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Autor
Głuszak Michał (Cracow University of Economics, Poland / Kolegium Ekonomii, Finansów i Prawa), Belniak Stanisław (Cracow University of Economics, Poland / Kolegium Ekonomii, Finansów i Prawa)
Tytuł
The COVID-19 Pandemic and Housing Markets in Selected European Countries : Lessons Learnt and Policy Implications
Źródło
Zarządzanie Publiczne / Uniwersytet Ekonomiczny w Krakowie, 2020, nr 3 (53), s. 48-59, rys., bibliogr. 24 poz.
Public Governance
Słowa kluczowe
Rynek mieszkaniowy, Polityka mieszkaniowa, COVID-19
Housing market, Housing policy, COVID-19
Uwagi
Klasyfikacja JEL: I15; R21; R31; R38
summ.
Abstrakt
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)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Benavides, A. D., & Nukpezah, J. A. (2020). How Local Governments Are Caring for the Homeless During the COVID-19 Pandemic. The American Review of Public Administration, 50(6-7), 650-657. https:// doi.org/10.1177/0275074020942062
  2. Del Giudice, V., De Paola, P., & Del Giudice, F. P. (2020). COVID-19 infects real estate markets: Short and mid-run effects on housing prices in Campania region (Italy). Social Sciences, 9(7), 114. https:// doi.org/10.3390/SOCSCI9070114
  3. Durizzo, K., Asiedu, E., Van der Merwe, A., Van Niekerk, A., & Günther, I. (2021). Managing the COVID-19 pandemic in poor urban neighborhoods: The case of Accra and Johannesburg. World Development, 137, 105175. https://doi.org/10.1016/j. worlddev.2020.105175
  4. Ghosh, A., Nundy, S., Ghosh, S., & Mallick, T. K. (2020). Study of COVID-19 pandemic in London (UK) from urban context. Cities, 106, 102928. https:// doi.org/https://doi.org/10.1016/j.cities.2020.102928
  5. Glover, A., Heathcote, J., Krueger, D., & Rios-Rull, J.-V. (2020). Health versus Wealth: On the Effects of Controlling a Pandemic. SSRN Electronic Journal, (May), 0-48. https://doi.org/10.2139/ssrn.3583489
  6. Gong, D., Jiang, T., & Lu, L. (2020). Pandemic and bank lending: Evidence from the 2009 H1N1 pandemic. Finance Research Letters, 101627. https:// doi.org/10.1016/j.frl.2020.101627
  7. Hale, T., Webster, S., Petherick, A., Phillips, T., & Kira, B. (2020). Oxford COVID-19 Government Response Tracker, Blavatnik School of Government. Johns Hopkins University Center for Systems Science and Engineering.
  8. Halifax (2020). Halifax UK: House Price Index. June 5, 2020, https://www.halifax.co.uk/media-centre/ house-price-index/ (accessed: June 14, 2020).
  9. Hu, M. R., Lee, A. D., & Zou, D. (2021). COVID-19 and Housing Prices: Australian Evidence with Daily Hedonic Returns. Finance Research Letters, 101960. https://doi.org/10.1016/j.frl.2021.101960
  10. Idealista.it. (2021). The most sought-after property types in Italy. Idealista. https://www.idealista.it/en/news/ property-for-sale-in-italy/2021/05/17/34271-themost- sought-after-property-types-in-italy.
  11. Kholodilin, K. (2020). Housing Policies Worldwide during Coronavirus Crisis: Challenges and Solutions, June 2020, https://www.diw.de/documents/publikationen/ 73/diw_01.c.758143.de/diw_focus_2. pdf (accessed: June 19, 2020).
  12. Marona, B., & Tomal, M. (2020). The COVID-19 pandemic impact upon housing brokers' workflow and their clients' attitude: The real estate market in Krakow. Entrepreneurial Business and Eco-nomics Review, 8(4), 221-232. https://doi.org/10.15678/ EBER.2020.080412
  13. Megahed, N. A., & Ghoneim, E. M. (2020). Antivirus-built environment: Lessons learned from Covid-19 pandemic. Sustainable Cities and Society, 61, 102350. https://doi.org/10.1016/j.scs.2020.102350
  14. Mericle, A. A., Sheridan, D., Howell, J., Braucht, G. S., Karriker-Jaffe, K., & Polcin, D. L. (2020). Sheltering in place and social distancing when the services provided are housing and social support: The COVID-19 health crisis and recovery housing. Journal of Substance Abuse Treatment, 119, 108094. https://doi.org/10.1016/j.jsat.2020.108094
  15. NRLA (2020). Coronavirus and Landlords: A Followup survey, The National Residential Landlords' Association, May 2020, https://research.rla.org.uk/ wp-content/uploads/051920-NRLA-CV-II_FINALPDF- VERSION_compressed.pdf (accessed: June 20, 2020).
  16. Qian, X., Qiu, S., & Zhang, G. (2021). The impact of COVID-19 on housing price: Evidence from China. Finance Research Letters, 101944. https:// doi.org/10.1016/j.frl.2021.101944
  17. RICS (2020a). UK Residential Market Survey: April 2020, https://www.rics.org/globalassets/rics-website/ media/knowledge/research/market-surveys/4._web_- april_2020_rics_uk_residential_market_survey_final. pdf (accessed: June 19, 2020).
  18. RICS (2020b). UK Residential Market Survey: May 2020, https://www.rics.org/globalassets/rics-website/ media/knowledge/research/market-surveys/ukresidential- market-survey-may-2020.pdf (accessed: June 19, 2020).
  19. Sethi, M., & Mittal, S. (2020). Improvised rental housing to make cities COVID safe in India. Cities, 106, 102922. https://doi.org/10.1016/j.cities.2020.102922
  20. Sidders, J. (2020). Housing's Covid Clause. Bloomberg.
  21. Speak, C. (2020). What will happen to house prices in Italy after the coronavirus crisis? June 10, 2020, https://www.thelocal.it/20200610/what-will-happento- house-prices-in-italy-after-the-coronavirus-crisis (accessed: June 22, 2020).
  22. Su, C.-W., Cai, X.-Y., Qin, M., Tao, R., & Umar, M. (2021). Can bank credit withstand falling house price in China? International Review of Economics & Finance, 71, 257-267. https://doi.org/10.1016/j. iref.2020.09.013
  23. Zama, J. (2020). The impact of COVID-19 on the property market in Italy, May 13, 2020, zhttps://www. buckles-law.co.uk/blog/the-impact-of-covid-19-onthe- property-market-in-italy/ (accessed: June 19, 2020).
  24. Zhao, B. (2020). COVID-19 pandemic, health risks, and economic consequences: Evidence from China. China Economic Review, 64, 101561. https://doi. org/10.1016/j.chieco.2020.101561
Cytowane przez
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ISSN
1898-3529
Język
eng
URI / DOI
http://dx.doi.org/10.15678/ZP.2020.53.3.04
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