We study long-term returns on residential real estate in 27 "superstar" cities in 15 countries over 150 years. We find that total returns in superstar cities are close to 100 basis points lower per year than in the rest of the country. House prices tend to grow faster in the superstars, but rent...

We study long-term returns on residential real estate in twenty-seven "superstar" cities in fifteen countries over 150 years. We find that total returns in superstar cities are close to 100 basis points lower per year than in the rest of the country. House prices tend to grow faster in the...

Rising within-country differences in house values are a much debated trend in the U.S. and internationally. Using new long-run regional data for 15 advanced economies, we first show that standard explanations linking growing price dispersion to rent dispersion are contradicted by an important...

This paper introduces new real estate price indices for 18 major German cities and their neighborhoods (Stadtbezirke) as well as a new composite indicator for the German housing market - the German Real Estate Index (GREIX). The series are constructed on the basis of long-run transaction level...

Deutschland steht vor einer neuen Wohnungsfrage. Der anhaltende Boom am Immobilienmarkt spaltet die Gesellschaft in Gewinner und Verlierer. Auf der einen Seite haben die Preissteigerungen seit 2011 deutsche Immobilienbesitzer um etwa 3 Billionen Euro reicher gemacht. Diese Vermögenzuwächse...

Judith Niehues und Maximilian Stockhausen, Institut der deutschen Wirtschaft, Köln, weisen darauf hin, dass in der Wahrnehmung der Bevölkerungsmehrheit die Ungleichheit in Einkommen und Vermögen seit Jahren steigt. Ein Abgleich mit den verfügbaren Daten zeige jedoch, dass die Daten weder ein...

In this study, we analyze the effect of energy performance certificates on sales prices and rents on the basis of millions of sales and rental listings in Germany in order to understand the causes of the stagnation of the refurbishment rate in the German housing stock. The results show that...

In dieser Studie analysieren wir auf Grundlage von Millionen Verkaufs- und Mietinseraten in Deutschland den Effekt von Energieausweisen auf Verkaufspreise und Mieten, um die Ursachen für die Stagnation der Sanierungsrate im Wohnungsbestand zu verstehen. Die Ergebnisse zeigen, dass höhere...

This paper examines the relation between location, liquidity, and prices in urban housing markets. We build geospatial datasets for German and U.S. cities and show that housing liquidity and prices jointly decrease with distance to the city center. Using transaction-level data, we estimate a...

The comparative study of housing decommodification lags behind classical welfare state research, while housing research itself is rich in homeownership studies but lacks comparative accounts of private and social rentals due to missing comparative data. Building on existing works and various...