| Abstract [eng] |
The final master‘s thesis examines the macroeconomic factors affecting the price of real estate in the EU - 28 in 2011 - 2019. The research consists of three parts: theoretical, methodological and empirical. In the theoretical part of the master‘s work, the concept of real estate, price cyclicality, real estate price evaluation methods in empirical research are analyzed and the macroeconomic factors that determine the price of real estate are indicated. The second methodological part of the work presents a theoretical valuation model and an econometric model to determine the impact of economic growth, inflation, employment, domestic credit and foreign direct investment on the housing price index in the EU - 28 over the period under review. In the third part of the master's thesis, based on the data of the statistical portals Eurostat and Worldbank, a dynamic and regressive analysis of the housing price index and five macroeconomic factors was performed. Three of the five macroeconomic factors (economic growth, employment and demand) have been found to have a statistically significant effect on the housing price index over the period under review. The biggest impact on the price of real estate is the change in the level of lagged unemployment, the smallest - the extent of loans. |
