Recent Developments in House Prices in Macedonia

The Narodowy Bank Polski Workshop: Recent Trends in the Real Estate Market And its Analysis, 2013

16 Pages Posted: 24 Sep 2016

Date Written: September 9, 2014

Abstract

We overview developments in house prices in Macedonia in the period 2000-2013, with a special Focus on the movements during the Great Recession. House prices in Macedonia exhibit typical cyclical behaviour, where periods of growth are followed by periods of stagnation/decline. Price developments are well explained by standard fundamentals, such as income, mortgages and supply of new housing, and during these 14 years houses have not shown signs of substantial and persistent mispricing. Real house prices have declined by approximately 17 percent since the onset of the global financial crisis (end of 2008). The decline is in accordance with the lower demand during this period.

Keywords: housing market, house prices, Macedonia, financial crisis, Great Recession

JEL Classification: R31

Suggested Citation

Jovanovic, Branimir, Recent Developments in House Prices in Macedonia (September 9, 2014). The Narodowy Bank Polski Workshop: Recent Trends in the Real Estate Market And its Analysis, 2013, Available at SSRN: https://ssrn.com/abstract=2841728 or http://dx.doi.org/10.2139/ssrn.2841728

Branimir Jovanovic (Contact Author)

University of Rome Tor Vergata ( email )

Via di Tor Vergata
Rome, Lazio 00133
Italy

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