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This article makes the first systematic attempt to analyse quantitativelythe evolution of Spanish housing markets from 1904 to 1934, a period ofdramatic changes in housing demand as a consequence of substantialincome and demographic growth. In order to do so, we collect a newdatabase on houses sold and their prices using data from the Registrar'sYearbooks. Furthermore, we construct a new hedonic index of real housingprices for Spain and its provinces. To our surprise, we found that realhousing prices rose slightly over the entire period and, hence, that housingsupply responded effectively to new demand for housing.
housing regulation; hedonic prices; urbanization; regulación de la vivienda; precios hedónicos; urbanización