Shrinking and Growing Metropolitan Areas - Asymmetric Real Estate Price Reactions?
AbstractThe population of Germany will be one of the first in the western hemisphere to undergo considerable permanent shrinkage. In view of the relatively low elasticities of supply and demand significant negative price reactions might be expected. This work supplements existing studies by estimating real estate prices for single-family homes on the disaggregate level of Germany’s metropolitan areas. It highlights asymmetric price reactions: growth in population numbers has no significant price effects, whereas declining population numbers lead to significant negative price effects.
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Bibliographic InfoPaper provided by Chair for Economic Policy, University of Hamburg in its series Working Papers with number 006.
Length: 18 pages
Date of creation: 2007
Date of revision:
Publication status: Published in Hamburg Contemporary Economic Discussions, Issue 06, 2007
shrinking population; real estates; asymmetric price reactions; regional analysis;
Find related papers by JEL classification:
- R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
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