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Is There a Bubble in the German Housing Market?

Listed author(s):
  • Konstantin Kholodilin
  • Claus Michelsen
  • Dirk Ulbricht

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.

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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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Paper provided by DIW Berlin, German Institute for Economic Research in its series DIW Roundup: Politik im Fokus with number 53.

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Length: 5 p.
Date of creation: 2015
Handle: RePEc:diw:diwrup:53en
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  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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