House prices and long-term equilibrium in the regulated market of the Netherlands

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    Abstract

    This paper establishes a simple affordability model that implicitly incorporates the major Dutch market features to elucidate long-run house prices under a regulatory environment. The results reveal a long-run relationship for house prices under strict regulations. The association among house prices, income, interest rates, and inflation is verified using an aggregated dataset. In the long-run, incomes and interest rates function as the two prime forces driving price dynamics, whereas the role of inflation is limited.

    Original languageEnglish
    Pages (from-to)408-432
    Number of pages25
    JournalHousing Studies
    Volume33 (2018)
    Issue number3
    DOIs
    Publication statusPublished - 2017

    Keywords

    • House prices
    • long-run equilibrium
    • regulations
    • the Netherlands

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