STUDIA UNIVERSITATIS

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STUDIA SOCIOLOGIA - Issue no. 1 / 2022

Article:

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

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

Abstract: 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.

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	The STUDIA UNIVERSITATIS BABEŞ-BOLYAI issue article summary The summary of the selected article appears at the bottom of the page. In order to get back to the contents of the issue this article belongs to you have to access the link from the title. In order to see all the articles of the archive which have as author/co-author one of the authors mentioned below, you have to access the link from the author's name.


	STUDIA SOCIOLOGIA - Issue no. 1 / 2022

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


	Abstract: 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.




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