Publications to Download

Lux M., P. Sunega, M. Mikeszová, T. Kostelecký 2008

Housing Standards 2007/2008
The Factors behind the High Prices of Owner-Occupied Housing in Prague

Prague: Institute of Sociology, Academy of Sciences of the Czech Republic.

The first chapter of the analytical part of the study focuses on a comparison of price trends for residential real estate in selected OECD countries. The analysis drew on data from the Bank for International Settlements (BIS), the OECD, and from ‘national’ sources (i.e. statistics offices, central banks, real estate agency associations, and so on). This chapter also contains a detailed analysis of the causes of the American mortgage crisis.

The second chapter contains an evaluation of the demand-side and the supply-side factors in the residential real-estate market. The chapter presents the main findings from selected empirical studies on price volatility in the housing market that tried to explain housing-price trends on the basis of economic principles and other factors.

The third chapter of the book focuses on evaluating the trend in the prices of residential real estate in the Czech Republic.

The fourth chapter in the publication summarises the results of analyses that were carried out in order to reveal what factors may lie behind the relatively high prices of owner-occupied housing in Prague (high P/I ratio values) compared to the rest of the Czech Republic. We believe that this chapter is the biggest asset of the entire publication and the findings it reached may be of interest to researchers on housing in other countries. Therefore, it will be devoted the most space in the following excerpt.

Excerpt from the publication