۱٫ Introduction

۲٫ Methodology and instruments

۳٫ Results and discussions

۴٫ Conclusion

References

Based on the multiple linear regression model, we investigating which of the observed macroeconomic factors: the unemployment rate, the current account of the country stock index, gross domestic product and industrial production are significantly associated with property prices in relation to the different cultural environments: Slovenia, Greece, France, Poland and Norway. We found that there are statistically significant correlations between the prices of residential real estate and selected macroeconomic factors. The results show a distinct pattern that applies to France, Greece, Norway and Poland, where the price of real estate observed statistically significantly associated with unemployment. In the case of Slovenia, the results show that a statistically significant relationship reflects only to a share index. That is illustrated by the finding that prices in Slovenia on an annual basis, between the observed cultural environments in the observed time interval, most declined.

Introduction

Real estate market and real estate prices are closely linked with general economic cycles (Quigley, 1999; Wang, 2003). Numerous researches as Hon-Chung (2009), Ludwig and Slok (2004), Case et al. (2005), Bardham et al. (2007), Goodhard and Hofmann (2007) and Zhang and Wu (2008) have revealed that among macroeconomic factors related to the real estate prices, the key factors were gross domestic product (GDP), unemployment, share index, current account of a country, demographic factors, household income, interest rate, industrial production and consumption of households. In accordance with the data of the Institute of Macroeconomic Analysis and Development (2015), the biggest influence on the price of real estate have factors associated with GDP, unemployment, current account of a country, domestic demand and share index. We follow the conclusions of HonChung (2009) who said that depending on various influences of the mentioned factors on the real estate price, the results of individual researches could not be generalized to all countries and regions with different environments, but had to be considered separately. Moreover, in the opinion of Mavrodiy (2005) the prices of real estate and activity in the real estate market are connected with the economic development of an individual country. Hong-Yu and Kuentai (2011) on the other hand determined that the prices of real estate in the capitals differed considerably from the prices of real estate in other smaller cities and that it was the prices of real estate in the capitals, which created the real estate market. As in other observed countries, the most expensive real estate can be found in bigger cities. (Mavrodiy, 2005; Himmelberg et al., 2005).