Monitoring regionaler Immobilienpreise 2018: Entspannung am Häusermarkt, gestiegenes Blasenrisiko am Wohnungsmarkt
This paper is the fourth monitoring of the sustainability of German residential real estate prices. Income perspectives are an important driver of property prices. We therefore analyze the price process on the level of labor markets regions and use a time series approach to identify unsustainable developments. Despite substantial price increases in recent months, we do not find evidence for a countrywide price bubble. In comparison to the previous monitoring of regional real estate prices, evidence for price bubbles in regional markets for family homes has decreased. For apartment prices, the number of regions with indications of unsustainable developments has increased.
Budde, R. and M. Micheli (2017), Monitoring regionaler Immobilienpreise 2018: Entspannung am Häusermarkt, gestiegenes Blasenrisiko am Wohnungsmarkt. RWI Konjunkturberichte, 68, 4, 55-68