Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/267436 
Year of Publication: 
2022
Series/Report no.: 
IZA Discussion Papers No. 15699
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the municipal level for identification. In contrast to evidence for other countries, we find that the pandemic had only temporary negative effects on rents for some real estate types and increased asset prices of real estate particularly in the top price segment of commercial real estate.
Subjects: 
real estate
asset prices
rents
short-time work
affordability crisis
COVID-19
JEL: 
E21
E22
G12
G51
R21
R31
Document Type: 
Working Paper

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