In most OECD countries house prices have been structurally increasing in the last decades. This evolution reflects a lack of efficiency of national housing markets that largely fail to supply an adequate quantity of dwellings. Increasing population, favourable financing conditions, structural evolutions in the composition of households and changes in housing preferences have generally increased the demand for additional dwellings in particular in the attractive cities. In the meantime, a number of institutional characteristics and local constraints have been found to be the main drivers of price dynamics observed across OECD countries and regions.   

This section provides an overview of the main outcomes related to the supply of dwelling and its effects on house price dynamics.