Impacts of Rent Deregulation Process on Household Behavior: Lessons from the Czech and Slovak Republics

Size: px
Start display at page:

Download "Impacts of Rent Deregulation Process on Household Behavior: Lessons from the Czech and Slovak Republics"

Transcription

1 Impacts of Rent Deregulation Process on Household Behavior: Lessons from the Czech and Slovak Republics Jiří Špalek * Dagmar Špalková Abstract. Rent control can be treated as a measure which aims to subsidize specific group of households tenants. The subsidy takes form of reduced rent which is financed both by the private owners and municipalities (i.e. public budgets). Besides the reduction of such subsidy, de-regulation process aims to improve effectiveness of housing market. This might increase overall mobility of households with subsequent potential positive impacts on diverse economic indicators. Our analysis deals with one potential impact of rent deregulation process changes in tenure choice patterns.existing literature defines several typical factors which influence this key decision every household has to make. The paper examines the potential factors using an econometric model drawing on sample data (the panel data based on investigation of EU- SILC) in the Czech Republic and Slovakia. In our analysis we propose one more factor which might be of interest. Based on the Czech data covering the period of the rent deregulation process in we assess to what extent rent deregulation itself has influenced the tenure choice patterns. Our analysis using probit model did prove that regulated rents were an important factor affecting tenure choice in the Czech Republic. After deregulation households living in apartments with regulated rent preferred to buy house rather than stay in rental sector. Keywords: housing, tenure, rent, deregulation, regression. JEL Classification: D12, P36, R21. 1 Introduction Rent control can be treated as a measure which aims to subsidize specific group of households tenants. The subsidy takes form of reduced rent which is financed both by the private owners and municipalities (i.e. public budgets). Besides the reduction of such subsidy, de-regulation process aims to improve effectiveness of housing market. This might increase overall mobility of households with subsequent potential positive impacts on diverse economic indicators. Our analysis deals with one potential impact of rent deregulation process changes in tenure choice patterns The decision to buy a house or to rent a flat belongs to key decisions made by any household. Tenure choice how is this decision usually referred could be affected by lots of factors (see e.g. Boehm 1981, 1982, Burgess 1982, Henderson, Ioannides 1983, Krumm 1984, Coolen 2002, Andersen 2009). Discussion on the different approaches in details is introduced in Špalková, Špalek (2014a). Research in housing economics is oriented on application of these factors on selected issues of public policy. Our analysis introduces one of such application in CEE context. We profit from the rent deregulation process which took part in both parts of former Czechoslovakia. The aim of the paper is to evaluate possible influence of the rent regulation on tenure choice. We hypothesize that the existence of regulated rents might shift tenure choice patterns compared to those in western countries (see e.g. Bazyl, 2009, Špalková, Špalek, 2014 for summary). The issue of tenure choice has been studied in the Czech context as well. Several factors have been touched - Lux and Sunega (2012) assessed the influence of the tenure on mobility, Tsharakyan and Zemčík (2011) studied impact of rent deregulation on households renting behavior or their ownership status, Špalková, Špalek (2014b) assessed the influence of rent deregulation process on tenure choice itself. The analysis presented in the paper uses the methodology from the latter one. Based on the results of the econometric model, we have defined the factors that affect tenure choice of Czech and Slovak households over the period Using the acquired factors we have further quantified their impact on the sample of Czech households in the rental sector. The data from Slovak survey do not allow replicating the analysis also for Slovakia. The aim is to assess, whether and to what extent has rent deregulation influenced the tenure choice patterns. * doc. Mgr. Jiří Špalek, Ph.D.; Masaryk University, Faculty of Economics and Administration, Brno, Czech Republic; spalek@econ.muni.cz Ing. Dagmar Špalková, Ph.D.; Masaryk University, Faculty of Economics and Administration, Brno, Czech Republic; dasa@econ.muni.cz 256

2 2 Material and Methods The research presented in the paper takes form of quantitative analysis of sampled data. As the tenure choice can be characterized by dichotomous variable, we employ a probit regression (e.g. Wooldridge, 2006). The model enables to calculate the conditional probability of the choice of a particular type of housing depending on a given factor, provided that the values of other factors are constant. Details of the probit model used in our analysis (explanatory variables, coefficients) can be found in Špalková, Špalek (2014a and 2014b).. The analyses included in this paper are based on the data pertaining to Czech and Slovak households collected by the Czech and Slovak Statistical Offices. The data were collected under sample surveys of income and living conditions of households between 2007 and 2011 (called hereinafter the "EU-SILC"). The data set contains information on the social structure of households, their incomes and expenditures. The dates relate to the date of the investigation, i.e. the defined date in the spring of that year, only incomes are listed for the previous year. The sample selected is considered to be a minimally distorted representative sample of Czech and Slovak households (e.g., a total 8,866 Czech households and 5,801 Slovak ones were examined in EU-SILC 2011). To make this subsample of households applicable for the entire country, a new PKOEFF coefficient showing the weight of each household examined was constructed. Households in both countries preferred homeownership to rented housing and keep increasing over time. The ownership percentage grew from 73.5 % in 2005 to 80.4 % in 2012 in the Czech Republic. Similar trend we can observe in Slovakia, where the percentage grew from 82.1 % (2005) to 90.4 %(2012). In the Czech Republic there used to be approximately 80 per cent of rented flats with reduced rent. The low level of rent, however, was not derived from the characteristics of the tenants (e.g. low income levels), but it was derived from the type of the flat (flats where the former owner used to be state). Such unbalanced situation where tenants were favored on the account of owners used to be processed by the gradual increase of the rent. The difference between the regulated rent and the market one was such large made that the process of successive harmonization was very slow. Long tradition of rent control in the Czech Republic together with the reluctance of politicians against the risky topic ended into the more than 15 year process of the abolishment of the rent control. The process was characterized by ongoing discussions and conflicts of the various interest groups and other actors. Only a few years ago under the deregulation act (Act No. 107/2006 Coll.), a unilateral increase in rent for housing (hereinafter referred to as "deregulation Act"), a process of deregulating apartment rents was begun (in January of 2007), intended to lead to a convergence of regulated and market rents. The beginning of the deregulation process was also tied to the introduction (redefinition) of social benefits intended to ameliorate its impact on households. By 2013, rent controls were therefore to be completely eliminated, with rent prices exclusively determined by the market (Jahoda, Špalková, 2009). In Slovakia the problem of rent control pertained only to small fraction of flats (compared to the Czech Republic) with the rent control applied only in less than 6 per cent of overall housing stock. Unlike in the Czech Republic, until 2000 there has not been any correction (i.e. increase) of the rent level, even covering the indexing due to inflation. Since the year 2000 the regulated rent has been gradually increased. Similar to the Czech reality the process was very slow and incapable to harmonize the controlled and market rent. The final process of abolishing the rent control was initiated later compared to the Czech Republic (in 2011 by the Act. No.260/2011 Coll.). The process is to finish in The de-regulation process in Slovakia was accompanied by the adoption of the housing conception document which arranged the relationship among renters and owners on the housing market. In the Czech Republic the rent control applied to approximately 750 thousand of flats (Jahoda, Špalková. 2009), while in Slovakia it was not more than 900 flats (with more than 80 per cent flats located in the capital city of Bratislava MTCRD, 2008). 3 Result and Discussion We divided our analysis into two steps. First, the factors affecting tenure choice of the complete sample of Czech and Slovak households are derived on the tenure choice model. Second, the effects of the rent deregulation onto the tenure choice are tested via subsample of households living in the rental sector. We presume that these types of households are those which might have been influenced by the deregulation process most. The process might force the households to move their house and to doubt the changing of the tenure. In line with the analysis carried out to date, we focused on the examination of the impact of the demographic and socioeconomic characteristics of the households on tenure choice. To some extent, the range of potential factors is determined by the used data source. Potential factors mostly comprise characteristics monitored within SILC survey (i.e. our source of data), or variables that can be derived from monitored characteristics. Therefore we have concentrated on the household heads their age, gender and marital status and also on the household from the perspective of its economic status, disposable income or number and age of children. 257

3 4 Housing Tenure Choice Complete Czech households sample First our attention is paid to the complete sample of Czech households in our data set. As noted above, this sample comprises 8,866 Czech households. In order to distinguish a real impact of investigated factors on tenure choice it is necessary to use the econometric model, based on the probit estimation. Results of the regression analysis examining tenure choice determinants are summarized in Table 1. Marginal effects k are computed not only for the year 2011 but they also cover a seven-year time span ( ). This enables to assess trends of development of these effects. Table 1.Probit Estimation Results for Housing Tenure Choice in the CR and Slovakia (1=owner) Factor (xk) Constant 258 Czech Republic Marginal effect ( k) ** Slovakia Household size (number of persons) Number of economically active persons Number of self employed Age of household head Household head - male Education (1=both primary school. 0-higher) Marital status of household head - single * married * divorced * Household with children * Fully unemployed household Fully retired household Household resides in Prague/Bratislava region * Number of rooms per person Household income (disposable) Notes: * dichotomous variables take values 1 (Yes) / 0 (No) **All values are statistical significant at 99% level (t-statistics are upon request by authors) excluded the coefficient market n Source: Authors. As expected, one of the most significant factors affecting the choice of type of housing in 2011 (as in other years) was the marital status of the household head. If the household head was married (β 2011 =0.479), the odds of choosing homeownership increased. The analogous assumption, i.e. that single or divorced persons would more likely prefer rented housing, was not confirmed. On the contrary, the singles were more likely to choose homeownership even if the strength of this factor was far weaker. The next strongest factor was the net disposable income of households (β 2011 =0.368). Higher-income households tend to prefer homeownership to renting. The importance of this factor was growing over the covered period. Among other strong (and statistically significant) factors, affecting tenure choice in 2011, was education of household members (β 2011 =-0.315) and residence in Prague (β 2011 =-0.627). Our findings showed that households with lowest level of education (both primary education maximally) and Prague households were more likely to choose rented housing. The latter can be linked with a high proportion of rented flats as compared with privately owned flats (or houses) in the capital city and so renting is a much faster and simpler way to acquire a new home there. Prague is also a university city, where many students and mainly graduates obviously prefer renting. Others factors affecting tenure choice can be found. Own flat (or house) is characterized by higher number of rooms (β 2011 =0.582). Rented housing was chosen with high probability by the households with a lower number of persons (β 2011 =0.149). So the results corroborate the assumption that homeownership is affordable only for higherincome households, which usually corresponds to higher education. This housing type is preferred by families (not individuals), i.e. a higher number of persons per household, and also by households, whose members work, since it is necessary to make regular mortgage payments (i.e. the past significance of the number of economically active

4 persons grew much weaker in 2011). For the first time children within a household became significant towards choosing homeownership in The influence of other factors, i.e. the number of self-employed, age or gender of the household head was not established. Table 2 also indicates the development trends of the individual factors in tenure choice over the period By contrast, a sharp decline in the significance of self-employed persons per household as a determining factor for tenure choice was observed throughout the period. While in 2006 a higher number of the self-employed per household markedly increased the odds of homeownership choice, ( 2006 =0.178), by 2011 this factor nearly lost its significance ( 2011 =0,049). An impact of the number of economically active persons, single or divorced persons or fully unemployed persons is rather variable and hence uncertain over the long term. Throughout this period the following factors had a decisive effect on tenure choice: income of the household; education of its members; whether the head of the household was married or not. If the head of the household was married, the members of the household had a higher than basic education and a higher income, it implies the choice of homeownership. Our results in this respect correspond to the results of similar foreign studies. Ulker (2008) in his article showed that there was a highly significant influence of socio-economic characteristics, such as income and education on the tenure choice of households in the USA. Both Ulker and Bazyl (2009) confirmed a decisive impact of marriage on tenure choice of households throughout all monitored European countries The question is which above mentioned changes in the time span of our analysis can be linked to the rentderegulation process. We hypothesize that three major changes could be mentioned. First, households of pensioners with the end of the process move their house out of the rental sector. Second, the households with children start to prefer ownership much intensively. And third, household income plays more significant role for choosing owner sector. 5 Housing Tenure Choice Complete Slovak households sample Secondary our attention is paid to the complete sample of Slovak households in our data set. As noted above, this sample comprises 5,801 Slovak households. The most important factor that influences the tenure choice decision for Slovak households is number of rooms per person (β 2011 =0.505).This means that ownership is more typical for the households which prefer flats with more rooms. As expected, the other significant factors of choosing homeownership were: marital status of the household head marriage (β 2011 =0.492) and the net disposable income (β 2011 =0.202). While the influence of the income is somewhat weaker compared to the Czech Republic, the marriage of the household head is slightly stronger. In contrast to Czech Republic for owning is determining household resides in capital (Bratislava) or in this region (β 2011 =0.258). Again, if the household members have lower education (β 2011 =-0.244), there is high probability that the household will move to the rental sector. Besides these key factors other factor that influence the behavior of Slovak household can be found fully retired household. The factor of choosing rental is used to be a household with retired members (β 2011 =-0,-124). Further is interesting the development of the influence of the rate of economic activity in the household. Alike as in the Czech Republic the factor is of low importance. But while the Czech households with higher economic activity are more likely to choose ownership of the house or apartment, the Slovak households preferred rental housing. The influence of other factors, i.e. age and gender of the household head, household with children or fully unemployed household was not established. The influence of rent deregulation process is not visible in the Slovakia during the analyzed period. This might be due to different timing of the process (start in 2011with end in 2015). On the other hand, the data cover period after 2000, when the rent was gradually increased. 6 Influence of rent control on the housing tenure choice subsample of Czech renters One of the principal aims of our analysis is to assess potential influence exerted by rent deregulation (and its phasing out in the CR) on the spectrum of factors influencing tenure choice. Therefore our attention is focused on the households in rented housing only (whether with market or controlled rents). We thus explored behavior of almost a fifth of population (19.4 %) in We chose only the households really affected by the deregulation process and could face the decision whether to remain in deregulated rented housing or to leave for the ownership sector. In order to simulate hypothetical decision-making on (not) moving a house, we deduced their household tenure choice from their housing type in the following year. The results of regression analysis exploring the tenure choice determinants are summarized in Table 2. Borderline effects of individual factors k are calculated not only for the base year 2010 (and related housing type in 2011) but also include the entire period of the last deregulation stage in the CR, i.e. from 2007 to In such a manner we can evaluate potential development trends in this field. 259

5 Factor (xk) Table 2.Probit Estimation Results for Housing Tenure Choice for Renters Marginal effect ( k) ** 2007/ / / /11 Constant Household size (number of persons) Number of economically active persons Number of self-employed Age of household head n Gender of household head (0=F;1=M) n Education in the household (1=both primary school. 0-higher) Household head is single* Household head is married* Household head is divorced* Household with children* Children under two years* n Fully unemployed household At least one retiree Household head works in public sector* n Household resides in Prague* Total floor area per person n Household income (disposable) Regulated rent Notes: *dichotomous variables take values 1 (Yes) / 0 (No) **All values are statistical significant at 99% level (t-statistics are upon request by authors) excluded the coefficient market n Source: Authors. Compared with the results shown above (3.1), the established factors and their impacts differ considerably. The influence of household income is also observed but in contrast with previous results it is mixed. While in early stages of deregulation the influence was fairly standard and higher-income households were more probable to prefer owning to renting, after deregulation the trend was completely reversed. After the year 2010/11 a decreasing income had a tendency towards increasing homeownership probability (β 2010/11=-0.232). On the other hand, Prague residents increasingly tended to choose rented housing. Undoubtedly, it was strongly affected by the fact that the sample of rented apartments continuously diminished and households in Prague, where the rental sector is traditionally most strongly represented, played more and more important role. The deregulation process also changed the behavior of households with children, which more often bought their own housing, particularly towards the end of deregulation (in 2007 it was exactly the opposite). A gradual drop in the households living in rent-controlled apartments during that period resulted in gradual weakening of the deregulation factor (variable regulated rent) and its influence on tenure choice. Its direction, however, remained the same throughout the entire period households living in rent-controlled apartments were more likely to choose home ownership rather than renting. Household head status as well as their education played a very uncertain role in our sample of households in rented housing. The results failed to confirm the formerly established trend which married household heads with higher education chose to own their housing. 7 Conclusions Rent deregulation process brings about variety of socio-economic consequences. One of the key question is whether (and if so then how) this process changes housing market and housing structure in the country. One of the aspects of interest is tenure choice. The Czech and Slovak Republics, due to the same history and economic policy in the past, represent unique example where the possible influence of the rent (de)regulation on tenure choice can be studied. By comparing the tenure choice patterns in both countries in the period when the rent deregulation process took part ( ), we can hypothesize about the factors being affected by the process. 260

6 The results presented in our paper show that both Czech and Slovak housing market prove to be influenced by several factors which are the same as in the western countries. Marriage together with high income of the household head point to owner occupied sector. On the other hand, lower level of education is more likely connected with rental sector. One of the strongest factors that increase the probability of being renter is in Czech Republic the residence in Prague. In Slovakia, on the other hand, the residence in capital city (Bratislava) is more likely connected with ownership. The reason might be by far larger proportion of regulated rents in Prague compared to Bratislava. Rent deregulation process as pictured by the subsequent analysis of renters in the CR changes the patterns economically active persons or households with children prefer home ownership in 2011 (the end of the rent deregulation) compared to first year of the liberalization process (2007) when they preferred rent. Acknowledgements The preparation of this paper was supported by the project: MUNI/A/1232/2014: Alokační efektivnost a redistribuční spravedlnost veřejného sektoru. (Efektivnost a spravedlnost VES) References [1] Andersen, H. S. (2009) Explanation for preferences in Denmark for surroundings and location of the home. Paper for ENHR conference, Prague. [2] Bazyl, M. (2009) Factors influencing tenure choice in European countries. Warsaw School of Economics, Working paper No [3] Boehm, T. P. (1981) Tenure Choice and Expected Mobility: A Synthesis, Journal of Urban Economics, 10 (3): [4] Boehm, T. P. (1982) A Hierarchical Model of Housing Choice, Urban Studies, 19 (1): [5] Burgess, S. L. (1982) Determinants of Homeownership: A Comparison of Single Female and Single Male Headed Households, Housing and Society, 9 (2): [6] Coolen, H. - Boelhouwer, P. - Van Driel, K. (2002) Values and goals as determinants of intended tenure choice, Journal of Housing and the Built Environment, 17: [7] Eurostat (2014) Distribution of population by tenure status, type of household and income group. [on-line] [8] Henderson, J. V. - Ioannides, Y. M. (1983) A Model of Housing Tenure Choice, The American Economic Review, 73 (1): [9] Jahoda, R. - Špalková, D. (2009) Analyzing the Distribution Aspects of Rent Regulation/Deregulation in the Czech Republic, Urbanismus a územní rozvoj, 12 (4): [10] Krumm, R. J. (1984) Household Tenure Choice and Migration, Journal of Urban Economics, 16 (3): [11] Lux, M. - Sunega, P. (2012) Labour Mobility and Housing: The Impact of Housing Tenure and Housing Affordability on Labour Migration in the Czech Republic, Urban Studies. 49 (3): [12] MTCRD (2008) Ministry of Transport, Construction and Regional Development of the Slovak Republic, Informácia o údajoch zistených z prihlasovania nájomcov bytov v bytových domoch súkromných vlastníkov [13] Špalková, D. Špalek, J. (2014a) Housing Tenure Choice and Housing Expenditures in the Czech Republic, Review of European Studies, 6 (1): [14] Špalková, D. Špalek, J. (2014b) Does Rent Deregulation Influence Housing Tenure Choice? The Case of the Czech Republic. Journal of Economics, 67 (7): [15] Tsharakyan, A. - Zemčík, P. (2011) Rent Deregulation, Tenure Choice, and Real Estate Price Expectations, CERGE-EI Working Papers wp430, The Center for Economic Research and Graduate Education - Economic Institute, Prague. [16] Ulker, A. (2008) Household Composition and Housing Expenditures in Rental-Occupied and Owner- Occupied Markets, Family and Consumer Sciences Research Journal, 36 (3): [17] Wooldridge, J. M. (2006) Introductory econometrics: a modern approach. 3rd ed. Mason: Thomson/South- Western. p

Does Rent Deregulation Influence Housing Tenure Choice? The Case of the Czech Republic

Does Rent Deregulation Influence Housing Tenure Choice? The Case of the Czech Republic 692 Ekonomický časopis, 62, 2014, č. 7, s. 692 708 Does Rent Deregulation Influence Housing Tenure Choice? The Case of the Czech Republic Dagmar ŠPALKOVÁ Jiří ŠPALEK* Abstract The choice between buying

More information

Determinants of residential property valuation

Determinants of residential property valuation Determinants of residential property valuation Author: Ioana Cocos Coordinator: Prof. Univ. Dr. Ana-Maria Ciobanu Abstract: The aim of this thesis is to understand and know in depth the factors that cause

More information

STATISTICAL REFLECTIONS

STATISTICAL REFLECTIONS STATISTICAL REFLECTIONS 9 November 2018 Contents Summary...1 Changes in property transactions...1 Annual price index...1 Quarterly pure price index...2 Distribution of existing home transactions...2 Regional

More information

THE LEGAL AND FINANCIAL FRAMEWORK OF AN EFFICIENT PRIVATE RENTAL SECTOR: THE GERMAN EXPERIENCE

THE LEGAL AND FINANCIAL FRAMEWORK OF AN EFFICIENT PRIVATE RENTAL SECTOR: THE GERMAN EXPERIENCE THE LEGAL AND FINANCIAL FRAMEWORK OF AN EFFICIENT PRIVATE RENTAL SECTOR: THE GERMAN EXPERIENCE Presenter: Prof.Dr.rer.pol. Stefan Kofner, MCIH Budapest, MRI Silver Jubilee 3. November 2014 MRI Silver Jubilee

More information

[03.01] User Cost Method. International Comparison Program. Global Office. 2 nd Regional Coordinators Meeting. April 14-16, 2010.

[03.01] User Cost Method. International Comparison Program. Global Office. 2 nd Regional Coordinators Meeting. April 14-16, 2010. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized International Comparison Program [03.01] User Cost Method Global Office 2 nd Regional

More information

Economy. Denmark Market Report Q Weak economic growth. Annual real GDP growth

Economy. Denmark Market Report Q Weak economic growth. Annual real GDP growth Denmark Market Report Q 1 Economy Weak economic growth In 13, the economic growth in Denmark ended with a modest growth of. % after a weak fourth quarter with a decrease in the activity. So Denmark is

More information

REGIONAL DISPARITIES IN AVAILABILITY AND AFFORDABILITY OF HOUSING

REGIONAL DISPARITIES IN AVAILABILITY AND AFFORDABILITY OF HOUSING REGIONAL DISPARITIES IN AVAILABILITY AND AFFORDABILITY OF HOUSING MILADA KADLECOVÁ, MICHAL HADLAČ THE CZECH REPUBLIC, BRNO REAL CORP 2011 ESSEN, 18-20 May 2011 = an independent privat corporation is 10

More information

Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners

Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners Joint Center for Housing Studies Harvard University Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners Abbe Will October 2010 N10-2 2010 by Abbe Will. All rights

More information

What Factors Determine the Volume of Home Sales in Texas?

What Factors Determine the Volume of Home Sales in Texas? What Factors Determine the Volume of Home Sales in Texas? Ali Anari Research Economist and Mark G. Dotzour Chief Economist Texas A&M University June 2000 2000, Real Estate Center. All rights reserved.

More information

A STUDY OF THE DISTRICT OF COLUMBIA S APARTMENT RENTAL MARKET 2000 TO 2015: THE ROLE OF MILLENNIALS

A STUDY OF THE DISTRICT OF COLUMBIA S APARTMENT RENTAL MARKET 2000 TO 2015: THE ROLE OF MILLENNIALS A STUDY OF THE DISTRICT OF COLUMBIA S APARTMENT RENTAL MARKET 2000 TO 2015: THE ROLE OF MILLENNIALS Fahad Fahimullah, Yi Geng, & Daniel Muhammad Office of Revenue Analysis District of Columbia Government

More information

The impact of the global financial crisis on selected aspects of the local residential property market in Poland

The impact of the global financial crisis on selected aspects of the local residential property market in Poland The impact of the global financial crisis on selected aspects of the local residential property market in Poland DARIUSZ PĘCHORZEWSKI Szczecińskie Centrum Renowacyjne ul. Księcia Bogusława X 52/2, 70-440

More information

1 February FNB House Price Index - Real and Nominal Growth

1 February FNB House Price Index - Real and Nominal Growth 1 February 2017 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157

More information

COMPARISON OF THE LONG-TERM COST OF SHELTER ALLOWANCES AND NON-PROFIT HOUSING

COMPARISON OF THE LONG-TERM COST OF SHELTER ALLOWANCES AND NON-PROFIT HOUSING COMPARISON OF THE LONG-TERM COST OF SHELTER ALLOWANCES AND NON-PROFIT HOUSING Prepared for The Fair Rental Policy Organization of Ontario By Clayton Research Associates Limited October, 1993 EXECUTIVE

More information

THE TAXPAYER RELIEF ACT OF 1997 AND HOMEOWNERSHIP: IS SMALLER NOW BETTER?

THE TAXPAYER RELIEF ACT OF 1997 AND HOMEOWNERSHIP: IS SMALLER NOW BETTER? THE TAXPAYER RELIEF ACT OF 1997 AND HOMEOWNERSHIP: IS SMALLER NOW BETTER? AMELIA M. BIEHL and WILLIAM H. HOYT Prior to the Taxpayer Relief Act of 1997 (TRA97), the capital gain from the sale of a home

More information

Goods and Services Tax and Mortgage Costs of Australian Credit Unions

Goods and Services Tax and Mortgage Costs of Australian Credit Unions Goods and Services Tax and Mortgage Costs of Australian Credit Unions Author Liu, Benjamin, Huang, Allen Published 2012 Journal Title The Empirical Economics Letters Copyright Statement 2012 Rajshahi University.

More information

ON THE HAZARDS OF INFERRING HOUSING PRICE TRENDS USING MEAN/MEDIAN PRICES

ON THE HAZARDS OF INFERRING HOUSING PRICE TRENDS USING MEAN/MEDIAN PRICES ON THE HAZARDS OF INFERRING HOUSING PRICE TRENDS USING MEAN/MEDIAN PRICES Chee W. Chow, Charles W. Lamden School of Accountancy, San Diego State University, 5500 Campanile Drive, San Diego, CA 92182, chow@mail.sdsu.edu

More information

SUMMARY. Christian Donner THE END OF AUSTRIAN "WOHNBAUFÖRDERUNG" Outlines for a Comprehensive Housing Policy

SUMMARY. Christian Donner THE END OF AUSTRIAN WOHNBAUFÖRDERUNG Outlines for a Comprehensive Housing Policy SUMMARY Christian Donner THE END OF AUSTRIAN "WOHNBAUFÖRDERUNG" Outlines for a Comprehensive Housing Policy 1 Present Situation Austrian housing conditions correspond to those prevailing in highly developed

More information

Housing Affordability in New Zealand: Evidence from Household Surveys

Housing Affordability in New Zealand: Evidence from Household Surveys Housing Affordability in New Zealand: Evidence from Household Surveys David Law and Lisa Meehan P A P E R P R E P A R E D F O R T H E N E W Z E A L A N D A S S O C I A T I O N O F E C O N O M I S T S C

More information

FINAL REPORT AN ANALYSIS OF SECONDARY ROAD MAINTENANCE PAYMENTS TO HENRICO AND ARLINGTON COUNTIES WITH THE DECEMBER 2001 UPDATE

FINAL REPORT AN ANALYSIS OF SECONDARY ROAD MAINTENANCE PAYMENTS TO HENRICO AND ARLINGTON COUNTIES WITH THE DECEMBER 2001 UPDATE FINAL REPORT AN ANALYSIS OF SECONDARY ROAD MAINTENANCE PAYMENTS TO HENRICO AND ARLINGTON COUNTIES WITH THE DECEMBER 2001 UPDATE Robert A. Hanson, P.E. Senior Research Scientist Cherie A. Kyte Senior Research

More information

Sorting based on amenities and income

Sorting based on amenities and income Sorting based on amenities and income Mark van Duijn Jan Rouwendal m.van.duijn@vu.nl Department of Spatial Economics (Work in progress) Seminar Utrecht School of Economics 25 September 2013 Projects o

More information

duna house August issue The latest property market info from Duna House network

duna house   August issue The latest property market info from Duna House network duna house BaromEter 74. issue August 2017 The latest property market info from Duna House network www.dh.hu PRIVACY POLICY Statistical information and estimates published in the Duna House Barometer are

More information

RBC-Pembina Home Location Study. Understanding where Greater Toronto Area residents prefer to live

RBC-Pembina Home Location Study. Understanding where Greater Toronto Area residents prefer to live RBC-Pembina Home Location Study Understanding where Greater Toronto Area residents prefer to live RBC-Pembina Home Location Study: Understanding where Greater Toronto Area residents prefer to live July

More information

Status of HUD-Insured (or Held) Multifamily Rental Housing in Final Report. Executive Summary. Contract: HC-5964 Task Order #7

Status of HUD-Insured (or Held) Multifamily Rental Housing in Final Report. Executive Summary. Contract: HC-5964 Task Order #7 Status of HUD-Insured (or Held) Multifamily Rental Housing in 1995 Final Report Executive Summary Cambridge, MA Lexington, MA Hadley, MA Bethesda, MD Washington, DC Chicago, IL Cairo, Egypt Johannesburg,

More information

COMPARATIVE STUDY ON THE DYNAMICS OF REAL ESTATE MARKET PRICE OF APARTMENTS IN TÂRGU MUREŞ

COMPARATIVE STUDY ON THE DYNAMICS OF REAL ESTATE MARKET PRICE OF APARTMENTS IN TÂRGU MUREŞ COMPARATVE STUDY ON THE DYNAMCS OF REAL ESTATE MARKET PRCE OF APARTMENTS N TÂRGU MUREŞ Emil Nuţiu Petru Maior University of Targu Mures, Romania emil.nutiu@engineering.upm.ro ABSTRACT The study presents

More information

Radian RATE Programme STAR Survey Results April 2017 to March 2018 All Residents Report April 2018

Radian RATE Programme STAR Survey Results April 2017 to March 2018 All Residents Report April 2018 Radian RATE Programme STAR Survey Results April 2017 to March 2018 All Residents Report April 2018 Executive summary This report summarises the results of the continuous STAR survey of Radian s residents,

More information

How Did Foreclosures Affect Property Values in Georgia School Districts?

How Did Foreclosures Affect Property Values in Georgia School Districts? Tulane Economics Working Paper Series How Did Foreclosures Affect Property Values in Georgia School Districts? James Alm Department of Economics Tulane University New Orleans, LA jalm@tulane.edu Robert

More information

ECONOMIC AND MONETARY DEVELOPMENTS

ECONOMIC AND MONETARY DEVELOPMENTS Box EURO AREA HOUSE PRICES AND THE RENT COMPONENT OF THE HICP In the euro area, as in many other economies, expenditures on buying a house or flat are not incorporated directly into consumer price indices,

More information

Owner-Occupied Housing in the Norwegian HICP

Owner-Occupied Housing in the Norwegian HICP Owner-Occupied Housing in the Norwegian HICP Paper written for the 2009 Ottawa Group Conference in Neuchâtel, Switzerland, 27-29 May 2009. Ingvild Johansen ingvild.johansen@ssb.no Ragnhild Nygaard ragnhild.nygaard@ssb.no

More information

Department of Economics Working Paper Series

Department of Economics Working Paper Series Accepted in Regional Science and Urban Economics, 2002 Department of Economics Working Paper Series Racial Differences in Homeownership: The Effect of Residential Location Yongheng Deng University of Southern

More information

PROPERTY BAROMETER FNB Area Value Band House Price Indices

PROPERTY BAROMETER FNB Area Value Band House Price Indices PROPERTY BAROMETER FNB Area Value Band House Price Indices The Luxury Area Value Band has seen the most noticeable price growth slowdown since 2014, while the Lower End has done a little better of late.

More information

How Severe is the Housing Shortage in Hong Kong?

How Severe is the Housing Shortage in Hong Kong? (Reprinted from HKCER Letters, Vol. 42, January, 1997) How Severe is the Housing Shortage in Hong Kong? Y.C. Richard Wong Introduction Rising property prices in Hong Kong have been of great public concern

More information

Review of the Prices of Rents and Owner-occupied Houses in Japan

Review of the Prices of Rents and Owner-occupied Houses in Japan Review of the Prices of Rents and Owner-occupied Houses in Japan Makoto Shimizu mshimizu@stat.go.jp Director, Price Statistics Office Statistical Survey Department Statistics Bureau, Japan Abstract The

More information

Comparative Perspectives on Urban Housing Conditions 1

Comparative Perspectives on Urban Housing Conditions 1 Comparative Perspectives on Urban Housing Conditions 1 Iván Tosics Introduction The analysis gives a brief overview of the conditions and trends of urban housing development in the Central, Eastern and

More information

DEVELOPMENT OF THE DWELLING CONSTRUCTION AND REAL ESTATE MARKET DURING THE LAST DECADE

DEVELOPMENT OF THE DWELLING CONSTRUCTION AND REAL ESTATE MARKET DURING THE LAST DECADE DEVELOPMENT OF THE DWELLING CONSTRUCTION AND REAL ESTATE MARKET DURING THE LAST DECADE Olga Smirnova, Merike Sinisaar Statistics Estonia Construction and real estate are the fields of activity many people

More information

The Change of Urban-rural Income Gap in Hefei and Its Influence on Economic Development

The Change of Urban-rural Income Gap in Hefei and Its Influence on Economic Development 2017 2 nd International Conference on Education, Management and Systems Engineering (EMSE 2017) ISBN: 978-1-60595-466-0 The Change of Urban-rural Income Gap in Hefei and Its Influence on Economic Development

More information

ASSESSMENT OF ACCESSIBILITY IN APARTMENT MIXED-USE HOUSING -IN THE CASE OF KABUL

ASSESSMENT OF ACCESSIBILITY IN APARTMENT MIXED-USE HOUSING -IN THE CASE OF KABUL ASSESSMENT OF ACCESSIBILITY IN APARTMENT MIXED-USE HOUSING -IN THE CASE OF KABUL Naweed Ahmad Hashemi 1, Nobuyuki Ogura 2 Department of Civil Engineering and Architecture 1 University of the Ryukyus 2

More information

Housing Affordability in New Zealand: Evidence from Household Surveys

Housing Affordability in New Zealand: Evidence from Household Surveys Housing Affordability in New Zealand: Evidence from Household Surveys David Law and Lisa Meehan New Zealand Treasury Working Paper 13/14 June 2013 NZ TREASURY WORKING PAPER 13/14 Housing Affordability

More information

Appraiser Trends Study

Appraiser Trends Study Appraiser Trends Study March 2017 National Association of REALTORS Research Department The National Association of REALTORS, The Voice for Real Estate, is America s largest trade association, representing

More information

Relationship between Proportion of Private Housing Completions, Amount of Private Housing Completions, and Property Prices in Hong Kong

Relationship between Proportion of Private Housing Completions, Amount of Private Housing Completions, and Property Prices in Hong Kong Relationship between Proportion of Private Housing Completions, Amount of Private Housing Completions, and Property Prices in Hong Kong Bauhinia Foundation Research Centre May 2014 Background Tackling

More information

Is there a conspicuous consumption effect in Bucharest housing market?

Is there a conspicuous consumption effect in Bucharest housing market? Is there a conspicuous consumption effect in Bucharest housing market? Costin CIORA * Abstract: Real estate market could have significant difference between the behavior of buyers and sellers. The recent

More information

Document under Separate Cover Refer to LPS State of Housing

Document under Separate Cover Refer to LPS State of Housing Document under Separate Cover Refer to LPS5-17 216 State of Housing Contents Housing in Halton 1 Overview The Housing Continuum Halton s Housing Model 3 216 Income & Housing Costs 216 Indicator of Housing

More information

Comparative Study on Affordable Housing Policies of Six Major Chinese Cities. Xiang Cai

Comparative Study on Affordable Housing Policies of Six Major Chinese Cities. Xiang Cai Comparative Study on Affordable Housing Policies of Six Major Chinese Cities Xiang Cai 1 Affordable Housing Policies of China's Six Major Chinese Cities Abstract: Affordable housing aims at providing low

More information

The effect of atrium façade design on daylighting in atrium and its adjoining spaces

The effect of atrium façade design on daylighting in atrium and its adjoining spaces Design and Nature V 9 The effect of atrium façade design on daylighting in atrium and its adjoining spaces S. Samant Department of the Built Environment, University of Nottingham, UK Abstract Atrium buildings

More information

The Effects of Housing Price Changes on the Distribution of Housing Wealth in Singapore

The Effects of Housing Price Changes on the Distribution of Housing Wealth in Singapore The Effects of Housing Price Changes on the Distribution of Housing Wealth in Singapore Joy Chan Yuen Yee & Liu Yunhua Nanyang Business School, Nanyang Technological University, Nanyang Avenue, Singapore

More information

Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis

Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis Real Estate Physical Market Cycle Analysis of Five Property Types in 54 Metropolitan Statistical Areas (MSAs). Income-producing real

More information

Performance of the Private Rental Market in Northern Ireland

Performance of the Private Rental Market in Northern Ireland Summary Research Report July - December Performance of the Private Rental Market in Northern Ireland Research Report July - December 1 Northern Ireland Rental Index: Issue No. 8 Disclaimer This report

More information

The purpose of the appraisal was to determine the value of this six that is located in the Town of St. Mary s.

The purpose of the appraisal was to determine the value of this six that is located in the Town of St. Mary s. The purpose of the appraisal was to determine the value of this six that is located in the Town of St. Mary s. The subject property was originally acquired by Michael and Bonnie Etta Mattiussi in August

More information

Housing Costs and Policies

Housing Costs and Policies Housing Costs and Policies Presentation to Economic Society of Australia NSW Branch 19 May 2016 Peter Abelson Applied Economics Context and Acknowledgements Applied Economics P/L was commissioned by NSW

More information

THE ROLE OF SOCIAL HOUSING IN HOUSING POLICIES

THE ROLE OF SOCIAL HOUSING IN HOUSING POLICIES Ing. Martin Polák 1 THE ROLE OF SOCIAL HOUSING IN HOUSING POLICIES MIESTO SOCIÁLNEHO BÝVANIA V BYTOVEJ POLITIKE Abstract The role of social housing should not be seen to be limited to the provision of

More information

The Future of the UK Housing Market; the Think-Tank View. NHF Housing Development Conference 12 July 2011 Andrew Heywood

The Future of the UK Housing Market; the Think-Tank View. NHF Housing Development Conference 12 July 2011 Andrew Heywood The Future of the UK Housing Market; the Think-Tank View NHF Housing Development Conference 12 July 2011 Andrew Heywood Andrew Heywood Consulting Housing, Mortgage markets, Regulation, Governance, Europe

More information

Real Estate were. August 2007

Real Estate were. August 2007 Real Estate were Europe grows August 2007 Topics I. Middle Europe Investments III. Fund management V. Organization structure VII. The CEE Real Estate Market I. Middle Europe Investments Middle Europe Investments

More information

City of Lonsdale Section Table of Contents

City of Lonsdale Section Table of Contents City of Lonsdale City of Lonsdale Section Table of Contents Page Introduction Demographic Data Overview Population Estimates and Trends Population Projections Population by Age Household Estimates and

More information

Cube Land integration between land use and transportation

Cube Land integration between land use and transportation Cube Land integration between land use and transportation T. Vorraa Director of International Operations, Citilabs Ltd., London, United Kingdom Abstract Cube Land is a member of the Cube transportation

More information

Washington Department of Revenue Property Tax Division. Valid Sales Study Kitsap County 2015 Sales for 2016 Ratio Year.

Washington Department of Revenue Property Tax Division. Valid Sales Study Kitsap County 2015 Sales for 2016 Ratio Year. P. O. Box 47471 Olympia, WA 98504-7471. Washington Department of Revenue Property Tax Division Valid Sales Study Kitsap County 2015 Sales for 2016 Ratio Year Sales from May 1, 2014 through April 30, 2015

More information

Comparative Housing Market Analysis: Minnetonka and Surrounding Communities

Comparative Housing Market Analysis: Minnetonka and Surrounding Communities Comparative Housing Market Analysis: Minnetonka and Surrounding Communities Prepared by Mark Huonder, Eric King, Katie Knoblauch, and Xiaoxu Tang Students in HSG 5464: Understanding Housing Assessment

More information

Addressing the Impact of Housing for Virginia s Economy

Addressing the Impact of Housing for Virginia s Economy Addressing the Impact of Housing for Virginia s Economy A REPORT FOR VIRGINIA S HOUSING POLICY ADVISORY COUNCIL NOVEMBER 2017 Appendix Report 2: Housing the Commonwealth's Future Workforce 2014-2024 Jeannette

More information

Housing & Neighborhoods Trends

Housing & Neighborhoods Trends Housing & Neighborhoods Trends Where do we stand in 2017 At A Glance: Indicator Trend Comparison to State Financial Housing Burden Tax Burden To Note: In 2017, there were a number of Housing & Neighborhood

More information

Regression Estimates of Different Land Type Prices and Time Adjustments

Regression Estimates of Different Land Type Prices and Time Adjustments Regression Estimates of Different Land Type Prices and Time Adjustments By Bill Wilson, Bryan Schurle, Mykel Taylor, Allen Featherstone, and Gregg Ibendahl ABSTRACT Appraisers use puritan sales to estimate

More information

DEMAND FR HOUSING IN PROVINCE OF SINDH (PAKISTAN)

DEMAND FR HOUSING IN PROVINCE OF SINDH (PAKISTAN) 19 Pakistan Economic and Social Review Volume XL, No. 1 (Summer 2002), pp. 19-34 DEMAND FR HOUSING IN PROVINCE OF SINDH (PAKISTAN) NUZHAT AHMAD, SHAFI AHMAD and SHAUKAT ALI* Abstract. The paper is an analysis

More information

Housing as an Investment Greater Toronto Area

Housing as an Investment Greater Toronto Area Housing as an Investment Greater Toronto Area Completed by: Will Dunning Inc. For: Trinity Diversified North America Limited February 2009 Housing as an Investment Greater Toronto Area Overview We are

More information

Is Mixed-Tenure Neighborhood Conducive to Neighborhood Satisfaction?

Is Mixed-Tenure Neighborhood Conducive to Neighborhood Satisfaction? Is Mixed-Tenure Neighborhood Conducive to Neighborhood Satisfaction? Yiu, C.Y., Bayrak, M.M., Liao, K.H., Xu, J., He, Y., Maing, M. and Shen. J. January 22, 2016 International Interdisciplinary Students

More information

OECD-IMF WORKSHOP. Real Estate Price Indexes Paris, 6-7 November 2006

OECD-IMF WORKSHOP. Real Estate Price Indexes Paris, 6-7 November 2006 OECD-IMF WORKSHOP Real Estate Price Indexes Paris, 6-7 November 2006 Paper 18 Owner-occupied housing for the HICP Alexandre Makaronidis and Keith Hayes (Eurostat) D-4 Owner-Occupied Housing for the Harmonized

More information

Using Hedonics to Create Land and Structure Price Indexes for the Ottawa Condominium Market

Using Hedonics to Create Land and Structure Price Indexes for the Ottawa Condominium Market Using Hedonics to Create Land and Structure Price Indexes for the Ottawa Condominium Market Kate Burnett Isaacs Statistics Canada May 21, 2015 Abstract: Statistics Canada is developing a New Condominium

More information

Development of residential property prices and rent prices in the Slovak Republic in the 1 st quarter of 2008

Development of residential property prices and rent prices in the Slovak Republic in the 1 st quarter of 2008 I 6/28B volume 16, 6 Development of residential property prices and rent prices in the Slovak Republic in the 1 st quarter of 28 MODERATION OF THE GROWTH OF RESIDENTIAL PROPERTY PRICES The average prices

More information

Housing Characteristics

Housing Characteristics CHAPTER 7 HOUSING The housing component of the comprehensive plan is intended to provide an analysis of housing conditions and need. This component contains a discussion of McCall s 1990 housing inventory

More information

The Impact of Scattered Site Public Housing on Residential Property Values

The Impact of Scattered Site Public Housing on Residential Property Values The Impact of Scattered Site Public Housing on Residential Property Values a study prepared by Vivian Puryear Department of Sociology University of North Carolina at Charlotte and John G. Hayes, Ph.D.

More information

Radian RATE Programme STAR Survey Results April 2017 to December 2017 All Residents Report February 2018

Radian RATE Programme STAR Survey Results April 2017 to December 2017 All Residents Report February 2018 Radian RATE Programme STAR Survey Results April 2017 to December 2017 All Residents Report February 2018 Executive summary This report summarises the results of the continuous STAR survey of Radian s residents,

More information

ECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY

ECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Vol. 4, Issue 3 Economic Currents provides an overview of the South Florida regional economy. The report presents current employment,

More information

Economic and monetary developments

Economic and monetary developments Box 4 House prices and the rent component of the HICP in the euro area According to the residential property price indicator, euro area house prices decreased by.% year on year in the first quarter of

More information

Relationship of age and market value of office buildings in Tirana City

Relationship of age and market value of office buildings in Tirana City Relationship of age and market value of office buildings in Tirana City Phd. Elfrida SHEHU Polytechnic University of Tirana Civil Engineering Department of Civil Engineering Faculty Tirana, Albania elfridaal@yahoo.com

More information

METROPOLITAN COUNCIL S FORECASTS METHODOLOGY

METROPOLITAN COUNCIL S FORECASTS METHODOLOGY METROPOLITAN COUNCIL S FORECASTS METHODOLOGY FEBRUARY 28, 2014 Metropolitan Council s Forecasts Methodology Long-range forecasts at Metropolitan Council are updated at least once per decade. Population,

More information

2014 Plan of Conservation and Development

2014 Plan of Conservation and Development The Town of Hebron Section 1 2014 Plan of Conservation and Development Community Profile Introduction (Final: 8/29/13) The Community Profile section of the Plan of Conservation and Development is intended

More information

Waiting for Affordable Housing in NYC

Waiting for Affordable Housing in NYC Waiting for Affordable Housing in NYC Holger Sieg University of Pennsylvania and NBER Chamna Yoon KAIST October 16, 2018 Affordable Housing Policies Affordable housing policies are increasingly popular

More information

14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST

14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157

More information

ANALYSIS OF RELATIONSHIP BETWEEN MARKET VALUE OF PROPERTY AND ITS DISTANCE FROM CENTER OF CAPITAL

ANALYSIS OF RELATIONSHIP BETWEEN MARKET VALUE OF PROPERTY AND ITS DISTANCE FROM CENTER OF CAPITAL ENGINEERING FOR RURAL DEVELOPMENT Jelgava, 23.-25.5.18. ANALYSIS OF RELATIONSHIP BETWEEN MARKET VALUE OF PROPERTY AND ITS DISTANCE FROM CENTER OF CAPITAL Eduard Hromada Czech Technical University in Prague,

More information

Social rents policy: choices and trade-offs

Social rents policy: choices and trade-offs Social rents policy: choices and trade-offs 5 November 2015 Social rent policy: choices and trade-offs Stuart Adam, Daniel Chandler, Andrew Hood and Robert Joyce Policy background and trade-offs Robert

More information

Frequently Asked Questions: Residential Property Price Index

Frequently Asked Questions: Residential Property Price Index CENTRAL BANK OF CYPRUS EUROSYSTEM Frequently Asked Questions: Residential Property Price Index 1. What is a Residential Property Price Index (RPPI)? An RPPI is an indicator which measures changes in the

More information

2012 Profile of Home Buyers and Sellers New Jersey Report

2012 Profile of Home Buyers and Sellers New Jersey Report Prepared for: New Jersey Association of REALTORS Prepared by: Research Division December 2012 Table of Contents Introduction... 2 Highlights... 4 Conclusion... 7 Report Prepared by: Jessica Lautz 202-383-1155

More information

Deloitte Property Index Overview of European residential markets Residential property prices increase

Deloitte Property Index Overview of European residential markets Residential property prices increase Deloitte Property Index 2015 - Overview of European residential markets Residential property prices increase Michal Melc Senior Manager Audit Deloitte 30 Deloitte s Property Index, an overview of European

More information

FEATURES OF PRICE BUBBLE IN REAL ESTATE MARKET IN LITHUANIA

FEATURES OF PRICE BUBBLE IN REAL ESTATE MARKET IN LITHUANIA Abstract FEATURES OF PRICE BUBBLE IN REAL ESTATE MARKET IN LITHUANIA prof. habil. dr. Žaneta Simanavičien Kaunas University of Technology, Kęstučio str. 8, Kaunas Lithuania, LT 44320. E-mail: zaneta.simanaviciene@ktu.lt

More information

Filling the Gaps: Active, Accessible, Diverse. Affordable and other housing markets in Johannesburg: September, 2012 DRAFT FOR REVIEW

Filling the Gaps: Active, Accessible, Diverse. Affordable and other housing markets in Johannesburg: September, 2012 DRAFT FOR REVIEW Affordable Land and Housing Data Centre Understanding the dynamics that shape the affordable land and housing market in South Africa. Filling the Gaps: Affordable and other housing markets in Johannesburg:

More information

Rental Housing Strategy Study # 1

Rental Housing Strategy Study # 1 Rental Housing Strategy Study # 1 Submitted to: City of Vancouver by: Will Dunning Inc November 2009 Table of Contents Table of Contents... 1 Part 1 Summary and Conclusions... 2 Introduction... 2 Housing

More information

Characteristics of Recent Home Buyers

Characteristics of Recent Home Buyers Characteristics of Recent Home Buyers Special Studies, February 1, 2019 By Carmel Ford Economics and Housing Policy National Association of Home Builders Introduction To analyze home buyers NAHB uses the

More information

The move to housing ownership in temporal and regional contexts

The move to housing ownership in temporal and regional contexts Environment and Planning A 1994, volume 26, pages 1659-1670 The move to housing ownership in temporal and regional contexts M C Deurloo Department of Human Geography, University of Amsterdam, Nieuwe Prinsengracht

More information

The Impact of Market Rate Vacancy Increases One Year Report

The Impact of Market Rate Vacancy Increases One Year Report The Impact of Market Rate Vacancy Increases One Year Report January 1, 1999- December 31, 1999 Santa Monica Rent Control Board TABLE OF CONTENTS Summary 2 Market Rent Increases 1/1/99-12/31/99 4 Rates

More information

Housing Market in Crisis Period the Example of Poznan

Housing Market in Crisis Period the Example of Poznan 33 Henryk Gawron Housing Market in Crisis Period the Example of Poznan, Journal of International Studies, Vol. 4, No 1, 2011, pp. 33-43. Housing Market in Crisis Period the Example of Poznan Prof. Henryk

More information

Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability

Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability September 3, 14 The bad news is that household formation and homeownership among young adults

More information

Housing Price Index, base 2007 Methodological preview

Housing Price Index, base 2007 Methodological preview Housing Price Index, base 2007 Methodological preview Subdirectorate General for Statistics on Prices and Household Budgets Madrid, September 2008 Index 1. Introduction 2 2. Background 4 3. Objectives

More information

HOUSING AFFORDABILITY

HOUSING AFFORDABILITY HOUSING AFFORDABILITY 2016 A study for the Perth metropolitan area Research and analysis conducted by: In association with industry experts: And supported by: Contents 1. Introduction...3 2. Executive

More information

ECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015

ECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015 ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real

More information

Ontario Rental Market Study:

Ontario Rental Market Study: Ontario Rental Market Study: Renovation Investment and the Role of Vacancy Decontrol October 2017 Prepared for the Federation of Rental-housing Providers of Ontario by URBANATION Inc. Page 1 of 11 TABLE

More information

STRATEGIC PLANNING FOR RETAILING IN METROPOLITAN AREAS THE UK EXPERIENCE

STRATEGIC PLANNING FOR RETAILING IN METROPOLITAN AREAS THE UK EXPERIENCE STRATEGIC PLANNING FOR RETAILING IN METROPOLITAN AREAS THE UK EXPERIENCE Paper by Max Cowan, Planning Consultant I have spent more than 30 years working with various local authorities in the West of Scotland,

More information

HOUSING AFFORDABILITY

HOUSING AFFORDABILITY HOUSING AFFORDABILITY (RENTAL) 2016 A study for the Perth metropolitan area Research and analysis conducted by: In association with industry experts: And supported by: Contents 1. Introduction...3 2. Executive

More information

Table of Contents. Appendix...22

Table of Contents. Appendix...22 Table Contents 1. Background 3 1.1 Purpose.3 1.2 Data Sources 3 1.3 Data Aggregation...4 1.4 Principles Methodology.. 5 2. Existing Population, Dwelling Units and Employment 6 2.1 Population.6 2.1.1 Distribution

More information

The Ownership Structure of Housing Market and Unemployment in Czech Republic

The Ownership Structure of Housing Market and Unemployment in Czech Republic The Ownership Structure of Housing Market and Unemployment in Czech Republic David Slavata Abstract The paper tries to explain the relationship between the unemployment and structure of supply of housing

More information

Overriding Preference for Ground- Related Housing by GTA Millennials and Other Recent and Prospective Buyers

Overriding Preference for Ground- Related Housing by GTA Millennials and Other Recent and Prospective Buyers Overriding Preference for Ground- Related Housing by GTA Millennials and Other Recent and Prospective Buyers September 26, 2017 Overriding Preference for Ground-Related Housing by GTA Millennials and Other

More information

Causes & Consequences of Evictions in Britain October 2016

Causes & Consequences of Evictions in Britain October 2016 I. INTRODUCTION Causes & Consequences of Evictions in Britain October 2016 Across England, the private rental sector has become more expensive and less secure. Tenants pay an average of 47% of their net

More information

University of St. Thomas Minnesota Commercial Real Estate Survey

University of St. Thomas Minnesota Commercial Real Estate Survey University of St. Thomas Minnesota Commercial Real Estate Survey December 2016 Minnesota Commercial Real Estate Outlook Showing Few Changes Following Election, says University of St Thomas Minnesota Commercial

More information

New affordable housing production hits record low in 2014

New affordable housing production hits record low in 2014 1 Falling Further Behind: Housing Production in the Twin Cities Region December 2015 Key findings Only a small percentage of added housing units were affordable to households with low and moderate incomes.

More information

Appraisers and Assessors of Real Estate

Appraisers and Assessors of Real Estate http://www.bls.gov/oco/ocos300.htm Appraisers and Assessors of Real Estate * Nature of the Work * Training, Other Qualifications, and Advancement * Employment * Job Outlook * Projections Data * Earnings

More information