ABSTRACT

This paper develops an empirical analysis quantifying the housing prices reaction to market transparency in 21 European metropolitan areas for the period 2004–2016. Market transparency is measured by the Global Real Estate Transparency Index (JLL) with its five dimensions. Applying a biannual panel EGLS model regression with fixed effects by cities as on data collected from several resources and measuring transparency using JLL index, results quantify the housing price elasticity of responses to changes in transparency. Results indicate that a decrease in transparency level is associated with an increase in house prices. The effect of transparency on the housing prices is heterogeneous in European metropolises, with most visible impacts in the Eastern metropolitan areas (Bratislava, Bucharest, Warsaw and Zagreb) but also in Western areas such as Copenhagen, Dublin and Madrid. London, Paris and Amsterdam also show how large transparency contributes to low house price increase, as the market fundamentals support.

摘要

本文进行了一项经验分析，量化了2004年至2016年期间欧洲21个大都市地区房价对市场透明度的反应。市场透明度由全球房地产透明度指数（JLL）及其五个维度来衡量。将两年一次的EGLS模型回归模型应用于城市固定的从几种资源收集的数据上的回归，并使用JLL指数测量透明度，结果量化了对透明度变化的反应的房价弹性。结果表明，透明度降低与房价上涨有关。透明度对房价的影响在欧洲大都市中是不同的，在东部都市区（布拉迪斯拉发，布加勒斯特，华沙和萨格勒布），但在西部地区，例如哥本哈根，都柏林和马德里。伦敦，巴黎和阿姆斯特丹还显示出，由于市场基本面的支撑，较大的透明度会导致房价低位上涨。