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Is There a Bubble in the German Housing Market?

Author

Listed:
  • Konstantin Kholodilin
  • Claus Michelsen
  • Dirk Ulbricht

Abstract

After a period of stagnation that lasted for almost two decades, German house prices began to grow at an accelerated pace since late 2010. Real house prices that even had been declining in 2000-2008 started to climb up steeply from the second half of 2010, followed by a recovery of construction activities. This development raised concerns about the formation of a speculative house price bubble among German policy makers and central bankers. However, empirical evidence of a misalignment of house prices from their fundamentals is mixed.

Suggested Citation

  • Konstantin Kholodilin & Claus Michelsen & Dirk Ulbricht, 2015. "Is There a Bubble in the German Housing Market?," DIW Roundup: Politik im Fokus 53, DIW Berlin, German Institute for Economic Research.
  • Handle: RePEc:diw:diwrup:53en
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    File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.495047.de/DIW_Roundup_53_en.pdf
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    References listed on IDEAS

    as
    1. Xi Chen & Michael Funke, 2013. "Renewed Momentum in the German Housing Market: Boom or Bubble?," CESifo Working Paper Series 4287, CESifo Group Munich.
    2. Goodman, Allen C. & Thibodeau, Thomas G., 2008. "Where are the speculative bubbles in US housing markets?," Journal of Housing Economics, Elsevier, vol. 17(2), pages 117-137, June.
    3. Philipp Meulen & Martin Micheli, 2013. "Droht eine Immobilienpreisblase in Deutschland?," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 93(8), pages 539-544, August.
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