The real estate sector is a key driver of macroeconomic developments and, due to its close links with the financial sector, very important from a financial stability perspective. Analyzing developments in real estate is demanding, given the multi-facetted nature of this sector and requires insights from various perspectives: financial, structural and macroeconomic.
In November 2021, the JVI teamed up with the central banks in Poland and the Russian Federation as well as the European Central Bank (ECB) to deliver two virtual training courses on real estate markets.
From November 1-5, 2021, the JVI, together with the ECB and the Polish National Bank (NBP), organized a virtual training course for participants from JVI countries, providing a holistic overview of the real estate sector, its linkages with the rest of the economy and the various policies that affect real estate markets. The focus of the course was on residential real estate, with commercial real estate issues also being discussed.
The course covered conceptual frameworks and indicators for the analysis of real estate markets including the construction of real estate price indices. This was followed by a review of the range of prudential and fiscal policies influencing real estate developments and assessing the impact of the COVID-19 pandemic on real estate markets. The 2021 NBP/Warsaw School of Economics conference on “Recent trends in the real estate sector and its analysis” was integrated into the course program, providing participants with an opportunity to participate in recent academic discussions on real estate analysis.
On November 11-12, 2021, the JVI, together with the Bank of Russia (BoR) and with contributions from the ECB, delivered an intensive virtual training course for central bank staff from Eurasian Union countries. The course provided, in a condensed format, many aspects of the longer training course on real estate analysis delivered in early November. In addition, BoR staff provided participants with their insights into real estate developments in the Russian Federation.
Both courses benefitted greatly from the expertise of JVI’s regional training partners as well as the contributions from the ECB. We are looking forward to continuing and deepening cooperative activities with training partners in the JVI region and beyond.
Reiner Martin, Lead Economist, Joint Vienna Institute