Housing Market Reactions in Presence of Retirees Migration

Housing markets has growth very strongly during last 10 years in many Spanish areas. Some of them have been receiving increasing number of retiree migrants from the north and central Europe who own houses to live during a part of the year, coinciding with the period of stronger growth on house building. This paper deepen on the relationship between the increase of this type of migration and the market equilibrium, checking the impacts of the arrivals on the building rate and housing prices growth rate. Using information coming from REVICVAL database, we construct a pseudo panel adding general information coming from secondary data and estimating the impact of the retiree migrants arrivals on the housing construction and prices. It also identify the differential impact by nationalities.