摘要：The peculiar characteristics of the real estate properties and their production process determine the multi dimension research perspectives. This research investigates the dynamic relationships between the residential construction output, construction market, housing market, urbanization and institutional development across European Union (EU) countries. Using a VECM approach, the long-run and short-run patterns of the residential construction activities are analysed. The estimated results suggest that the residential construction output is mostly elastic to the conditions of the construction industry and housing market. The positive effect of the institutional development on construction activity appears to be significant only in some of the EU countries.
