speculative bubbles in Germany over the sample period 1987Q3 - 2012Q4. Overall, we find that actual house prices are not … significantly disconnected from underlying economic fundamentals. Thus, there is no evidence of speculative house price bubbles in …

of a speculative price bubble are raised. However, studies on bubbles in house prices are scarce and provide mixed …-of-the-art methodology we test for speculative bubbles both at a national and at the city level. Furthermore, we apply two new testing … definition of a speculative bubble: We define price movements as bubbles when explosive growth of prices is not supported by …