Analýza regionálních determinantů cen nemovitostí v České republice

Abstract

Real estate prices in European countries have risen significantly in recent years. One of the highest increases in real estate prices has been recorded in the Czech Republic and this trend is expected to continue. The aim of this thesis is to analyse the influence of selected factors on real estate prices in the Czech Republic. A panel of 12 regions over the period 2014-2019 is analysed using the fixed effects method. Several robust determinants are identified. The analysis focuses on the primary market of development projects and the secondary market of apartments in prefabricated houses. Both of these markets are quite specific and share the only common determinant of house prices - the number of marriages. Among the prices of development projects, the influence of the migration balance and the unemployment rate has been identified. For the prices of apartments in prefabricated houses, the influence of natural population growth, the number of completed flats and the number of transactions was identified. The results suggest that real estate prices in the regions of the Czech Republic are mainly determined by demand-side factors, especially demographic ones.