| Abstract [eng] |
This study examines the impact of macroeconomic and demographic indicators on changes in the real estate price index across European countries. The first part of the thesis presents a review of the scientific literature and analyzes economic and real estate cycles, the real estate market, and key microeconomic, macroeconomic, and demographic factors influencing the real estate market. The second part of the thesis conducts an empirical analysis using panel data methods, applying the Pesaran CSD and CIPS tests, the error correction model (ECM), the modified Wald test, and the CS-ARDL model to assess the relationships among variables. The results indicate that the effects of macroeconomic and demographic indicators on real estate prices vary depending on the size of the immigrant population in a country, while the market’s response also depends on its ability to adapt to changing population needs. |
