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Housing Price and Investment Dynamics in Finland [electronic resource] / Christophe André and Clara García = Prix du logement et la dynamique d'investissement en Finlande / Christophe André et Clara García.

Author/Creator:
André, Christophe, author
Publication:
Paris : OECD Publishing, 2012.
Format/Description:
Government document
Book
1 online resource (29 pages)
Series:
OECD Economics Department Working Papers 18151973 ; no.962.
OECD Economics Department Working Papers 18151973 ; no.962
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Other Title:
Prix du logement et la dynamique d'investissement en Finlande
Subjects:
Urban, Rural and Regional Development.
Economics.
Local subjects:
Finland. (search)
Summary:
The Finnish housing market is volatile. After declining significantly as the global financial crisis unfolded, housing prices and investment recovered to reach new peaks. This paper uses a small econometric model to assess the role of fundamentals in housing price and investment developments. Current housing valuations and residential investment are broadly in line with the model estimates. Housing market volatility is exacerbated by fluctuations in the wider economy, which given its size and openness is vulnerable to external shocks. Structural features of the housing market also make it prone to volatility. The paper describes institutional characteristics of the Finnish housing market that bear on house price volatility and supply responsiveness. These relate to the structure of tenures, housing taxation and subsidies, social housing, financing, land-use planning, and competition in the construction industry.
Notes:
Title from title screen (viewed May 1, 2017).
Contributor:
García, Clara.
SourceOECD (Online Service)
Access Restriction:
Restricted for use by site license.