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作者

Trojanek, Radoslaw;Gluszak, Michal;Kufel, Pawel;Tanas, Justyna;Trojanek, Maria

来源

JOURNAL OF HOUSING AND THE BUILT ENVIRONMENT,Vol.38,Issue1,P.

语言

英文

关键字

作者单位

摘要

Using a unique dataset of 4.6 million offers, we investigate the convergence of 28 regional housing markets in Poland from 2000 to 2019. The objective of the paper is twofold. First, we test whether the house prices in Poland are converging over time and identify convergence clubs. Second, we compare the housing market convergence before and after the global financial crisis. The test results suggest that there is little evidence of overall convergence. We identified three major convergence clubs in Poland formed during the study period. However, the results differed when considering subperiods (before and after the 3rd quarter of 2008)—we found three and four clubs in subperiods and some divergent housing markets. The paper fills the gap in knowledge on the convergence of regional housing markets within an emerging economy setting. Little is known about this phenomenon in Eastern European Countries with their unique institutional framework. Additionally, we address differences in house price convergence before, and after the financial crisis, a topic often overlooked in other empirical studies.