Abstract

HENRIQUES, João. The Real Estate Bubble of 2008: an analysis regarding the evolution of real estate values in Portugal. GOT [online]. 2017, n.11, pp.215-239. ISSN 2182-1267.  https://doi.org/10.17127/got/2017.11.010.

In Portugal, the political structures avoided to acknowledge that the source of 2008’s economic collapse was due to the internal dynamics of real estate market. This article seeks to verify if there was negligence on the analysis of the successive Governments, for withdraw this hypothesis as a direct cause of the crisis, or if the message had scientific-technical foundations that could validate the rejection of the hypothesis, which advocates that the crisis was originated by the real estate bubble. Then, it is chosen the partial application of the “Real Assets Model” developed by Gaffney (2015), where it is tested the hypothesis related with the evolution of land values. One of the introduced innovations is the spatial application of the own model, through the disaggregation of analysis until the Lisbon’s Municipality scale.

Keywords : Real estate bubbles; Portugal; Land-use; Economics.

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