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 …

this paper, we test for speculative house price bubbles in 127 large German cities over the last 20 years. Along with … testing bubbles for each city separately, we apply two new testing approaches: a panel data and principal components version …. Therefore, to check for the existence of bubbles, we examine prices, rents, and price-to-rent ratios. We find evidence for …