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Shrinking and Growing Metropolitan Areas - Asymmetric Real Estate Price Reactions?

  • Lisa Dust

    (Hamburger Weltwirtschaftsinstitut (HWWI))

  • Wolfgang Maennig


    (Chair for Economic Policy, University of Hamburg)

The 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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Paper provided by Chair for Economic Policy, University of Hamburg in its series Working Papers with number 006.

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Length: 18 pages
Date of creation: 2007
Date of revision:
Publication status: Published in Hamburg Contemporary Economic Discussions, Issue 06, 2007
Handle: RePEc:hce:wpaper:006
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  1. 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.
  2. K. Dascher, 2006. "Why Demolish? : East Germanyís Vacant Housing," ERES eres2006_165, European Real Estate Society (ERES).
  3. 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.
  4. 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.
  5. 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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