Author
Listed:
- Konstantin A. Kholodilin
- Claus Michelsen
Abstract
The real estate market in Germany, compared to other developed economies, continues to be in a stable state. For example, the period of interest rate fixation for housing loans is on average quite long, so that an abrupt excessive indebtedness is not to be feared. There is, however, a noticeably strong expansion of lending. In addition, the price development in some German cities — especially in the new construction segment — is not covered by real demand. Otherwise, the rents would have to rise more rapidly than it is actually the case. These developments should be carefully observed. Nevertheless, there exists no immediate need for a political action yet. Der Immobilienmarkt in Deutschland ist, auch im Vergleich zu anderen entwickelten Volkswirtschaften, nach wie vor in einer stabilen Verfassung. Beispielsweise ist die Zinsbindung bei Immobilienkrediten im Durchschnitt recht lang, so dass eine abrupt auftretende Überschuldung vieler Haushalte nicht zu befürchten ist. Es gibt derzeit allerdings eine auffällig starke Ausweitung der Kreditvergabe. Zudem ist die Preisentwicklung in einigen deutschen Städten – gerade im Neubausegment – nicht durch die Nachfrage gedeckt, denn sonst müssten die Mieten noch schneller steigen, als es tatsächlich der Fall ist. Diese Entwicklungen sollten aufmerksam beobachtet werden, ein unmittelbarer politischer Handlungsbedarf besteht derzeit allerdings nicht.
Suggested Citation
Konstantin A. Kholodilin & Claus Michelsen, 2015.
"Weiter steigende Immobilienpreise, aber keine flächendeckenden Spekulationsblasen,"
DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 82(49), pages 1164-1173.
Handle:
RePEc:diw:diwwob:82-49-4
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