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The Heterogeneous Response of Real Estate Asset Prices to a Global Shock

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https://econpapers.repec.org/scripts/redir.pf?u=https%3A%2F%2Fwww.cesifo.org%2FDocDL%2Fcesifo1_wp10083.pdf;h=repec:ces:ceswps:_10083
Time Added
2022/11/21 19:29
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Machine Learning
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Authors
Sandro Heiniger Winfried Koeniger and Michael Lechner
Abstract
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.
Keywords
real estate ; asset prices ; rents ; Covid pandemic ; short-time work ; affordability crisis (search for similar items in EconPapers)
Year Published
2022
Series
No 10083 CESifo Working Paper Series from CESifo
Rank
0.41
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