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Shrinking and growing metropolitan areas asymmetric real estate price reactions?: The case of German single-family houses

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  • Maennig, Wolfgang
  • Dust, Lisa

Abstract

The population of Germany will be one of the first in the western hemisphere to undergo considerable permanent reduction. 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 at a disaggregated level, for single-family homes in German metropolitan areas. It highlights asymmetric price reactions: growth in population numbers has no significant effect on price, whereas declining population significantly lowered prices.

Suggested Citation

  • Maennig, Wolfgang & Dust, Lisa, 2008. "Shrinking and growing metropolitan areas asymmetric real estate price reactions?: The case of German single-family houses," Regional Science and Urban Economics, Elsevier, vol. 38(1), pages 63-69, January.
  • Handle: RePEc:eee:regeco:v:38:y:2008:i:1:p:63-69
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    1. Mankiw, N. Gregory & Weil, David N., 1989. "The baby boom, the baby bust, and the housing market," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 235-258, May.
    2. Engelhardt, Gary V. & Poterba, James M., 1991. "House prices and demographic change: Canadian evidence," Regional Science and Urban Economics, Elsevier, vol. 21(4), pages 539-546, December.
    3. DiPasquale Denise & Wheaton William C., 1994. "Housing Market Dynamics and the Future of Housing Prices," Journal of Urban Economics, Elsevier, vol. 35(1), pages 1-27, January.
    4. Ermisch, J. F. & Findlay, J. & Gibb, K., 1996. "The Price Elasticity of Housing Demand in Britain: Issues of Sample Selection," Journal of Housing Economics, Elsevier, vol. 5(1), pages 64-86, March.
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    Cited by:

    1. Bischoff, Oliver, 2012. "Explaining regional variation in equilibrium real estate prices and income," Journal of Housing Economics, Elsevier, vol. 21(1), pages 1-15.
    2. Oliver W. Lerbs, 2014. "House prices, housing development costs, and the supply of new single-family housing in German counties and cities," Journal of Property Research, Taylor & Francis Journals, vol. 31(3), pages 183-210, September.
    3. Lerbs, Oliver & Hiller, Norbert, 2015. "Aging and Urban House Prices," Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113136, Verein für Socialpolitik / German Economic Association.
    4. Oliver Lerbs, "undated". "House Prices, Housing Development Costs, and the Supply of New Single-Family Housing in German Counties and Cities," Working Papers 201283, Institute of Spatial and Housing Economics, Munster Universitary.
    5. Lerbs, Oliver & Teske, Markus, 2016. "The house price-vacancy curve," ZEW Discussion Papers 16-082, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    6. Lerbs, Oliver W., 2012. "House prices, housing development costs, and the supply of new single-family housing in German counties and cities," CAWM Discussion Papers 57, University of Münster, Center of Applied Economic Research Münster (CAWM).
    7. Hiller, Norbert & Lerbs, Oliver W., 2016. "Aging and urban house prices," Regional Science and Urban Economics, Elsevier, vol. 60(C), pages 276-291.

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