Over the last decade, German housing prices have increased unprecedentedly. Drawing on quality-adjusted housing price data at the district level, we document large and increasing regional disparities: growth rates were higher in 1) the largest seven cities, 2) districts located in the south, and...

The renewed momentum in the German housing market has led to concerns that Germany is vulnerable to asset price shocks. In this paper, we apply recently developed recursive unit root tests to detect the beginning and the end of potential speculative bubbles in Germany over the sample period...

This paper employs panel data on 413 counties and cities over 2004-2009 to investigate the local supply of new single-family housing in Germany. Construction activity in local housing markets (measured by new housing permits related to the local housing stock) is modeled as a function of local...

The Fukushima Daiichi accident in Japan in March 2011 caused a fundamental change in Germany's energy policy which led to the immediate shut down of nearly half of its nuclear power plants. This paper uses data from Germany's largest internet platform for real estate to investigate the effect of...

The renewed momentum in the German housing market has led to concerns that Germany is vulnerable to asset price shocks. In this paper, we apply recently developed recursive unit root tests to detect the beginning and the end of potential speculative bubbles in Germany over the sample period...

This study provides evidence of the causal impact of immigration on German house prices, flat prices, and flat rents using an extensive dataset covering 382 administrative districts over the period 2004-2020. Employing a panel-data approach and a manually constructed shift-share instrument, we...

This paper analyzes the tax effects of the German real estate transfer tax (RETT). While the vast majority of single-family houses in Germany are owner-occupied, apartments are usually held by private and incorporated investors. For this reason, we conducted a regression analysis to determine...

This paper analyzes the tax effects of the German real estate transfer tax (RETT). While the vast majority of single-family houses in Germany are owner-occupied, apartments are usually held by private and incorporated investors. For this reason, we conducted a regression analysis to determine...

This Working Paper studies ways to stimulate the private rental sector (PRS) of the housing market – and compares experiences with policies and reforms in Germany, the Netherlands, Finland and the Czech Republic. Although in many countries the PRS has decreased in importance since the Second...

Since 2010, particularly in urban agglomerations, the German housing market has experienced stark house price and rent increases. Immigration from rural and smaller settlements as well as international migration into German urban areas, has fuelled an increase in housing demand and led to severe...