Real Estate Bubbles in Emerging Economies: A Review of Trends and Future Directions

Abstract

Purpose: To analyze the scientific literature on real estate bubbles in emerging economies, identifying the most relevant theoretical, contextual, and methodological trends. The findings offer useful information for policymakers, investors, and academics interested in understanding speculative dynamics and financial stability in less developed markets.
Methodology: A systematic literature review was conducted using data from Web of Science and Scopus. Bibliometric and content analysis techniques were applied under the PRISMA framework, ensuring transparency and methodological rigor. Collaboration network analysis, keyword co-occurrence, and trend detection allowed for mapping the intellectual structure and thematic evolution of the field, combining a quantitative and qualitative approach to identify research gaps and emerging topics.
Results: There is evidence of growing academic interest in real estate bubbles in emerging markets since 1996. The main theoretical approaches are related to behavioral finance, monetary policy, and financial integration. Among the most relevant determinants are credit expansion, investor confidence, and government interventions.
Implications: It contributes to strengthening risk assessment, financial regulation, and sustainable housing policies in developing countries.
Originality: Bibliometric and qualitative methods are integrated to address a poorly systematized phenomenon, offering a novel comparative and contextual perspective on emerging markets.