Politická ekonomie 2022, 70(1):3-26 | DOI: 10.18267/j.polek.1340

Vliv prostorové regulace na nabídku nového bydlení v České republice

Josef Klement ORCID...a, Jan Kozák ORCID...a
a Vysoká škola ekonomická v Praze, Národohospodářská fakulta, Praha, Česká republika

Impact of Spatial Regulation on New Housing Supply in Czechia

The aim of the article is to quantify the implicit costs of land use regulations on the prices of new housing (flats and single-family homes) in Prague, Brno, Pilsen and Olomouc during the period 2013-2020. The main method is based on a comparison of new housing prices with construction costs. Furthermore, in the case of single-family homes, a hedonic model is constructed to determine the intrinsic value of land without regulation effects. The research concludes that the costs of regulation are considerable and increasing over time. The results show that the effects are more pronounced on flat markets compared to single-family home markets, the construction of which is subject to simplified permitting processes. The highest level of burden is identified on the flat market in Prague, where regulation can explain up to 44% of the market price. On the contrary, the price of single-family homes in Olomouc approximately corresponds to the sum of construction costs and the value of the land.

Keywords: Housing supply, land use planning, property prices, hedonic model, regulation
JEL classification: R31, R32, R38

Received: April 20, 2021; Revised: November 8, 2021; Accepted: December 30, 2021; Prepublished online: March 9, 2022; Published: March 14, 2022  Show citation

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Klement, J., & Kozák, J. (2022). Impact of Spatial Regulation on New Housing Supply in Czechia. Politická ekonomie, 70(1), 3-26. doi: 10.18267/j.polek.1340
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