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Housing markets in a pandemic: Evidence from historical outbreaks

Marc Francke and Matthijs Korevaar ()

Journal of Urban Economics, 2021, vol. 123, issue C

Abstract: How do pandemics affect urban housing markets? This paper studies historical outbreaks of the plague in 17th-century Amsterdam and cholera in 19th-century Paris to answer this question. Based on micro-level transaction data, we show outbreaks resulted in large declines in house prices, and smaller declines in rent prices. We find particularly large reductions in house prices during the first six months of an epidemic, and in heavily-affected areas. However, these price shocks were only transitory, and both cities quickly reverted to their initial price paths. Our findings suggest these two cities were very resilient to major shocks originating from epidemics.

Keywords: Pandemics; Housing markets; Asset prices; Mortality; Urban shocks (search for similar items in EconPapers)
JEL-codes: G10 I19 J10 N93 R39 (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations: View citations in EconPapers (51)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:juecon:v:123:y:2021:i:c:s0094119021000152

DOI: 10.1016/j.jue.2021.103333

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