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The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications
Author:
Samya Beidas-Strom
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,
Weicheng Lian null

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, and
Ashwaq Maseeh
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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 288
Language:
English
Publication Date:
01 Dec 2009
DOI:
https://doi.org/10.5089/9781451874334.001
ISBN:
9781451874334
ISSN:
1018-5941
Pages:
29
Keywords:
WP; price dynamics; rental price; determination mechanism; house price; housing price volatility
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per capita consumer spending volatility this decade; (ii) a downward price correction occurred in the housing market after 2007, which appears to have bottomed out; (iii) the rental market appears to be largely determined by region-specific economic fundamentals-a youthful working-age population and wealth variables; and (iv) a segregation between self-owned house and rental price dynamics exists in this region, rendering the former more sensitive to the business cycle.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund