This paper develops a growth model with land, housing services, and other goods that is capable of explaining a substantial portion of the movements in housing prices over the past forty years. Under certainty, the model exhibits a balanced aggregate growth, but with underlying sectoral change....

Housing is the single most important component of personal wealth in most countries. The special characteristics of housing markets are therefore key to understanding personal portfolios, saving, the household distribution of wealth, and the monetary transmission mechanism. This paper discusses...

This paper studies the housing price dynamics in the Helsinki Metropolitan Area (HMA) using quarterly data from 1975Q1 to 2005Q2. First, the long-run relationship between housing prices and a number of fundamental variables likely to affect the level of housing prices is examined. Several...

Twice in the last decade there have been surges in the demand for property in New Zealand - what could be described as speculative bubbles. An important part of these demands has been that for owner occupied housing. This has occurred in a generally buoyant economic environment since the early...