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House Price Determinants in Selected Countries of the Former Soviet Union
Author:
Vahram Stepanyan null

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Mr. Tigran Poghosyan
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Aidyn Bibolov
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Series:
IMF Working Papers
Volume/Issue:
Volume 2010: Issue 104
Language:
English
Publication Date:
01 Apr 2010
DOI:
https://doi.org/10.5089/9781455200634.001
ISBN:
9781455200634
ISSN:
1018-5941
Pages:
15
Keywords:
WP; error-correction term; GDP; House prices; pooled mean group estimator; the Former Soviet Union; housing price development; FSU country; house price elasticity; price development; house prices in the FSU country; mortgage rate; house price development; Housing prices; Remittances; Real estate prices; Housing; Inflation; Baltics
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper analyses the recent boom-bust cycle in the housing markets of selected Former Soviet Union (FSU) countries. The analysis is based on a newly constructed database on house prices in the FSU countries. Our estimations suggest that house price developments can largely be explained by the dynamics of fundamentals, such as GDP, remittances, and external financing. Overall, we find that deviations of house prices from their fundamentals have not been pronounced, suggesting that house price bubbles have not been formed in the FSU countries.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund