Izvorni znanstveni članak
https://doi.org/10.51680/ev.37.2.2
The impact of macroeconomic factors on real estate prices: Evidence from Spain and Croatia
Anita Peša
orcid.org/0000-0003-3767-0676
; University of Zadar, Department of Economics, Zadar, Croatia
Miguel Ángel Latorre Guillem
orcid.org/0000-0003-0748-520X
; University Catholic of Valencia “San Vicente Martir”, Faculty of Law, Economics and Social Sciences, Department of Accounting, Finance and Management Control, Valencia, Spain
Marijana Jerić
; University of Zadar, Department of Economics, Zadar, Croatia
Sažetak
Purpose: The paper deals with the comparison of real estate price trends in two European markets such as Spain and Croatia, well-known tourist destinations. Trends in macroeconomic variables in the period from 2013 to 2022 were considered, such as the house price index, overdue mortgage or rent payments, direct investment, production in construction, real GDP per capita, average adjusted wage per employee
and unemployment rate. The aim of this study is to compare real estate prices in these two countries with regard to macroeconomic variables.
Methodology: The applied methodology is based on the model averaging technique, which has been used in a few previous similar research studies.
Results: The obtained results point to the fact that real estate price movements are strongly negatively influenced by the unemployment rate in both observed countries.
Conclusion: The real estate prices in Croatia are strongly negatively influenced by arrears on mortgage or rent payments, while in Spain, they are strongly positively influenced by production in construction. Recommendations for further research refer to research that would cover a wider range of Southeast European countries with common characteristics of strongly developed tourism.
Ključne riječi
determinants of real estate prices; macroeconomic factors; real estate market; model averaging technique
Hrčak ID:
326034
URI
Datum izdavanja:
24.12.2024.
Posjeta: 0 *