An Analysis of Relationship between Macroeconomic Variables and Metropolitan Housing Market in Iran in the Framework of a Dynamic Panel Data Model
نویسنده
چکیده
Considerable portion of housing sector from gross domestic product indicates relationship between housing sector and macroeconomics. This paper focuses on consumption demand of housing and variables that can affect it and represents a theoretical framework for changes of housing prices regarding variables such as income per capita, liquidity and land per capita, the present paper studies effectiveness manner of these variables on housing prices in metropolitans in Iran. The relationship among housing sector and above variables is evaluated in this paper using a dynamic panel data model and data of three cities of Tehran, Isfahan and Mashhad. Finally, it has been shown that changes of (urban) income per capita and liquidity can affect metropolitan housing prices by applying one-phase systematic Arellano-Bond GMM method in model estimation. Moreover, land supply limitation and decreasing process of urban land per capita in the selected metropolises have been effective on increasing process of urban housing prices given to population changes.
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