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Folia Oeconomica Stetinensia

The Journal of University of Szczecin

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1898-0198
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The Impact of Macroeconomic Factors on Residential Property Price Indices in Europe

Małgorzata Renigier-Biłozor Ph.D.
  • Corresponding author
  • University of Warmia and Mazury in Olsztyn, Poland Faculty of Geodesy and Land Management Department of Real Estate Management and Regional Development Prawochenskiego 15, 10-724 Olsztyn, Poland
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  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
/ Prof. Radosław Wiśniewski
  • Corresponding author
  • University of Warmia and Mazury in Olsztyn, Poland Faculty of Geodesy and Land Management Department of Real Estate Management and Regional Development Prawochenskiego 15, 10-724 Olsztyn, Poland
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  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
Published Online: 2013-07-30 | DOI: https://doi.org/10.2478/v10031-012-0036-3

Abstract

This paper aims to determine the influence of selected variables on residential property price indices for the European countries, with particular attention paid to Italy and Poland, using a rough set theory and an approach that uses a committee of artificial neural networks. Additionally, the overall analysis for each European country is presented.

Quarterly time series data constituted the material for testing and empirical results. The developed models show that the economic and financial situation of European countries affects residential property markets. Residential property markets are connected, despite the fact that they are situated in different parts of Europe.

The economic and financial crisis of countries has variable influence on prices of real estate. The results also suggest that methodology based on the rough set theory and a committee of artificial neural networks has the ability to learn, generalize, and converge the residential property prices index.

Keywords : residential property prices indices; impact of macroeconomic factors; neural networks; rough set theory

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About the article

Published Online: 2013-07-30

Published in Print: 2012-12-01


Citation Information: Folia Oeconomica Stetinensia, ISSN (Online) 1898-0198, ISSN (Print) 1730-4237, DOI: https://doi.org/10.2478/v10031-012-0036-3.

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