This paper investigates dynamic asymmetries in house price cycles. We introduce an ad-hoc nonlinear model to capture real estate cycles. The suggested model involves a particular parametrization of the transition function used in the transition equation of a smooth transition autoregressive...

In this paper, we consider the dynamic features of house price in metropolises that are characterised by a high degree of internationalisation. Using a generalised smooth transition (GSTAR) model we show that the dynamic symmetry in house price cycles is strongly rejected for the housing markets...