Purpose

This study aims to determine how the prices of residential properties in the Greek real estate sector are affected by their structural characteristics and by the prevailing economic factors during recession.

Design/methodology/approach

Based on 13,835 valuation reports for the city of Athens, covering a period of 11 years (2006–2016), this study develops a series of econometric models, taking into account both structural characteristics of the property market and the macroeconomic relevant variables. Finally, the city of Athens is divided into sub-regions and the different effects of the structural factors in each area are investigated via spatial analysis confirming the validity of the baseline model.

Findings

Findings show that the size, age, level, parking and storage space can explain the property price movements. Moreover, the authors find evidence that it is primarily house demand variables (e.g. the annual average wage, the unemployment rate, the user cost of capital, financing constraints and expectations about the future course of the house market) that affect house prices in a statistically significant manner and with the correct sign. Finally, using a difference-in-differences approach, this study finds that an increase in house demand (on account of net migration) led to higher house prices in smaller and older than in larger and younger apartments in areas with high concentration of immigrants.

Originality/value

This study uses a novel data set to help entities, individuals and policy-makers to understand how the recent economic and financial crisis has affected the real estate market in Athens.

中文翻译：

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金融危机期间雅典市的房地产开发

目的

本研究旨在确定希腊房地产部门的住宅物业价格如何受到其结构特征和经济衰退期间主要经济因素的影响。

设计/方法/方法

本研究基于雅典市的 13,835 份估值报告，涵盖 11 年（2006-2016 年），开发了一系列计量经济模型，同时考虑了房地产市场的结构特征和宏观经济相关变量。最后，雅典市被划分为子区域，通过空间分析研究了每个区域结构因素的不同影响，证实了基线模型的有效性。

发现

调查结果显示，大小、年龄、水平、停车位和存储空间可以解释房地产价格的变动。此外，作者发现有证据表明，主要影响房价的变量是房屋需求变量（例如年平均工资、失业率、资本用户成本、融资约束和对房屋市场未来走向的预期）。显着的方式和正确的标志。最后，使用差异中的差异方法，本研究发现，在移民高度集中的地区，房屋需求的增加（由于净移民）导致较小和较旧的公寓的房价高于较大和较年轻的公寓。

原创性/价值

本研究使用一组新颖的数据来帮助实体、个人和政策制定者了解最近的经济和金融危机如何影响雅典的房地产市场。