Can recent property price dynamics still be justified by fundamentals or are they indicating house price bubbles?

Abstract

have fueled the analysis of property price determinants. Using a Fixed Effects model, we analyze to what extent fundamental factors, such as macroeconomic, demographic or real estate market conditions, influence the evolution of housing prices in 15 OECD economies over the period 1970-2016. In the second part of this work, a Rolling Augmented Dickey-Fuller test was applied with the objective of providing evidence for potential bubbles in these OECD countries.