Áron Horváth


Áron Horváth, head of the centre



PhD. in Economics, Corvinus University of Budapest (BCE)
Title of the dissertation: Real Estate Price Growth in the World and in Hungary since 1995: Measurement and Explanation
advisor: János Vincze


MA in Economics, specialization in Finance, BCE

Studies in the Field of Real Estate


Real Estate Markets and the Macroeconomy
ECB workshop, Frankfurt


Urban and Regional Development and Real Estate Research
Fulbright Summer School 2008, Vienna 


Managing Transition of Urban Change
CEU Summer University, Budapest 

Work experience


head of the ELTINGA Centre for Real Estate Research


Hungarian Academy of Sciences, Centre for Economic and Regional Studies, Institute of Economics,
research fellow


ELTE TáTK Department of Economics,


National Bank of Hungary (MNB), Economics Department,

2007 summer

National Bank of Hungary,
guest researcher


Corvinus University of Budapest, Macroeconomics department,
PhD. student


Pannon-Váltó Investment Ltd.,
financial and real estate analysis and investments


Notable teaching experiences


Urban and Real Estate Economics
Applied Economics BA (ELTE), Széchenyi István and Rajk László College for Advanced Studies, Mathias Corvinus Collegium


Member of the founders of the Applied Economics program at Eötvös Loránd University (ELTE)


Open Economy Macroeconomics
BCE Macroeconomics Field


Macroeconomics, International Economics
BCE 2nd year and Center for Bankers Studies


Yields, take-up, vacancy, rents and new supply during office market cycles [2016, co-authors: Gábor Révész and Zoltán Sápi, 
in Hungarian]
Közgazdasági Szemle, 63. évf, 2. sz., pp. 113-136.

How does an increase in energy efficiency affect housing prices? [2013, co-authors: János Kiss Hubert and Aliz McLean, 
in Hungarian]
Közgazdasági Szemle, 60. évf. 9. sz., pp. 1025-1042.

Spatial structure of the Budapest office market [2013, co-authors: Norber Czinkán, Stefánia Dankó, Miklós Farkas, László Göndör, Gábor Révész and Gábor Soóki-Tóth,
in Hungarian]
Tér és Társadalom, 27. évf. 1. sz., pp. 52-65.

Applying hedonic methods in observing price trends of second-hand properties [2009, co-author: Judit Székely, in Hungarian]
Statisztikai Szemle 87. évf. 6. sz. pp. 594-607.

Residential Real Estate Price Rise [2007, co-author: Dániel Erdélyi, in Hungarian]
Külgazdaság LI. 2007/9-10, pp. 19-40.

Methodology of Real Estate Price Indices [2007, in Hungarian]
Statisztikai Szemle 85. évf. 3. sz. pp. 213-239.

Solving nonlinear, stochastic differential equations with Uhlig-algorithm [2006, in Hungarian]
Közgazdasági Szemle 53. évf. 3. sz., pp. 235-252.

From the old consensus to the new synthesis. A quick guide to the recent history of macroeconomic thought [2004, co-author: Katalin Szilágyi, in Hungarian].
Külgazdaság 48. évf. 11. sz., pp. 4-19.


Book chapters

Real Estate Development in Eastern Europe. The Case of Post-Socialist Urban Planning in Budapest, Hungary [2014, co-authors: Pál Baross and Gábor Soóki-Tóth]
In: Graham Squires and Heurkens, E. (Eds.): International Approaches to Real Estate Development. Routledge.

On Urban Hierarchy in the Budapest Metropolitan Area [2014, co-author: Gábor Soóki-Tóth]
In: Nozeman, E.F. - A.J. van der Vlist: Institutional Differences in European Metropolitan Commercial Market Dynamics. Springer.

How does an increase in energy efficiency affect housing prices? A case study of a renovation [2013, co-authors: János Kiss Hubert and Aliz McLean]
20th Annual Conference of the European Real Estate Society: Book of Proceedings, pp. 39-56.,


Working papers

Housing Prices and Differences in Location [2016, co-authors: Gábor Békés and Zoltán Sápi, in Hungarian]
MTA KRTK Közgazdaság-tudományi Intézet, MTDP 2016/21

Flood risk and housing prices: evidence from Hungary. [2016, co-authors: Gábor Békés and Zoltán Sápi]
MTA KRTK Közgazdaság-tudományi Intézet, MTDP 2016/20

Identifying lag relationships in the office market with a turning point method during the Global Financial Crisis [2014, co-author: Gábor Révész]
DTZ Research Institute Paper, presented at ERES 2015

Explaining changes in transaction volumes in Hungarian settlements during the crisis [2013, co-author: Aliz McLean]
Conference paper for the 20th Annual Conference of the European Real Estate Society, Vienna, 3-6 July 2013., URL

Changes in domestic housing prices [2009, co-author: Gyöngyi Körmendi].
MNB Financial Stability Report, background study

Recent Developments in the Hungarian Housing Market; A Model with Quality Differential [2007, co-author: János Vincze]
Urban and Regional Development and Real Estate Research Fulbright Summer School 2007, Vienna
1st annual conference of Hungarian Society of Economics

Durable goods consumption in an open economy macro-model [November 2005, in Hungarian]
BCE PhD students' Conference