Ein hedonischer Immobilienpreisindex auf Basis von Internetdaten: 2007–2011
The “Great Recession” has painfully demonstrated the impact of real es-tate prices on real economic activity. Hence, close examination of real estate pricechanges is important for business cycle analysis and economic policy. However, mostreal estate price indices for Germany either exhibit a low frequency or are availablewith a considerable time lag and thus of limited use. Additionally, existing indices areoften highly aggregated and thus exacerbate a regional analysis or an analysis for dif-ferent real estate market segments. In this paper, we construct hedonic price indicesfor Germany, for five major German cities, and the rural federal state Mecklenburg-Vorpommern. The indices are constructed for different categories of the real estatemarket and are based on the data of the internet platform ImmobilienScout24. Com-pared to already existing indices, our indices exhibit the advantage of monthly fre-quency. The indices indicate that real estate prices in Germany were under pressureduring the financial crisis. However, more recently prices have been rising again,especially for new buildings in conurbations.
Bauer, T., S. Feuerschütte, M. Kiefer, P. An de Meulen, M. Micheli, T. Schmidt and L. Wilke (2013), Ein hedonischer Immobilienpreisindex auf Basis von Internetdaten: 2007–2011. AStA Wirtschafts- und Sozialstatistisches Archiv, 7, 1-2, 5–30