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STUDIA SOCIOLOGIA - Ediţia nr.1 din 2022

Articol:

AFFORDABILITY CRISIS AND GENTRIFICATION IN FDI EXPORT-LED ECONOMIES: PRICES IN THE DEMAND-DRIVEN HOUSING MARKET OF CLUJ-NAPOCA.

Autori: NORBERT PETROVICI, VLAD BEJINARIU, DIANA MARȚIȘ, VLAD ALUAȘ.

Rezumat: DOI: 10.2478/subbs-2022-0001

Article history: Received 1st June 2022; Revised 12 June 2022; Accepted 25 June 2022; Available online 10 August 2022; Available print 30 September 2022

pp. 5-36

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Abstract: This paper examines the rapid increase of prices in the residential sector of Cluj-Napoca in the context of the housing affordability crisis (Wetzstein, 2017). By using insight from the Growth Regimes literature, we look at the internal demand as a main driver of rapid price rise. As Kohl and Spielau (2018) argue, the monetary conditions needed for export-led growth regimes are restricting the outputs of the construction sector, creating under-supplied, demand-driven housing markets. We propose three alternative hypotheses regarding the major agent driving the prices within the city as major source of demand: the employees in knowledge-intensive services, the diffuse regional savings of employees in search for some yields, the specialized real estate investors. We use OLS and spatial regression (lag and error) to model the price per square meter using the social composition of the neighbourhoods, the within and out-of-town origin of investors, and the source of money (bank loans vs. cash payment) to demonstrate that the existing crisis is driven by the middle class’s savings that also benefits from gentrification, while speculative investments in the housing markets are rather limited.

Keywords: housing demand, housing affordability, growth regimes, knowledge-intensive services, KIS employees.

AMBIENTUM BIOETHICA BIOLOGIA CHEMIA DIGITALIA DRAMATICA EDUCATIO ARTIS GYMNAST. ENGINEERING EPHEMERIDES EUROPAEA GEOGRAPHIA GEOLOGIA HISTORIA HISTORIA ARTIUM INFORMATICA IURISPRUDENTIA MATHEMATICA MUSICA NEGOTIA OECONOMICA PHILOLOGIA PHILOSOPHIA PHYSICA POLITICA PSYCHOLOGIA-PAEDAGOGIA SOCIOLOGIA THEOLOGIA CATHOLICA THEOLOGIA CATHOLICA LATIN THEOLOGIA GR.-CATH. VARAD THEOLOGIA ORTHODOXA THEOLOGIA REF. TRANSYLVAN ROMÂNA ENGLISH INFO PARTENERI ADRESE DE CONTACT ACCES PARTENERI FORMULAR ABONAMENT NEWSLETTER & DOWNLOAD CELE MAI NOI APARITII APARITII ÎN ANUL CURENT TOATA ARHIVA STUDIA CAUTARE ÎN ARHIVA ISTORIE PREZENT SCOP SI OBIECTIVE ECHIPA


	Rezumat articol ediţie STUDIA UNIVERSITATIS BABEŞ-BOLYAI În partea de jos este prezentat rezumatul articolului selectat. Pentru revenire la cuprinsul ediţiei din care face parte acest articol, se accesează linkul din titlu. Pentru vizualizarea tuturor articolelor din arhivă la care este autor/coautor unul din autorii de mai jos, se accesează linkul din numele autorului.


	STUDIA SOCIOLOGIA - Ediţia nr.1 din 2022

	Articol:	AFFORDABILITY CRISIS AND GENTRIFICATION IN FDI EXPORT-LED ECONOMIES: PRICES IN THE DEMAND-DRIVEN HOUSING MARKET OF CLUJ-NAPOCA. Autori: NORBERT PETROVICI, VLAD BEJINARIU, DIANA MARȚIȘ, VLAD ALUAȘ.


	Rezumat: DOI: 10.2478/subbs-2022-0001 Article history: Received 1st June 2022; Revised 12 June 2022; Accepted 25 June 2022; Available online 10 August 2022; Available print 30 September 2022 pp. 5-36 VIEW PDF FULL PDF Abstract: This paper examines the rapid increase of prices in the residential sector of Cluj-Napoca in the context of the housing affordability crisis (Wetzstein, 2017). By using insight from the Growth Regimes literature, we look at the internal demand as a main driver of rapid price rise. As Kohl and Spielau (2018) argue, the monetary conditions needed for export-led growth regimes are restricting the outputs of the construction sector, creating under-supplied, demand-driven housing markets. We propose three alternative hypotheses regarding the major agent driving the prices within the city as major source of demand: the employees in knowledge-intensive services, the diffuse regional savings of employees in search for some yields, the specialized real estate investors. We use OLS and spatial regression (lag and error) to model the price per square meter using the social composition of the neighbourhoods, the within and out-of-town origin of investors, and the source of money (bank loans vs. cash payment) to demonstrate that the existing crisis is driven by the middle class’s savings that also benefits from gentrification, while speculative investments in the housing markets are rather limited. Keywords: housing demand, housing affordability, growth regimes, knowledge-intensive services, KIS employees.