Fundamental determinants of real estate prices: A panel study of German regions
Ansgar Belke and
Jonas Keil
No 731, Ruhr Economic Papers from RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen
Abstract:
This paper aims at establishing empirical facts on the fundamental determinants of real estate prices. It contributes to the literature by analysing a unique panel dataset covering a wide range of real estate market data and other economic variables for nearly 100 German cities. Several robust fundamental determinants are identified, among them the supply-side factors construction activity and housing stock as well as the demandside factors apartment rents, market size, age structure, local infrastructure and rental prices. Results suggest that these factors are robustly linked to fundamental real estate prices and thus can be used to detect misalignments of market prices.
Keywords: real estate market; fundamental prices; regional data; panel study (search for similar items in EconPapers)
JEL-codes: R21 R31 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-geo and nep-ure
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Citations: View citations in EconPapers (8)
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Journal Article: Fundamental Determinants of Real Estate Prices: A Panel Study of German Regions (2018) 
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:rwirep:731
DOI: 10.4419/86788851
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