Theory and empirical research show how building cycles’ behaviour has substantial differences within countries among its different geographical areas. There is evidence of the existence of specific area leadership regarding development activity and how this influence is transmitted to the rest of the country as a locomotive effect in residential construction. This means that the aggregate building cycle could strongly depend on cycles in specific areas. This paper follows this approach and investigates the relationship between geographic areas’ intensity in housing construction, showing how activity development in some of these areas is influencing the rest of the country. This process is analysed in Spain during the 1990s, using information on house licenses of construction given by regional areas and applying cointegration methodology to identify leading areas in building activity. Some leadership effect is found in the Levante area attracting building activity from the rest of the country during this period.
Journal of Property Investment & Finance – Emerald Publishing
Published: Jun 1, 2000
Keywords: Development; Housing; Location
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