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Convergence processes in the European housing markets. International and regional perspective

Convergence processes in the European housing markets. International and regional perspective

Ewa Kucharska-Stasiak, Ewa Kusideł, Magdalena Załęczna, Konrad Żelazowski

Ebook

The goal of this monograph is to assess the course of convergence processes occurring in European housing markets and to identify the effects of this convergence. The publication is part of research on the housing sector carried out in many countries. However, it presents not only the most frequently conducted studies on price convergence but is also characterised by a broader perspective, taking into account real and institutional convergence of housing markets. An attempt has been also made to indicate the reasons for this phenomenon and its effects.

It is addressed to a wide audience: people researching the theory of economic growth, individuals professionally interested in the issues related to the functioning of real estate markets, and especially to students of programmes that have included real estate issues in their curricula.

Introduction      9

 

Part 1. Development processes of housing markets   15

 

Chapter 1. The housing market as part of the housing system – theoretical foundations            17

1.1. The housing system    17

1.2. The housing market and its determinants              19

1.3. The social and economic dimension of the housing market                24

 

Chapter 2. The evolution of European housing systems in the post-war period             43

2.1. Housing policy models              43

2.2. Housing policy instruments      51

2.3. Socio-economic conditions for the development of housing markets from the 1950s to the 1980s 55

      1. Post-war demographic determinants         56
      2. Size and ownership structure of the housing stock    58

2.4. Socio-economic conditions for the development of housing markets from the 1980s to 2017          62

      1. Demographic determinants          62
      2. Size and ownership structure of the housing stock    64

 

Chapter 3. The evolution of housing markets in selected EU countries             69

3.1. The evolution of housing markets in selected EU countries from the 1950s to the 1980s      69

3.2. The evolution of housing markets in selected EU countries from the 1980s to 2017               75

      1. Distinctiveness of post-socialist states        75
      2. The evolution of housing markets in other countries 90

 

Part 2. Convergence of housing markets in European Union countries       109

 

Chapter 4. The essence of economic convergence and methods of its verification         111

4.1. The concept and types of convergence             111

      1. Definitions of convergence and its essence            111
      2. Real convergence in economic theories       113
      3. Types of convergence   115

4.2. Methods of verification of the convergence hypothesis  117

      1. Beta-convergence          117
      2. Sigma-convergence        123
      3. Relative  convergence   126
      4. Gamma-convergence     128

 

Chapter 5. Testing for convergence across housing markets               131

5.1. Convergence processes in housing markets – a literature review              131

5.2. Convergence processes in housing markets – empirical verification          135

      1. The aim and scope of research       135
      2. Research  methodology 136
      3. Price convergence of housing markets    139
        1. International  dimension  139
        2. Regional  dimension          140
      4. Non-price convergence of housing markets           143
        1. International  dimension  143
        2. Regional  dimension          151
      5. Conclusions      167

 

Part 3. Assessment of housing convergence and its effects   169

 

Chapter 6. Convergence of European housing markets in the context of economic convergence of the EU Member States              171

6.1. The process of integration of European economies        171

6.2. Economic convergence of the EU Member States             173

      1. The cohesion policy as a response to growing economic inequalities in the EU      173
      2. Economic beta-convergence among the EU Member States              176
      3. Relative  convergence   178
      4. Sigma-convergence        180
      5. Conclusions      181

6.3. Convergence of housing markets against the background of economic convergence           182

 

Chapter 7. An attempt to assess housing convergence and its effects               193

7.1. Directions of changes in housing markets in the context of convergence processes            193

      1. Changes in the housing policy and the current housing situation in the EU Member States              193
      2. Convergence processes in post-socialist states           198
      3. Directions of changes at the regional level             201

7.2. Housing convergence and the problem of social inequalities             202

      1. Directions of changes in the housing situation of households in various income groups in the years 2007 and 2017   202
      2. Trends in housing costs in various income groups      207
      3. Trends in housing overcrowding rate in various income groups              214

7.3. Conclusions 225

 

Summary            227

Literature           231

Appendix           245

List of tables        249

List of figures    251

List of graphs      253

  • Title: Convergence processes in the European housing markets. International and regional perspective
  • Author: Ewa Kucharska-Stasiak, Ewa Kusideł, Magdalena Załęczna, Konrad Żelazowski
  • ISBN: 978-83-822-0117-8, 9788382201178
  • Date of issue: 2020-11-20
  • Format: Ebook
  • Item ID: e_1vlv
  • Publisher: Wydawnictwo Uniwersytetu Łódzkiego