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  • Juan Carmona (a1), Markus Lampe (a2) and Joan R. Rosés (a3)

This article makes the first systematic attempt to analyse quantitatively the evolution of Spanish housing markets from 1904 to 1934, a period of dramatic changes in housing demand as a consequence of substantial income and demographic growth. In order to do so, we collect a new database on houses sold and their prices using data from the Registrar's Yearbooks. Furthermore, we construct a new hedonic index of real housing prices for Spain and its provinces. To our surprise, we found that real housing prices rose slightly over the entire period and, hence, that housing supply responded effectively to new demand for housing.


Este articulo realiza el primer intento sistemático de analizar cuantitativamente la evolución del mercado de la vivienda en España desde 1904 a 1934, un periodo donde se experimentaron cambios dramáticos en la demanda de vivienda como consecuencia del notable crecimiento económico y demográfico. Para realizar este nuevo análisis, los autores han reunido una nueva base de datos con información procedente de los anuarios de los registradores de la propiedad. Además han construido un nuevo índice de precios hedónicos de la vivienda para el conjunto del país y sus provincias. De manera sorprendente, la nueva evidencia indica que los precios reales de la vivienda aumentaron solo ligeramente durante el periodo y que, en consecuencia, la oferta de vivienda respondió de manera efectiva a la nueva demanda.

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The authors would like to thank to the editor of this Journal, Blanca Sánchez-Alonso, and three anonymous referees for their helpful comments and suggestions. Financial support was received by the Spanish Ministry of Economy and Competitiveness projects: 2013/00066/001 (Juan Carmona), ECO2011-25713 (Markus Lampe) and ECO2012-39169-C03-01 (Joan R. Rosés). The usual disclaimer applies.

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J. Carmona J. R. Rosés (2012): «Land Markets and Agrarian Backwardness (Spain, 1900-1934)». European Review of Economic History, 16 (1), pp. 74-96.

B. Case ; H. Pollakowski S. Wachter (1991): «On Choosing Among House Price Index Methodologies». Journal of the American Real Estate and Urban Economic Association, 19 (3), pp. 286-307.

R. H. Coase (1960): «The Problem of Social Cost». Journal of Law and Economics, 3, pp. 1-44.

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S. Malpezzi (1999): «Economic Analysis of Housing Markets in Developing and Transition Economies», in P. C. Cheshire and E. S. Mills (eds), Handbook of Regional and Urban Economics, vol. 3. Amsterdam: Elsevier, pp. 1791-1864.

L. Prados De La Escosura J. R. Rosés (2010): «Long-Run Estimates of Physical Capital in Spain, 1850-2000». Research in Economic History, 27, pp. 141-200.

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Revista de Historia Economica - Journal of Iberian and Latin American Economic History
  • ISSN: 0212-6109
  • EISSN: 2041-3335
  • URL: /core/journals/revista-de-historia-economica-journal-of-iberian-and-latin-american-economic-history
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