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Other real estate property in selected euro area countries

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  • Michael Ziegelmeyer

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Abstract

After the household main residence (HMR), other real estate property (OREP) accounts for the second largest share of total household net wealth in the euro area. However, OREP remains mainly unstudied. Using Eurosystem HFCS data, I analyse OREP investment in Luxembourg, in selected euro area countries and in the euro area as a whole. For those households that own OREP, it represents an important share of gross wealth and generates non-negligible rental income. I identify several stylised facts of OREP characteristics with respect to their owners, type, use and location.

Suggested Citation

  • Michael Ziegelmeyer, 2015. "Other real estate property in selected euro area countries," BCL working papers 99, Central Bank of Luxembourg.
    • Handle: RePEc:bcl:bclwop:bclwp099
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    File URL: http://www.bcl.lu/fr/Recherche/publications/cahiers_etudes/99/BCLWP099.pdf
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    References listed on IDEAS

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    1. Dimitris Christelis & Dimitris Georgarakos & Michael Haliassos, 2013. "Differences in Portfolios across Countries: Economic Environment versus Household Characteristics," The Review of Economics and Statistics, MIT Press, vol. 95(1), pages 220-236, March.
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    3. Julia Le Blanc & Alessandro Porpiglia & Federica Teppa & Junyi Zhu & Michael Ziegelmeyer, 2014. "Household saving behaviour and credit constraints in the euro area," BCL working papers 93, Central Bank of Luxembourg.
    4. Gary Solon & Steven J. Haider & Jeffrey M. Wooldridge, 2015. "What Are We Weighting For?," Journal of Human Resources, University of Wisconsin Press, vol. 50(2), pages 301-316.
    5. Thomas Y. Mathä & Alessandro Porpiglia & Michael Ziegelmeyer, 2014. "Wealth differences across borders and the effect of real estate price dynamics: Evidence from two household surveys," BCL working papers 90, Central Bank of Luxembourg.
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    Cited by:

    1. Anastasia Girshina & Thomas Y. Mathä & Michael Ziegelmeyer, 2017. "The Luxembourg Household Finance and Consumption Survey: Results from the 2nd wave," BCL working papers 106, Central Bank of Luxembourg.
    2. Thomas Y. Mathä & Giuseppe Pulina & Michael Ziegelmeyer, 2018. "The Cross-border Household Finance and Consumption Survey: Results from the second wave," BCL working papers 119, Central Bank of Luxembourg.

    More about this item

    Keywords

    household finance; individual portfolio choice; real assets;

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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