This study provides a test for measurement of spatial competition in residential real estate markets. Several alternative spatial competition measures are tested. We employ a Bertrand oligopoly model with differentiated products and adopt a Spatial Autoregressive model using a two stage least...

This study investigated the relationship between a sector-specific Australian Real Estate Investment Trust (A-REITs) and the underlying property assets in its property portfolio. The existing studies have assessed the connectedness/correlation between the A-REITs market and a variety of other...

This paper studies the impact of UNESCO World Heritage List (WHL) inscription on income and property values in the Italian municipalities that had their sites inscribed during the past two decades. To address the selection bias and identify the causal impact of inscription, we focus on sites...

Great differences are observed in the way of living, the quality of living, and the type of property ownership in individual countries of the world. However, housing affordability is currently a significant issue in every developed country. At the same time, it is also an important factor of...

This Technical Report documents the construction and coverage of the IWH European Real Estate Index (EREI). Since 2018, we have used machine-learning methods to collect monthly listings of residential real estate available for sale or rent in up to 20 European countries. The Technical Report...

This study investigates the role of housing prices in the Moroccan economy and their response to monetary policy shocks. Using a Structural Vector Autoregression (SVAR) model, we explore the transmission mechanisms of monetary policy through various channels, including interest rates, credit...

How do different monetary policy tools influence residential housing markets, and how do these effects vary between owner-occupied and rental segments? To answer this question, we assemble a new monthly regional dataset from 35 million real estate listings over the period 2007- 2023 and exploit...

The Chilean real estate sector has recently undergone adjustments which have increased the risks for the financial sector, but the system remains overall resilient. In the baseline, the real estate market is expected to modestly recover, and several factors mitigate credit risk. The buffers in...

We examine the evolution of spatial house price dispersion during Germany's recent housing boom. Using a dataset of sales listings, we find that house price dispersion has significantly increased, which is driven entirely by rising price variation across postal codes. We show that both price...

The outbreak of the Covid-19 epidemic has caused some disruption to the real estate market in Vietnam. To survive the Covid-19 pandemic, real estate businesses have rushed to find alternative solutions, proactively approach support packages, and change business strategies. Moreover, the real...

We study whether and how EU banks comply with tighter macroprudential policy (MPP). Observing contractual details for more than one million securitized loans, we document an elusive risk-shifting response by EU banks in reaction to tighter loan-to-value (LTV) restrictions between 2009 and 2022....

This study explores the relationship between income growth and housing prices in Poland's seven largest cities from 2013 to 2024. Through statistical analysis, the research reveals a strong correlation between average gross wages, and both offer and transaction prices in the real estate market,...

Institutional investors, such as investment funds, are playing an increasingly important role in residential real estate markets. This raises the possibility that their actions might drive aggregate market outcomes and may change how and which macrofinancial shocks transmit to house prices. In a...

This paper studies how dynamic changes in the search environment affect consumer search and purchase behavior. We develop a dynamic model that incorporates a non-stationary search environment and propose a feasible estimation procedure to estimate its parameters. We apply our model and...

We use rich microdata from Denmark to study the effects of increased remote working on housing demand and property prices during the pandemic. We find that the rise in remote working exerted upward pressure on housing demand, and consequently, property prices. The analysis shows that people who...

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...

Using around 1 million repeat sales, we show idiosyncratic risk in real house price appreciation is time-varying, depends negatively on the initial house price, varies across locations, and decreases with the holding period. These systematic movements in idiosyncratic risk can be explained by...

Housing markets are affected by a large variety of factors. Among them, governmental regulations play an important role. Besides desired effects, all these policies exert a number of side effects, some of which can even offset the desired effects. In addition, different policies can cancel out...

We develop a statistical-methodological framework for a set of core commercial real estate market indicators, which consists of a market price index, a gross rent index, and a net rental yield index as well a vacancy rate. We argue that the indicators should be (macro-)consistent, meaning that...

The European financial system faces significant risks from excessive bank lending to the real estate sector. Historical trends show a strong link between real estate credit booms and banking crises. Current data indicate that real estate loans constitute a substantial share of banks' corporate...

This paper shows that not all housing price cycles are alike. The nature of the housing expansion phase-especially whether a housing price boom characterized by rapid and persistent house price growth is present-plays a key role in shaping the severity of the subsequent contraction, and the net...

In the 19 th century, auctions became a widespread form of transaction for real estate in England. Contemporaries viewed auctioning as an effective method for the transaction of land, in terms of price determination and transparency. Contrary to these theoretical assumptions, the article shows...

With a ratio of household debt to gross disposable income above 150%, households in Luxembourg are among the most indebted in Europe. A high level of debt exacerbates the sensitivity of household net worth to changes in house prices, which can increase the severity of economic downturns. In this...

This study provides a test for measurement of spatial competition in residential real estate markets. Several alternative spatial competition measures are tested. We employ a Bertrand oligopoly model with differentiated products and adopt a Spatial Autoregressive model using a two stage least...