Wind turbines offer significant environmental benefits but also create negative local externalities, such as noise and visual pollution, which can lead to local tensions and community resistance against the energy transition. This paper examines negative and positive externalities associated...

Using French micro-data, we show that rapid structural transformation in densely populated cities is driven by the expansion of large tradable services firms and the departure of large manufacturing firms. This reallocation is accompanied by sharply rising house prices but without a compensating...

This paper examines the relationship between location, liquidity, and prices in housing markets. We construct spatial datasets for German and U.S. cities and show that liquidity and prices decline with distance to the city center. To rationalize these results, we build a structural model with...

This paper quantifies the role of housing wealth in the transmission of monetary policy to consumption in 20 advanced economies. Using Bayesian VAR models we identify structural shocks with a novel combination of sign and maximum forecast error variance restrictions, isolating the housing wealth...

This paper establishes a novel city size premium which may be termed the capitalization premium. Real estate investors derive benefits from investing in larger cities, most notably lower housing risk and/or higher expected rent growth. Standard asset valuation implies that, given the level of...

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...

We show that high-income buyers earn higher capital gains on housing using detailed transaction data from Denmark. Geographic location statistically accounts for nearly all the difference, with little role for aggregate market timing, property type, or other buyer characteristics. This finding...

• The rise in total upfront cash requirement has become the main obstacle to homeownership in Germany. Between 2015 and 2024, the average household needed a median of 9.37 years to save the necessary funds for a home purchase. • A substantial share of this burden comes not from the price...

This paper examines the evolution of the Portuguese residential real estate market during the first twenty-five years of the 21st century, focusing on the short-run determinants of housing transaction values. Using quarterly data from 2000 to 2025, the study applies an econometric time-series...

The FDZ Ruhr provides two campus files on real estate advertisements in Germany: the Panel Campus File (RWI-GEO-RED Panel) and a Cross-Sectional Campus File (RWI-GEO-RED Cross-Section). The datasets are extractions of the Scientific Use Files of RWI-GEO-RED. The Panel File covers the 15 largest...

Das FDZ Ruhr am RWI stellt Preisindizes für Wohnungen und Häuser (Vermietung und Verkauf) in Deutschland ab dem Jahr 2008 zur Verfügung. Die Preisindizes basieren auf dem Immobiliendatensatz RWI-GEO-RED, der Immobilienangebote von ImmoScout24 zusammenfasst. Wir führen drei Arten von...

The FDZ Ruhr provides a dataset on commercial real estate advertisements in Germany, drawing from information obtained from the internet platform ImmoScout24. The dataset encompasses a wide range of real estate types, including but not limited to offices, retail, and hotels. It is important to...

The FDZ Ruhr provides a dataset on commercial real estate advertisements in Germany, drawing from information obtained from the internet platform ImmoScout24. The dataset encompasses a wide range of real estate types, including but not limited to offices, retail, and hotels. It is important to...

Das FDZ Ruhr stellt einen Datensatz zu gewerblichen Immobilienanzeigen in Deutschland zur Verfügung, der auf Informationen der Internetplattform ImmoScout24 beruht. Der Datensatz umfasst ein breites Spektrum an Immobilienarten, unter anderem Büros, Einzelhandel und Hotels. Es ist wichtig zu...

In the past two decades, about half of the new homes in the United States were built in areas at risk of natural hazards. Why is residential development exposed to such risk? I argue that regulated property-insurance pricing and land-use regulations contribute to this pattern. I study this...

We study a German policy intervention that shifted the statutory incidence of real estate agent commissions from buyers to sellers. Liability-side equivalence predicts no effect on economic incidence as sellers are expected to pass on the additional burden through higher prices. We use real...

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...

In this paper we assess the implications of monetary policy shocks on the house price to rent ratio in the case of the Irish property market. Crucially, in light of the particular circumstances of the market, we allow for the interaction between monetary policy and changing credit conditions in...

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

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. Betrachtet...