___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(GA402/09/1755), P(LC542), Z(MSM0021620846)
http://linked.open...iv/cisloPeriodika
  • 390
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 317836
http://linked.open...ai/riv/idVysledku
  • RIV/00216208:11640/09:00330764
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • Central and Eastern Europe; house prices; panel data; unit root (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • CZ - Česká republika
http://linked.open...ontrolniKodProRIV
  • [17DA16442E8D]
http://linked.open...i/riv/nazevZdroje
  • CERGE-EI Working Paper Series
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...vavai/riv/projekt
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • -
http://linked.open...iv/tvurceVysledku
  • Zemčík, Petr
http://linked.open...n/vavai/riv/zamer
issn
  • 1211-3298
number of pages
http://localhost/t...ganizacniJednotka
  • 11640
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