Sandro Heiniger Winfried Koeniger and Michael Lechner
We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning using new granular data at the municipal level for Germany. We exploit diﬀerences in the incidence of Covid infections or short-time work at the municipal level for identiﬁcation. In contrast to evidence for other countries we ﬁnd that the pandemic had only temporary negative eﬀects on rents for some real estate types and increased asset prices of real estate particularly in the top price segment of commercial real estate.
real estate ; asset prices ; rents ; Covid pandemic ; short-time work ; aﬀordability crisis (search for similar items in EconPapers)