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The heterogeneous response of real estate asset prices to a global shock

  • We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the municipal level for identification. In contrast to evidence for other countries, we find that the pandemic had only temporary negative effects on rents for some real estate types and increased asset prices of real estate particularly in the top price segment of commercial real estate.

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Author:Sandro HeinigerORCiDGND, Winfried KoenigerORCiDGND, Michael LechnerORCiDGND
URN:urn:nbn:de:hebis:30:3-681462
URL:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4363179
DOI:https://doi.org/10.2139/ssrn.4363179
Series (Serial Number):CFS working paper series (No. 690)
Publisher:Center for Financial Studies
Place of publication:Frankfurt, M.
Document Type:Working Paper
Language:English
Year of Completion:2022
Year of first Publication:2022
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2023/08/08
Tag:Affordability crisis; Asset prices; Covid pandemic; Real estate; Rents; Short-time work
Edition:November 3, 2022
Page Number:59
Note:
We acknowledge support by the SNSF, Switzerland under project number 1000018-200917.
Note:
JEL-Klassifikation: G51: Household Savings, Borrowing, Debt, and Wealth
HeBIS-PPN:511392524
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
JEL-Classification:E Macroeconomics and Monetary Economics / E2 Macroeconomics: Consumption, Saving, Production, Employment, and Investment / E21 Consumption; Saving; Wealth
E Macroeconomics and Monetary Economics / E2 Macroeconomics: Consumption, Saving, Production, Employment, and Investment / E22 Capital; Investment; Capacity
G Financial Economics / G1 General Financial Markets / G12 Asset Pricing; Trading volume; Bond Interest Rates
R Urban, Rural, and Regional Economics / R2 Household Analysis / R21 Housing Demand
R Urban, Rural, and Regional Economics / R3 Production Analysis and Firm Location / R31 Housing Supply and Markets
Sammlungen:Universitätspublikationen
Licence (German):License LogoDeutsches Urheberrecht

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