Breidenbach, Philipp; Jäger, Philipp; Taruttis, Lisa - 2022
Exploiting regional heterogeneity in population dynamics across more than 10,000 municipalities in Germany, we provide … robust empirical evidence that population aging depresses real estate prices and rents. Using millions of individual real … have been up to 12% higher, if the population age distribution had been the same as in 2008. We show that population aging …