Cross-country analysis of the dynamics of housing price indices shows the dominance of two patterns. Thus, we can talk about two modes of market state: stability and positive trend. A particular country, like Spain, may have a changing sequence of different modes, lasting for 5-10 years. In...

The goal of this paper is to explain recent dynamics of housing prices in Spain. Two phenomena have been observed simultaneously: a signi cant decline in interest and mortgage rates and explosion of Spanish housing prices. Between 1998 and 2002 Spanish housing prices were growing well above in...

Housing market combines the properties of consumption and investment good. The present paper is devoted to the empirical analysis of an interaction between housing and financial markets, and all results will be for Barcelona city as an area of research. We study the relationship between housing...

Urban economic literature usually focuses on Central Business District model, which explains rental gradient around city center and is based on assumption that agents are dispersed in space, but all work in one point. The basic idea of the present model is that jobs exist in all point of...