Real Estate Analysis and Policies—A Specialist Course by Narodowy Bank Polski /ECB/JVI/National Bank of Slovakia, Warsaw, December 2025

Surging real estate prices, housing affordability, and high mortgage debt burdens are pressing issues for policymakers in many countries of the CESEE, Caucasus and Central Asia region. Designing well-calibrated policy measures, ranging from macroprudential instruments, to fiscal or housing policy, can benefit significantly from the availability of granular data and advanced analytical capacity of the authorities involved. The specialist course on Real Estate Analysis and Policies pursues this objective with a focus on international best practices and peer learning. This course was developed through a collaboration of the Joint Vienna Institute with the European Central Bank (ECB), Narodowy Bank Polski (NBP) and National Bank of Slovakia (NBS). After several successful deliveries at the JVI, it was hosted for the first time by the NBP in Warsaw in December 2025, again involving the well-established course team of the four partner institutions (ECB, JVI, NBP, NBS).

The course brought together 32 participants from 23 countries in a highly international cohort. While most participants came from CESEE, Caucasus and Central Asian countries, the group also included participants from various Northern, Western and Southern European countries. Around half of the group had a financial stability and macroprudential policy background, while the remainder worked in areas such as economic analysis, monetary policy, fiscal policy, and real estate statistics—providing complementary perspectives to the discussions on real estate developments, risks and policies. 

The course was very well received by participants. The NBP hosting of the event was impeccable, providing a welcoming environment that facilitated exchange and learning of course participants and lecturers throughout the week. In line with the agreed rotation, the next edition of the course will again take place at the JVI in November 2026.

Maximilian Fandl, Senior Economist, JVI