Christopher Yvo Oertel's Impact of Public Policy Measures on the German Real Estate PDF

By Christopher Yvo Oertel

ISBN-10: 3658115521

ISBN-13: 9783658115524

ISBN-10: 365811553X

ISBN-13: 9783658115531

Christopher Oertel stories the influence of public coverage measures at the German actual property marketplace and confirms the assumptions, which suggest urban can impression its financial place with regards to within sight towns within the brief run by way of using this tax tool. His analyses commence with an exam of the German residential actual property marketplace from a intake reliable standpoint. The findings point out that the home-ownership allowance had a distorting influence through capitalizing into residential actual property costs, even though at under anticipated premiums. Then the writer stories the German residential genuine property marketplace from an funding strong viewpoint. Investigating an enormous modification of the German tenancy laws, there's a confident, but insignificant courting among the tenancy legislations reform act and the improvement of the cap fee. The research is finished via focussing at the German workplace marketplace and investigating how its apartment degrees and gross buy costs are laid low with adjustments within the municipal alternate tax multiplier.

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If supply would be perfectly elastic we would not be able to observe price increases. 28 This contributes by a substantial amount to the overall subsidization a household could receive. Table 2 shows the corresponding figures. 35 per female (Statistisches Bundesamt, 2013) during the relevant period, we derive the expected rate of capitalization as listed in Table 4. 79 per cent during the period the law was in force. Because of this and due to the fact that at the beginning of the home-ownership allowance newly constructed buildings have been subsidized twice as strong as existing buildings, we expect to see the largest capitalization effects in the market for newly constructed apartments, while the smallest effect should be observable in the market for single family houses.

After matching our data from all sources using the unique municipal identifier, we receive a final dataset for 15 years (1995 to 2009) for 124 cities. With annual data points we have 1,860 observations for entire Germany. Figure 1 depicts the location of the examined cities across Germany. 22 23 24 According to our information, the German federal statistical office possesses data over a longer time period of a similar degree of detail. However, this data is not yet digitalized. See BBSR (2010) for a detailed overview of German real estate price data and its composition.

For hypothesis 3 we find positive significant results for the construction cost index, the disposable income, the population density as well as for the propensity to consume capital intense goods. We further find a significant negative impact of the inflation rate. Even though this is counterintuitive on first sight, taking a look at the development of real house prices in Germany (compare Figure 5) shows that real estate prices in real terms have been decreasing during the period of our 39 40 The estimator is inconsistent because the lagged dependent variable is correlated with the error term.

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Impact of Public Policy Measures on the German Real Estate Market by Christopher Yvo Oertel


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