ECONOMIC GROWTH AND ECONOMIC POLICY AS A FACTOR INFLUENCING THE HOUSING MARKET

Real estate prices significantly shape the economic environment. Based on the evaluation of publicly available statistical data, the authors identified factors influencing the growth of property prices over the period 2012-2016. The statistical link between the average price per square meter of living area and selected variables, which can be assumed to be related to housing prices (GDP per capita, gross wage, disposable income, average contractual principal for mortgage). The basic data set was comprised of data for fourteen regions of the Czech Republic. The authors note that house price growth is a legitimate phenomenon accompanying the economic growth, but the rate of growth is also dependent on non-economic influences such as investor sentiment, and therefore suggests that, in the event of fear of disproportionate price increases, psychological and less traditional fiscal instruments should be used.