The heterogeneous response of real estate asset prices to a global shock

Sandro Heiniger, Winfried Koeniger, and Michael Lechner

We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the municipal level for identification. In contrast to evidence for other countries, we find that the pandemic had only temporary negative effects on rents for some real estate types and increased asset prices of real estate particularly in the top price segment of commercial real estate.

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Year of publication:	[2022]
Authors:	Heiniger, Sandro ; Koeniger, Winfried ; Lechner, Michael
Publisher:	Frankfurt am Main, Germany : Center for Financial Studies, Goethe University
Subject:	Real estate \| Asset prices \| Rents \| Covid pandemic \| Short-time work \| Affordability crisis \| Coronavirus \| Immobilienpreis \| Real estate price \| Immobilienmarkt \| Real estate market \| CAPM \| Schock \| Shock

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Extent:	1 Online-Ressource (circa 59 Seiten) Illustrationen
Series:	CFS working paper series. - Frankfurt, M. : [Verlag nicht ermittelbar], ZDB-ID 2196856-1. - Vol. no. 690
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/285368 [Handle]
Classification:	E21 - Consumption; Saving ; E22 - Capital; Investment (including Inventories); Capacity ; G12 - Asset Pricing ; g51 ; R21 - Housing Demand ; R31 - Housing Supply and Markets
Source:	ECONIS - Online Catalogue of the ZBW

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