Convergence processes in the European housing markets

International and regional perspective

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The goal of this monograph is to assess the course of convergence processes occurring in European housing markets and to identify the effects of this convergence. The publication is part of research on the housing sector carried out in many countries. However, it presents not only the most frequently conducted studies on price convergence but is also characterised by a broader perspective, taking into account real and institutional convergence of housing markets. An attempt has been also made to indicate the reasons for this phenomenon and its effects.
It is addressed to a wide audience: people researching the theory of economic growth, individuals professionally interested in the issues related to the functioning of real estate markets, and especially to students of programmes that have included real estate issues in their curricula.


Liczba stron254
WydawcaWydawnictwo Uniwersytetu Łódzkiego
ISBN-13978-83-8220-117-8
Numer wydania1
Język publikacjiangielski
Informacja o sprzedawcyePWN sp. z o.o.

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Spis treści

  Introduction    9
  
  Part 1. Development processes of housing markets    15
  
  Chapter 1. The housing market as part of the housing system – theoretical foundations    17
  1.1. The housing system    17
  1.2. The housing market and its determinants    19
  1.3. The social and economic dimension of the housing market    24
  
  Chapter 2. The evolution of European housing systems in the post-war period    43
  2.1. Housing policy models    43
  2.2. Housing policy instruments    51
  2.3. Socio-economic conditions for the development of housing markets from the 1950s to the 1980s    55
  2.3.1. Post-war demographic determinants    56
  2.3.2. Size and ownership structure of the housing stock     58
  2.4. Socio-economic conditions for the development of housing markets from the 1980s to 2017    62
  2.4.1. Demographic determinants    62
  2.4.2. Size and ownership structure of the housing stock     64
  
  Chapter 3. The evolution of housing markets in selected EU countries    69
  3.1. The evolution of housing markets in selected EU countries from the 1950s to the 1980s    69
  3.2. The evolution of housing markets in selected EU countries from the 1980s to 2017    75
  3.2.1. Distinctiveness of post-socialist states    75
  3.2.2. The evolution of housing markets in other countries    90
  
  Part 2. Convergence of housing markets in European Union countries    109
  
  Chapter 4. The essence of economic convergence and methods of its verification    111
  4.1. The concept and types of convergence     111
  4.1.1. Definitions of convergence and its essence    111
  4.1.2. Real convergence in economic theories    113
  4.1.3. Types of convergence    115
  4.2. Methods of verification of the convergence hypothesis    117
  4.2.1. Beta-convergence    117
  4.2.2. Sigma-convergence    123
  4.2.3. Relative convergence    126
  4.2.4. Gamma-convergence    128
  
  Chapter 5. Testing for convergence across housing markets    131
  5.1. Convergence processes in housing markets – a literature review    131
  5.2. Convergence processes in housing markets – empirical verification    135
  5.2.1. The aim and scope of research    135
  5.2.2. Research methodology    136
  5.2.3. Price convergence of housing markets    139
  5.2.3.1. International dimension    139
  5.2.3.2. Regional dimension    140
  5.2.4. Non-price convergence of housing markets    143
  5.2.4.1. International dimension    143
  5.2.4.2. Regional dimension    151
  5.2.5. Conclusions    167
  
  Part 3. Assessment of housing convergence and its effects    169
  
  Chapter 6. Convergence of European housing markets in the context of economic convergence of the EU Member States    171
  6.1. The process of integration of European economies    171
  6.2. Economic convergence of the EU Member States    173
  6.2.1. The cohesion policy as a response to growing economic inequalities in the EU    173
  6.2.2. Economic beta-convergence among the EU Member States    176
  6.2.3. Relative convergence    178
  6.2.4. Sigma-convergence    180
  6.2.5. Conclusions    181
  6.3. Convergence of housing markets against the background of economic convergence    182
  
  Chapter 7. An attempt to assess housing convergence and its effects    193
  7.1. Directions of changes in housing markets in the context of convergence processes    193
  7.1.1. Changes in the housing policy and the current housing situation in the EU Member States    193
  7.1.2. Convergence processes in post-socialist states    198
  7.1.3. Directions of changes at the regional level     201
  7.2. Housing convergence and the problem of social inequalities    202
  7.2.1. Directions of changes in the housing situation of households in various income groups in the years 2007 and 2017    202
  7.2.2. Trends in housing costs in various income groups    207
  7.2.3. Trends in housing overcrowding rate in various income groups    214
  7.3. Conclusions    225
  
  Summary    227
  Literature    231
  Appendix    245
  List of tables    249
  List of figures    251
  List of graphs    253
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