Move, Stay, or Pay: The Impact of Land Prices on Migration Balances in Germany

Lukas Felix Götzelmann (), Ferdinand Mager and Kerstin Hennig
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Lukas Felix Götzelmann: EBS University for Business and Law
Ferdinand Mager: EBS University for Business and Law
Kerstin Hennig: EBS University for Business and Law

International Real Estate Review, 2023, vol. 26, issue 4, 521-550

Abstract: This paper examines the effects of housing costs on net migration in Germany, a country with a polycentric structure. We apply a panel data estimation framework with a large array of unit, time, and regional fixed effects to close to 400 individual counties for the period of 2002 to 2018. Our findings suggest a strong and negative relation between residential land prices and net migration. We conclude that higher land prices can largely offset the additional amenities factored into housing costs and hence cause negative effects on migration. We show that our results are robust to various control specifications, including the addition of variables such as income, education, and age structure, and the use of time lags.

Keywords: Housing costs; Net migration; Amenities; Panel data; Germany (search for similar items in EconPapers)
Date: 2023
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