Work detail

Determinants of the residential real estate prices in the CEECs

Author: Bc. Adam Stefanov
Year: 2019 - summer
Leaders: PhDr. Michal Hlaváček Ph.D.
Work type: Bachelors
Language: Czech
Pages: 62
Awards and prizes:
Abstract: The development of residential house prices has been watched since the global economic crisis
in 2008, because overpriced house prices and their following burst was one of the main factors
of this crisis. The goal of this work is to analyse the influence of macroeconomic factors on
house price growth in ten Central and Eastern European countries since the beginning of the
third millennium. The main used methods are P/I and P/R ratios, graphical comparison of price
leader effect of the capital city, and house price development and panel data analysis. P/I and
P/R ratios show a slowly forming bubble in some countries, but they still do not reach pre-crisis
values. Graphical analysis of the price leader effect confirmed the leader effect of the capital.
Panel data analysis with fixed effects method was divided into several parts according to the
frequency of the data and geographical relationship between countries. Analysis shows
connection between house prices and economic growth, real wages and unemployment rate. In
some regions, analysis points to the influence of the demographic factors or financial market
development. Diversity of the results is caused by the fact that house prices are determined by
different factors in different regions. Issues with the data also play some role in these


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