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Housing prices in Prague
Wagner, Michal ; Ouředníček, Martin (advisor) ; Lux, Martin (referee)
This master thesis deals with the analysis of housing prices in Prague. The main goal is to identify and explain the factors which have an influence on the prices of flats at the macro and micro level. Two spatial statistic methods, namely multiple linear regressions and geographically weighted regressions (GWR), are used in the first part of the thesis, which deals with the prices in Prague in general. The influence on the values of flats in Prague basic settlement units caused by several factors such as the distance from the Old Town Square, age of dwellings, the presence of migrants or air pollution was investigated using these two methods. The price map of the association of real estate agencies, the Czech Statistical Office and the Prague Institute of Planning and Development provided the data used in the presented research. Price profiles from the centre of Prague to the suburbs in various directions were also created and analyzed. Factors with an influence on housing prices at the micro level in a case study of the Prague cadastral territory of Modřany are described in the second part of the thesis. The analysis of new developer projects and older flats in panel houses investigates the influence on the housing prices caused by factors such as noise, physical condition of apartments and the quality of...
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Housing Prices in the Czech Republic and Slovakia: Regional Comparison
Cempírek, Petr ; Hlaváček, Michal (advisor) ; Žigraiová, Diana (referee)
The objective of the present Bachelor's thesis is to compare the behavior of housing prices in the Czech Republic and Slovakia using econometric analysis. First, the author presents the historical context and basic housing indicators. After verifying that variables in dataset are cointegrated, a panel DOLS es- timator for modelling housing prices is employed. The author uses quarterly regional data in order to analyze the response of basic housing price fundamen- tals in the two countries that formed one federation until 1992. By forming a short run equation with an error-correction term the author checks for the existence of long run housing price equilibrium and for the speed of price rever- sion to equilibrium in case it is misaligned. The author then focuses on housing price misalignments as well as their dynamics in the individual regions.
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Housing Price Determinants in the Czech Republic
Markvartová, Lenka ; Hlaváček, Michal (advisor) ; Šolc, Jan (referee)
Housing market was considered stable until housing prices in many countries after global crises rapidly decreased. Still the development of housing prices and its determinants are unique for every country. The goal of this work is to find the factors that affect the housing prices in the Czech Republic using endogenous models. This type of econometric models enables to explore both short and long term relationships. The theoretical part of the work focuses on housing prices monitoring issues and the specific price development in the Czech Republic in comparison to other countries. Furthermore different level and development of housing prices in Prague are discussed. Due to this fact two types of tests are used - for the Czech Republic as a whole and for Prague separately. The variables housing loans included are based on previous results of Czech as well as foreign studies. Thanks to detected long term relationships an endogenous VECM model can be applied. It confirms bidirectional influence of housing prices and housing loan volume. This relationship could not have been analyzed sofar due to relatively short time series which limit the choice of particular models. My results suggest that growth in housing loan volume causes an increase in housing prices with more than one year delay. This effect...
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Housing prices in Prague- their developments and prediction
Petr, Adam ; Hlaváček, Michal (advisor) ; Rippel, Milan (referee)
The housing prices in Prague had risen by more than 63% between 2002 and 2008. However since August 2008, when they reached their peak, they have been almost constantly falling. Most of the publications regarding housing prices are taking into account Prague as one of the Czech regions. On the contrary, this work analyzes housing prices in Prague and its 22 districts. In first part of this work the indicators of rent-to-price ratio, price-to-income ratio and new building development factors are considered to explain possible future development of housing prices. This is seemed to continue falling during the year 2011. The second analytical part tries to explain the housing prices according to specific locality features and macroeconomic aspects. The panel regression is used and it reveals that the most significant attributes are the macroeconomic features.
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The Influence of Monetary Policy on Real Estate Market as a Potential Catalyst for Economic Crisis
Suský, Stanislav ; Vozárová, Pavla (advisor) ; Chytil, Zdeněk (referee)
The thesis focuses on the influence of target interest rates set by central banks to stimulate property markets, in particular on the impact of these rates on real estate pricing and the subsequent bubbles in the housing market. In my work I analyse panel data portraying the quarterly performance of 29 European states from early 2000 till the end of second quarter of 2015. In the first part I investigate the influence of interest rates on property prices and find out that a one percentage point decrease of the target interest rate by the central bank resulted in a rise of 0.897 points in the house price index. In the second part I evaluate the impact of this instrument on the creation of a housing bubble, which is represented by the indicator of housing price sustainability. I estimate that an decrease in interest rates by one percentage point is concomitant with a increase of growth of the price bubble by 0,28 %. I thus validate my hypotheses on the negative correlation between the aforementioned variables.
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