View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Universidad Carlos III de Madrid e-Archivo SPANISH HOUSING MARKETS, 1904-1934: NEW EVIDENCE* JUAN CARMONA Universidad Carlos III de Madrida MARKUS LAMPE Universidad Carlos III de Madridb JOAN R. ROSE´ S London School of Economics and Political Sciencec ABSTRACT This article makes the first systematic attempt to analyse quantitatively the evolution of Spanish housing markets from 1904 to 1934, a period of dramatic changes in housing demand as a consequence of substantial income and demographic growth. In order to do so, we collect a new database on houses sold and their prices using data from the Registrar’s Yearbooks. Furthermore, we construct a new hedonic index of real housing prices for Spain and its provinces. To our surprise, we found that real housing prices rose slightly over the entire period and, hence, that housing supply responded effectively to new demand for housing. Keywords: housing regulation, hedonic prices, urbanization JEL Code: N93, N94, R30 * Received 29 April 2013. Accepted 28 January 2014. The authors would like to thank to the editor of this Journal, Blanca Sa´nchez-Alonso, and three anonymous referees for their helpful comments and suggestions. Financial support was received by the Spanish Ministry of Economy and Competitiveness projects: 2013/00066/001 (Juan Carmona), ECO2011-25713 (Markus Lampe) and ECO2012-39169-C03-01 (Joan R. Rose´s). The usual disclaimer applies. a Departamento de Ciencias Sociales and Instituto Figuerola, Universidad Carlos III de Madrid, C/Madrid 126, 28903 Getafe, Spain.
[email protected] b Departamento de Ciencias Sociales and Instituto Figuerola, Universidad Carlos III de Madrid, C/Madrid 126, 28903 Getafe, Spain.