Abstract
Even though supply constraints are an important factor in explaining housing prices, it has not yet been implemented in research on demographics in real estate literature. The aim of this paper is to analyze the effects of demographic changes on housing prices for housing markets (municipalities) with different supply constraints in the Netherlands. We estimate that for every 1% decrease in population housing prices drop 1:7%, ceteris paribus. However, every 1% population increase will show a more ambiguous effect on housing prices depending on the supply constraints.
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