Determinants of Residential Property Prices in Russian Federation
| Autor: | Mgr. Kristina Burešová |
|---|---|
| Rok: | 2022 - letní |
| Vedoucí: | Mgr. Roman Kalabiška |
| Konzultant: | |
| Typ práce: | Diplomová Finance, finanční trhy a bankovnictví |
| Jazyk: | Anglicky |
| Stránky: | 98 |
| Ocenění: | |
| Odkaz: | https://dspace.cuni.cz/handle/20.500.11956/174007 |
| Abstrakt: | The thesis investigates the determinants of apartment prices in Russia. We examined the relationships between quarterly apartment prices in the primary and secondary markets and a wide range of explanatory variables using a heterogeneous panel of 73 regions from 2005 Q1 to 2019 Q4. Because the variables were co-integrated, the long-run relationships were estimated using a panel dynamic OLS. The short-run dynamic was captured by the error correction model. Wages and construction costs were found to be the core determinants of apartment prices in both the primary and secondary markets. Construction costs were dominant in the primary market and wages in the secondary market. Unemployment, age structure, migration, exchange rate index, and existing apartment area per capita were identified as additional price determinants. Negative error correction terms implied that, following a market shock, apartment prices would revert to their long-run equilibria. The sample was then divided into subsets containing wealthy and poor regions to test for robustness. The regression results suggested dierent dynamics in the wealthy regions, but otherwise confirmed the results’ robustness. Finally, subperiods were subjected to indicative analysis. However, no significant changes were observed following the 2008 and 2014 crises. |
