Abstract
AbstractHousing markets as well as the overall economy develop unevenly. Business cycles are the result of the diverse dynamics of their development. The housing market, as one of the components of economic systems, is influenced by business cycles, at the same time affecting them as well. It should be noted, however, that the special nature of this market may determine a different course of housing market cycles in comparison with changes in business cycles. The aim of the paper is to identify similarities and differences in the shaping of the housing market cycle and the business cycle. The analysis will be conducted on the basis of experience from the Polish market and selected Western markets.
Highlights
The housing market is an important, yet special, sector of the national economy
The paper is an attempt to empirically verify the course of housing market cycles in relation to cyclical changes in the overall economy
Despite a number of identified areas of interdependence between the economy and the housing market, there are no clear indications as to the direction of the relationship between business cycles and housing market cycles. These relationships can be represented as three different concepts: 1. The first concept assumes that due to the importance of the housing market in the national economy, changes in the activity of this market have a significant impact on the course of the business cycle
Summary
Its importance is derived from two main factors: the size of the housing market and the functions that residential properties perform. Residential properties perform a number of important socio-economic functions. They meet the most basic needs of having a place to call home and a sense of security, as well as the needs of a higher order, such as the possibility of forming social ties or meeting the needs of self-realisation. The paper is an attempt to empirically verify the course of housing market cycles in relation to cyclical changes in the overall economy. An analysis of their synchronisation will be carried out based on housing market cycles and business cycles in the Polish market and selected Western markets.
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