Investigating the dynamics of house prices: an asymmetric analysis of macroeconomic determinants

What is it about?

As real estate prices play a significant role in economic activity and in citizens’ living conditions, this study investigates the underlying factors and conditions that shape them. It examines an extended time period in Greece, selected to capture critical phases of the country’s modern economic history, including the global financial crisis, the sovereign debt crisis, and the more recent developments associated with the COVID-19 pandemic and geopolitical shocks. Specifically, the study explores whether real house prices in Greece respond asymmetrically to key macroeconomic fundamentals and whether such asymmetries are consistent with downward price rigidity. This approach enables a comprehensive assessment of price dynamics across different macroeconomic regimes.

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Photo by Sasun Bughdaryan on Unsplash

Photo by Sasun Bughdaryan on Unsplash