The Housing Markets in Spain and Portugal: Evidence of Persistence

  1. Barros, Carlos 1
  2. Gil-Alana, Luis 2
  1. 1 Universidade de Lisboa
    info

    Universidade de Lisboa

    Lisboa, Portugal

    ROR https://ror.org/01c27hj86

  2. 2 Universidad de Navarra
    info

    Universidad de Navarra

    Pamplona, España

    ROR https://ror.org/02rxc7m23

Journal:
Review of Economics & Finance

ISSN: 1923-7529

Year of publication: 2013

Volume: 3

Issue: 4

Pages: 19-32

Type: Article

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Abstract

This paper analyses house prices in Spain and Portugal over the last twenty years. In recent decades, housing prices have increased dramatically in the two countries; However, in 2007 the US subprime mortgage crisis broke out, which had worldwide influences, including Spain and Portugal. The purpose of this research is to study the time series persistence and the potential presence of breaks in these two countries. From this viewpoint, it is interesting to see how housing policy makers design reforms to adjust the real estate market, an issue of real concern for both citizens and institutions.