An International Perspective on the Impact of the Global Financial Crisis on Housing Markets
The paper presents the investigations of the development of national housing markets influenced by the global financial crisis. The analysis of price dynamics in housing markets and the estimation of the credit crunch ramifications are given for different countries. It is shown that the global financial crisis put an end to the long-term boom in the housing market. Based on the international analysis, the crisis impact is estimated not only for the decrease in price dynamics, but also in housing construction, the number of housing market transactions, availability of housing for young people and the growth in the owner occupied sector. It is concluded that stabilization of the housing market is the major political challenge the governments face nowadays.