Physical climate risks can have a large regional impact, which can influence mortgage loans' credit risk and should be priced by the lenders. Motivated by the relevance of climate change for financial intermediaries, our paper aims at analysing if physical climate risks are being reflected in...

Targeted longer-term refinancing operations (TLTROs) helped supporting bank lending to firms and to households in the course of the COVID-19 pandemic. The use of TLTRO funding for mortgage loans to households had explicitly not been included into the targeted loan categories of these schemes,...

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

Die Einführung von Politikinstrumenten zur Dekarbonisierung der Sektoren Gebäude und Mobilität bringt abhängig von bestimmten (sozioökonomischen) Bedingungen unterschiedliche Effekte für verschiedene Haushaltsgruppen mit sich. Die (vermeintliche) Regressivität von (primär preisbasierten)...

Die Nachfrage der österreichischen Privathaushalte nach Wohnbaukrediten stieg aufgrund der sinkenden Zinsen im ersten Quartal 2025 deutlich. Auch für das zweite Quartal 2025 erwarten die befragten Banken einen weiteren Anstieg der Kreditnachfrage. Im Gegensatz dazu sank die Kreditnachfrage der...

We empirically document deviations of residential real estate prices from fundamental values at the micro level and investigate their relationship with local bank lending growth during a period of unconventional monetary policy. Our findings indicate a positive relationship between credit growth...

Due to the rapid growth of the Chinese housing market over the past ten years, forecasting home prices has become a crucial issue for investors and authorities alike. In this research, utilising Bayesian optimisations and cross validation, we investigate Gaussian process regressions across...

Der vorliegende IW-Wohnindex untersucht die Entwicklung der Kauf- und Mietpreise für Wohnimmobilien in Deutschland. Der vierteljährig erscheinende Kurzreport präsentiert die Ergebnisse eines hedonischen Preisindex auf der Basis von mehreren Millionen Wohnimmobilieninseraten. Betrachtet werden...

This paper identifies which investments in school facilities help students and are valued by homeowners. Using novel data on school district bonds, test scores, and house prices for 29 U.S. states and a research design that exploits close elections with staggered timing, we show that increased...

At the request of the Government Statistics Office (GSO), a technical assistance mission was conducted between April 22-26, 2024 to assist with the ongoing development of a Residential Property Price Index (RPPI). This was the fourth mission to assist the GSO with developing an RPPI and...

Housing represents the largest asset and liability, in the form of mortgages, on most national balance sheet. For most households it is their largest investment, and when mortgages are required also represents the largest component of household debt. It is also directly tied to financial...

Based on 92,600 rental contracts in the Swiss real estate market, we study how a property's CO2 emissions affect net rental values. We use a novel measure of operational carbon emissions that relies on various parameters related to the sustainability and energy efficiency of a building as well...

Disruption and mess associated with energy efficiency retrofits is one aspect that is rarely considered in studies investigating households' preferences for energy renovations. Using a choice experiment, we estimate a price for residential retrofit disruption, finding it represents a substantial...

Der vorliegende IW-Wohnindex untersucht die Entwicklung der Kauf- und Mietpreise für Wohnimmobilien in Deutschland. Der Kurzreport erscheint zukünftig vierteljährig. Auf der Basis von mehreren Millionen Wohnimmobilieninseraten werden Ergebnisse eines hedonischen Preisindex veröffentlicht,...

Der vorliegende IW-Wohnindex untersucht die Entwicklung der Kauf- und Mietpreise für Wohnimmobilien in Deutschland. Der Kurzreport erscheint vierteljährig. Auf der Basis von mehreren Millionen Wohnimmobilieninseraten werden Ergebnisse eines hedonischen Preisindex veröffentlicht, nähere...

A noticeable data gap in the evaluation of any property market is that of a residential land price series. Land costs are one of the most significant components of housing construction, however many markets do not have accurate information on such prices. The Irish housing market, more than most...

How do households adjust their spending behavior in response to changes in home price expectations? We conduct a field experiment with a sample of Americans that links survey data on home price expectations to actual spending behavior as measured in a rich home-scanner dataset. In the experiment...

Der vorliegende IW-Wohnindex untersucht die Entwicklung der Kauf- und Mietpreise für Wohnimmobilien in Deutschland. Der Kurzreport erscheint vierteljährig. Auf der Basis von mehreren Millionen Wohnimmobilieninseraten werden Ergebnisse eines hedonischen Preisindex veröffentlicht. Nähere...

This study uses time series regression models and dynamic panel models of five-class housing to investigate the dynamics of the housing price-vacancy relationship in Hong Kong, offering insights distinct from previous cross-sectional analyses that take new housing completions as a supply proxy,...

This paper identifies which investments in school facilities help students and are valued by homeowners. Using novel data on school district bonds, test scores, and house prices for 29 U.S. states and a research design that exploits close elections with staggered timing, we show that increased...

Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the salient features of Dutch commercial and...

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

This paper focuses on the downside risks to the German residential real estate market. It applies the "at-risk" methodology to the German housing market. Quantile regressions reveal that different quantiles of the house price forecast distribution are heterogeneously affected by the same...

This paper analyzes the macroeconomic and borrower-specific credit risk factors of residential real estate mortgages in Germany. Relying on a macroeconomic panel VAR model, we show a significant link between foreclosures, house price dynamics and unemployment. Using microeconomic regressions, we...