engleski

The Macroeconomic Aspects of the Croatian Housing Market

This study analyse structure and driving forces of the housing market in Croatia. In the first part of the paper there is a theoretical analysis of the microeconomic nature of a housing market. The analysis is based on the definition of the object of trade on the market, on the heterogeneity of the housing unit as a good and on the controversial definitions of the stocks and flows on to the housing market. The second part of the study is the microeconomic analysis of the demand and supply function on the housing market. Theoretical model of equilibrium on the housing market is econometrically tested with the data for Croatian housing market between 1965 and 2003. The third part of the study is consisted out of the analysis of the features of Croatian economy which can render conventional economic analysis. The unofficial economy, the non-transparent cadastral books, the opportunity costs, the structure of costs and the role of tourism industry are included in the extended theoretical analysis of the housing market in Croatia. The fourth part addressed issues of the macroeconomic consequences of the insufficient and suboptimal economic infrastructure on the housing market and the last part of the study has formulated certain policy regulations which could move housing market equilibrium towards better allocation of resources.

housing; croatia; trade

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