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This Selected Issues paper for Belgium evaluates whether price increases in Belgium are excessive. It assesses the household and bank balance sheets and their vulnerability to a slowdown in housing prices, and identifies differences in real estate markets between Belgium and other countries. The paper analyzes policy and institutional factors that may have contributed to housing price developments in Belgium. It identifies potential policies that are available to avert a buildup of pressures. The paper also describes the model setup and calibration of some crucial economic relations and parameters.While it is hard to asses the direct impact of fiscal policy on real estate prices, recently introduced tax and regulatory changes may have fueled housing ... Some of these changes such as the reduction in transaction costs reduce inefficiency and are welcome. ... Since the late 1990s, anyone making use of subsidies for house purchases has also received government mortgage insurance, which insures theanbsp;...

Author:International Monetary Fund
Publisher:International Monetary Fund - 2006-03-01


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