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Press Release

Construction volume forecast: End of the new housing sector boom

Construction industry continues very positive development – more room for modernization and renovation of existing buildings – construction prices rise sharply The construction sector cycle will continue its upward course in the next two years according to the forecast of the German Institute for Economic Research (DIW Berlin), which makes its annual prognosis of construction volume on ...

12.01.2018
Research Project

Evaluation of the effectiveness of the rent control introduced in 2015 to dampen rent increases in tight housing markets (Mietpreisbremse)

The project investigates the effectiveness of the rent control for new rental contracts introduced in 2015. The effects of regulation on price formation in the regulated and unregulated housing market will be analyzed. In addition, the effects of the rent control on supply will be examined and the extent to which the law may have prevented investment will be studied.

Completed Project| Forecasting and Economic Policy
DIW Weekly Report 1/2 / 2018

Construction Sector: End of the Boom at New Buildings

New residential construction, in particular apartment complexes, has driven the growth in Germany’s construction industry in recent years. In 2018 and 2019 the volume of new construction will continue to expand. However, its rate of expansion will decrease and the boom of recent years will come to an end. After years of strong growth, having even occasionally surpassed the ten-percent mark, the German ...

2018| Martin Gornig, Claus Michelsen
DIW Weekly Report 30/31 / 2018

Signs of New Housing Bubble in Many OECD Countries – Lower Risk in Germany

Ten years after the worldwide financial and economic crisis was triggered by the American real estate market, real estate prices are rising around the globe. Concerns about a new housing bubble are growing. The present report based on OECD data for 20 countries demonstrates that this concern is not unwarranted. In eight countries, including the United Kingdom and the USA, the evolution of real estate ...

2018| Konstantin A. Kholodilin, Claus Michelsen
Externe referierte Aufsätze

Speculative Price Bubbles in Urban Housing Markets: Empirical Evidence from Germany

In the light of the unconventional monetary policies implemented by most large central banks around the world, there is an intense debate about the potential impact on the prices of capital assets. Particularly in Germany, skepticism about the sustainability of the current policy by the European Central Bank is wide spread and concerns about the emergence of a speculative price bubble in the housing ...

In: Empirical Economics 55 (2018), 4, S. 1957-1983 | Konstantin A. Kholodilin, Claus Michelsen, Dirk Ulbricht
Economic Bulletin

2016 Heat Monitor: "Second rent" lower despite higher heating energy consumption

Residential heating is responsible for one-fifth of Germany’s energy consumption. Heating costs were around 562 euros per year for an average apartment in 2016, which is more than a 13th month’s rent minus heating costs (Kaltmiete). These are the findings of the 2016 Heat Monitor, published by the German Institute for Economic Research and ista Deutschland GmbH. The report presents evaluations ...

20.09.2017| Claus Michelsen
Economic Bulletin

No Germany-wide housing bubble but overvaluation in regional markets and segments

Although the housing prices in the 127 largest German cities have surged strongly in recent years, there is still no sign of a Germanywide housing bubble. In comparison with 2009, the price of condominiums has risen by around 55 percent. Single-family houses cost between 38 and 45 percent more in 2016 than seven years prior, and building lot prices have risen by around 63 percent. The study at hand ...

26.06.2017| Konstantin A. Kholodilin, Claus Michelsen
Economic Bulletin

Construction sector: full order books, good growth prospects

A significant rise in Germany’s construction volume is expected for this year and the next, even if the growth is not as pronounced as it was in 2016. According to DIW Berlin’s latest construction volume calculations, the sum of all new construction and building refurbishments will increase in real terms by 1.6 and 2.4 percent in 2017 and 2018, respectively, from a rate of 2.5 percent in ...

13.02.2017| Claus Michelsen
DIW Economic Bulletin 38 / 2017

2016 Heat Monitor: "Second Rent" Lower Despite Higher Heating Energy Consumption

Residential heating is responsible for one-fifth of Germany’s energy consumption. Heating costs were around 562 euros per year for an average apartment in 2016, which is more than a 13th month’s rent minus heating costs (Kaltmiete). These are the findings of the 2016 Heat Monitor, published by the German Institute for Economic Research and ista Deutschland GmbH. The report presents evaluations based ...

2017| Claus Michelsen, Nolan Ritter
DIW Economic Bulletin 25/26 / 2017

No Germany-Wide Housing Bubble but Overvaluation in Regional Markets and Segments

Although the housing prices in the 127 largest German cities have surged strongly in recent years, there is still no sign of a Germanywide housing bubble. In comparison with 2009, the price of condominiums has risen by around 55 percent. Single-family houses cost between 38 and 45 percent more in 2016 than seven years prior, and building lot prices have risen by around 63 percent. The study at hand ...

2017| Konstantin A. Kholodilin, Claus Michelsen
76 results, from 31
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