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Analysis of the Swiss housing market

Hernandez Cardona, Andrés
(2018)

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Hernandez_Cardona_Andres_1564-16-01_2018.pdf
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Details

Supervisors
Hindriks, Jean
Faculty
Faculté des sciences économiques, sociales, politiques et de communication
Degree label
Master [120] en sciences économiques, orientation générale
Abstract
This study investigates the determinants of the Swiss housing market, including fiscal variables, using data for 26 cantons from 2009-2016. The results of this paper confirm previous findings, demographic factors are the most significant determinants of house prices in Switzerland. The estimations show that an increase of the cohort 20-65 leads to a more than proportional increase of real house prices. The net income per capita, costs change in the construction sector, and tax liabilities on net wealth are also statistically significant, however their economic significance is much lower. This paper argues demand and “affordability” effects are two forces driving the impact of tax liabilities on house prices.