Housing demand in developing countries

Abstract

This paper reports on research conducted to increase understanding of developing country markets, particularly housing demand behaviour. The objectives of the paper are: (i) to review previous evidence on housing demand parameters; (ii) to present new evidence on housing demand parameters (price and income elasticities and demographic effects) based on application of standardized models and comparable variable definitions in 14 cities in six developing countries; and (iii) to examine the similarities and differences and attempt explanations for place-to-place differences. The analysis emphasizes differences in housing demand by tenure and stresses the importance of accounting for the impact of permanent income on housing demand. The research on which the paper is based encompasses: (i) the demand for housing; (ii) determinants of land and housing rents and values; and (iii) demand for individual housing characteristics.

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