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Regional heterogeneity in age-related housing depreciation rates

Regionale Heterogenität altersbedingter Wertminderungen von Wohnimmobilien

Sören Gröbel ()
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Sören Gröbel: Westfälische Wilhelms-Universität Münster

Review of Regional Research: Jahrbuch für Regionalwissenschaft, 2018, vol. 38, issue 2, 219-254

Abstract: Abstract This paper analyses the regional variation of age-related depreciation rates for housing: firstly, using observations of single-family house prices, our analysis estimates housing market-specific age-cohort depreciation rates, while taking into account the heterogeneity in attributes, location, and state of maintenance. Secondly, we examine whether the derived depreciation rates correlate with determinants of the regional supply- and demand-side. Considering the durability of the housing stock and substitution effects in housing demand, we find that a rise in excess supply will not only lead to declining house prices in the aggregate, but also to a widening of relative house price differentials among houses at different ages.

Keywords: Age-related housing depreciation; Hedonic pricing model; Regional housing markets; Germany; Single-family houses; Altersbedingte Werminderung von Wohnimmobilien; Hedonische Preisschätzung; Regionale Wohnungsmärkte; Deutschland; Einfamilienhäuser (search for similar items in EconPapers)
JEL-codes: J11 J30 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:spr:jahrfr:v:38:y:2018:i:2:d:10.1007_s10037-018-0125-3