Houses without people and people without houses: a cultural and institutional exploration of an Italian paradox

According to basic economics, when vacancy rates rise, house prices should decrease and vice versa, responding to supply and demand mechanisms. However, previous studies have observed that, before the economic crisis, this was not the case in Spain and Malta. It has been questioned whether this paradox is a Mediterranean phenomenon or simply the...

High dwelling vacancy rate and high prices of housing in Malta: A mediterranean phenomenon

Current data from South European countries, especially Malta, indicates the existence of some contradictory forces in the housing market that defy the law of supply and demand and require explanation. In a ‘normal’ housing market, it can be expected that a high dwelling vacancy rate would help keep down the price of housing. In Malta, however,...