Patterns of Changes in Real Estate Prices in the Business Cycle on the Example of the USA, France, Ireland and the Republic of Korea

Student: Baldina Ekaterina

Faculty: Faculty of World Economy and International Affairs

Educational Programme: World Economy (Bachelor)

Year of Graduation: 2021

The phases of the business cycle and price fluctuations in the real estate market are interrelated, that is evidenced by the examples of several major crises of the past years. Traditionally, recessions in the economic cycle are associated with falling property prices, and the recovery phase is associated with an increase in these prices, but this is not the case for a recession caused by Covid-19 pandemic in 2020. During the pandemic, real estate prices reached record levels. It can be assumed that the existing approaches to describing the interconnection between the business cycle and the real estate market will lead to incorrect conclusions for 2020 and inaccurate forecasts for the coming years. It is necessary to identify the factors of price growth in the real estate market and compare the obtained dependencies with the atypical data of the crisis of 2020.

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