The drivers of Norway's house prices:
In this paper, we explore the drivers of house prices in Norway, using a cross-country panel framework. Empirical results confirm that house prices are determined by numerous demand and supply factors, including income, demographics, macroeconomic conditions, stock of housing and institutional featu...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2020
|
| Series: | OECD Economics Department Working Papers
|
| Subjects: | |
| Online Access: | Volltext |
| Summary: | In this paper, we explore the drivers of house prices in Norway, using a cross-country panel framework. Empirical results confirm that house prices are determined by numerous demand and supply factors, including income, demographics, macroeconomic conditions, stock of housing and institutional features. The results suggest that high and rising house prices in Norway are principally driven by market fundamentals - high household incomes, wealth, low interest rates and a growing population. Yet, despite strong fundamentals, comparing predicted house prices as estimated by the model and observed house prices suggests that house prices in Norway have been overvalued to a degree since the global financial crisis. Some structural and regulatory features of the Norwegian housing market also put upward pressure on prices: the favourable tax treatment of home ownership, strict rent controls and lax tenant-landlord regulations. Improving further the responsiveness of housing supply to demand could also ease price pressures |
| Physical Description: | 1 Online-Ressource (26 Seiten) |
| DOI: | 10.1787/cb065dca-en |
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| spelling | Sila, Urban Verfasser aut The drivers of Norway's house prices Urban Sila Paris OECD Publishing 2020 1 Online-Ressource (26 Seiten) txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers In this paper, we explore the drivers of house prices in Norway, using a cross-country panel framework. Empirical results confirm that house prices are determined by numerous demand and supply factors, including income, demographics, macroeconomic conditions, stock of housing and institutional features. The results suggest that high and rising house prices in Norway are principally driven by market fundamentals - high household incomes, wealth, low interest rates and a growing population. Yet, despite strong fundamentals, comparing predicted house prices as estimated by the model and observed house prices suggests that house prices in Norway have been overvalued to a degree since the global financial crisis. Some structural and regulatory features of the Norwegian housing market also put upward pressure on prices: the favourable tax treatment of home ownership, strict rent controls and lax tenant-landlord regulations. Improving further the responsiveness of housing supply to demand could also ease price pressures Education Norway https://doi.org/10.1787/cb065dca-en Verlag kostenfrei Volltext |
| spellingShingle | Sila, Urban The drivers of Norway's house prices Education Norway |
| title | The drivers of Norway's house prices |
| title_auth | The drivers of Norway's house prices |
| title_exact_search | The drivers of Norway's house prices |
| title_exact_search_txtP | The drivers of Norway's house prices |
| title_full | The drivers of Norway's house prices Urban Sila |
| title_fullStr | The drivers of Norway's house prices Urban Sila |
| title_full_unstemmed | The drivers of Norway's house prices Urban Sila |
| title_short | The drivers of Norway's house prices |
| title_sort | the drivers of norway s house prices |
| topic | Education Norway |
| topic_facet | Education Norway |
| url | https://doi.org/10.1787/cb065dca-en |
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