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Author
Głuszak Michał (Cracow University of Economics, Poland), Belniak Stanisław (Cracow University of Economics, Poland)
Title
The COVID-19 Pandemic and Housing Markets in Selected European Countries : Lessons Learnt and Policy Implications
Source
Zarządzanie Publiczne / Uniwersytet Ekonomiczny w Krakowie, 2020, nr 3 (53), s. 48-59, rys., bibliogr. 24 poz.
Public Governance
Keyword
Rynek mieszkaniowy, Polityka mieszkaniowa, COVID-19
Housing market, Housing policy, COVID-19
Note
JEL Classification: I15; R21; R31; R38
summ.
Abstract
Objectives: The impact of the COVID-19 pandemic has serious economic and social consequences - global, regional, and local. The overall goal of the paper is to investigate the dynamics of housing markets in selected European countries during the first phase of the COVID-19 pandemic.

Research Design & Methods: We evaluate housing indicators in three European countries: Spain, Italy, and the UK. We explore house prices and other housing market indicators, such as transaction volume or rents. The paper also discusses major policy concerns regarding the effects of COVID-19 on housing welfare and urban transformations.

Findings: We found out that the COVID-19 pandemic had a strong impact on housing transaction volume and housing preferences. We observed a transitionary house price decrease in the UK, but no significant effect was detected in Italy and Spain.

Implications / Recommendations: Due to concerns related to housing affordability and overwhelming housing costs, housing policy should target vulnerable group of tenants and property owners.

Contribution / Value Added: Despite some obvious transmission mechanisms, the effects of the pandemic on the real estate sector have not been investigated comprehensively in the real-estate, housing, or urban literature to date. This paper aims to fill this gap by discussing the consequences of the pandemic on the housing sector in Europe. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
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Bibliography
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ISSN
1898-3529
Language
eng
URI / DOI
http://dx.doi.org/10.15678/ZP.2020.53.3.04
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