Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Cycles of the Housing Market in Hungary from the Economic Crisis until Today
The main aim of this paper is to identify the underlying reasons for the cyclical nature of the Hungarian housing market, in particular the business cycles, the construction, and market participants’ expectations. Our research was conducted based on analysis of statistical data and of the housing market indices. As a result, it can be stated that cyclic behaviour of the housing market may be explained primarily with business cycles, but state subsidies and mortgages also affect the variations. Accordingly, the increasing lending and the high amount of subsidies can generate a price bubble. The supply of second-hand dwellings looks more flexible compared with that of new ones. However, the expectations of market operators do not have a demonstrable effect on the housing market. ; Ključni cilj tega članka je prepoznati osnovne razloge za ciklični značaj madžarskega stanovanjskega trga, še posebej poslovnih ciklov, gradbenih projektov in pričakovanj tržnih udeležencev. Raziskava temelji na analizi statističnih podatkov in indeksov stanovanjskega trga. Izsledki raziskave kažejo, da je cikličnost stanovanjskega trga možno pojasniti pretežno s poslovnimi cikli, vendar državne subvencije in hipoteke prav tako vplivajo na variacije. Torej lahko naraščajoče posojanje in visok znesek subvencij ustvarjata cenovni balon. Ponudba rabljenih stanovanj izkazuje večjo prilagodljivost kot ponudba novih stanovanj. Kakorkoli, pričakovanja tržnih udeležencev nimajo jasnega učinka na stanovanjski trg.
Cycles of the Housing Market in Hungary from the Economic Crisis until Today
The main aim of this paper is to identify the underlying reasons for the cyclical nature of the Hungarian housing market, in particular the business cycles, the construction, and market participants’ expectations. Our research was conducted based on analysis of statistical data and of the housing market indices. As a result, it can be stated that cyclic behaviour of the housing market may be explained primarily with business cycles, but state subsidies and mortgages also affect the variations. Accordingly, the increasing lending and the high amount of subsidies can generate a price bubble. The supply of second-hand dwellings looks more flexible compared with that of new ones. However, the expectations of market operators do not have a demonstrable effect on the housing market. ; Ključni cilj tega članka je prepoznati osnovne razloge za ciklični značaj madžarskega stanovanjskega trga, še posebej poslovnih ciklov, gradbenih projektov in pričakovanj tržnih udeležencev. Raziskava temelji na analizi statističnih podatkov in indeksov stanovanjskega trga. Izsledki raziskave kažejo, da je cikličnost stanovanjskega trga možno pojasniti pretežno s poslovnimi cikli, vendar državne subvencije in hipoteke prav tako vplivajo na variacije. Torej lahko naraščajoče posojanje in visok znesek subvencij ustvarjata cenovni balon. Ponudba rabljenih stanovanj izkazuje večjo prilagodljivost kot ponudba novih stanovanj. Kakorkoli, pričakovanja tržnih udeležencev nimajo jasnega učinka na stanovanjski trg.
Cycles of the Housing Market in Hungary from the Economic Crisis until Today
Harnos, László (Autor:in)
22.07.2018
Naše gospodarstvo/Our economy; Vol 64 No 2 (2018): Naše gospodarstvo / Our economy; 3-14 ; Naše gospodarstvo/Our economy; Letn. 64 Št. 2 (2018): Naše gospodarstvo / Our economy; 3-14 ; 2385-8052 ; 0547-3101
Aufsatz (Zeitschrift)
Elektronische Ressource
Englisch
DDC:
720
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