Cyclicality of House Prices in Bulgaria Cover Image

Цикличност на цените на жилищата в България
Cyclicality of House Prices in Bulgaria

Author(s): Dimitria Karadimova
Subject(s): Economy, Socio-Economic Research
Published by: Икономически университет - Варна
Keywords: Cyclical fluctuations; House prices; Inflation; Spectral analysis
Summary/Abstract: This report explores the dynamics of the average house prices, inflation and the cyclical fluctuations of the house price indices in Bulgaria. Absolute and relative indicators are used to characterize the rate of development of time series and spectral analysis of cyclical fluctuations. The results from the survey show, that the most significant rise in house prices and inflation are during the global financial crisis. The difference in the rate of house price developments and inflation shows that inflation is not the most important factor for their change. During the period under review, cyclical fluctuations in house price indices of different durations were observed. The local maximum of the periodic component of the research time series with the longest duration is approximately 10 years.

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