Sowohl theoretische Überlegungen als auch die aktuellen Entwicklungen offenbaren, dass die (Wohn-)Immobilienmärkte eine nicht zu vernachlässigende Einflussgröße auf Konjunktur, Preisniveau und Finanzmarktstabilität darstellen. Zum einen bestehen Rückwirkungen auf die gesamtwirtschaftliche...

This text deals with the topic of housing shortage vs. residential vacancy – housing market intervention as a task of politics? At the beginning there will be some basic assertions on the relation of market vs. state, especially bearing in mind, the overall importance and social responsibility...

There are four major challenges for housing policy in the near and midterm future: First, rents in many German conurbations have been rising significantly faster than incomes over the last five years. Though it can rightly be argued, that the suggested policies of the new German federal...

The regional differences in the housing markets are enormous and will continue to exacerbate in the future. The main task for the housing policy is to take appropriate long term measures depending on the market structure. A central aspect of future housing policy is the site development....

This paper analyses the characteristics and functioning of real estate markets. It focuses on the relationship between developments in these markets and the financial sector to determine under what circumstances real estate booms and busts can develop and how they can affect the health and...

This paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per capita consumer spending volatility this decade; (ii) a...

This Selected Issues paper for Belgium evaluates whether price increases in Belgium are excessive. It assesses the household and bank balance sheets and their vulnerability to a slowdown in housing prices, and identifies differences in real estate markets between Belgium and other countries. The...

We implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we demonstrate interest rates and income to be the major determinants of delinquency. Then, we adopt a stress testing approach to calculate the impact of any adverse changes in these...