The Heterogeneous Response of Real Estate Asset Prices to a Global Shock

Sandro Heiniger, Winfried Koeniger and Michael Lechner
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Sandro Heiniger: University of St. Gallen

No 22-86, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: 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.

Keywords: Real estate; Asset prices; Rents; Covid pandemic; Short-time work; Affordability crisis. (search for similar items in EconPapers)
JEL-codes: E21 E22 G12 G51 R21 R31 (search for similar items in EconPapers)
Pages: 58 pages
Date: 2022-11
New Economics Papers: this item is included in nep-big and nep-ure
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https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4276727 (application/pdf)

Related works:
Working Paper: The Heterogeneous Response of Real Estate Asset Prices to a Global Shock (2022)
Working Paper: The Heterogeneous Response of Real Estate Asset Prices to a Global Shock (2022)
Working Paper: The Heterogeneous Response of Real Estate Asset Prices to a Global Shock (2022)
Working Paper: The heterogeneous response of real estate asset prices to a global shock (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2286

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