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Paper eres2005_322:
Modelling Housing Market Fundamentals: Empirical Evidence of Extreme Market Conditions

id eres2005_322
authors Stevenson, Simon
year 2005
title Modelling Housing Market Fundamentals: Empirical Evidence of Extreme Market Conditions
source Book of Abstracts: 2005 European Real Estate Society conference in association with the International Real Estate Society
summary This paper re-examines the price behaviour of the residential property market in Ireland and specifically assess the extent to which a speculative bubble developed during the boom in the market since the mid-nineties. The paper uses a number of alternative methodological approaches in the estimation of fundamental value in the market. The majority of the approaches illustrate that a substantial premium developed during the late nineties, reaching a peak in 1999 and 2000. While this speculative premium did decrease in 2001, the majority of the models used signify that a substantial premium over fundamental values is still present in the market. The paper also highlights modelling concerns in some of the methodological approaches that have been commonly applied to the Irish market.
series ERES:conference
type normal paper
discussion No discussions. Post discussion ...
ratings
session Session H5
last changed 2008/11/01 09:47
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