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Financial and Real Estate Markets

Researchers in the Financial Markets and Real Estate Markets competence area study the economic significance of financial and real estate markets.

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This research unit is concerned with the macroeconomic importance of financial and property markets. Our economists analyse the development of the financial markets, monetary policy and the markets for real estate. They examine the latest proposals for legislation and conduct studies for companies, business associations and ministries, focusing on the links between financial markets, real estate markets, and the economy as a whole. The potential consequences of this interdependence were well exemplified by the recent global financial and economic crisis, which started in the American real estate market. In addition, the unit addresses the structural challenges facing the property sector, including an ageing and shrinking population, climate change and corporate financing. Immobilien-Monitor, the quarterly bulletin which reports on activities in the field of real estate economics, is available by email and by download from this website. Further information is available online at finanz-und-immobilienmaerkte.de. Several topics of the research unit intersect with topics in taxation, business cycles or social issues, why we often collaborate with other units of the institute. Although many topics focus on Germany, there is a strong connection to European policy-making, especially in the fields of financial regulation and monetary policy. Furthermore, most of the research is also applicable to other EU member states.

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Sections of the Research Unit

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Contact

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Michael Voigtländer

Prof. Dr. Michael Voigtländer

Head of the Research Unit Financial and Real Estate Markets

Tel: +49 221 4981-741
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Markus Demary

Dr. Markus Demary

Senior Economist for Monetary Policy and the Economics of Financial Markets

Tel: +49 221 4981-732
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Ralph Henger

Dr. Ralph Henger

Senior Economist für Wohnungspolitik und Immobilienökonomik

Tel: +49 221 4981-744
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Christian Oberst

Dr. Christian Oberst

Senior Economist for Housing Policy and Real Estate Economics

Tel: +49 221 4981-889
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Pekka Sagner

Pekka Sagner

Economist for Housing Policy and Real Estate Economics

Tel: +49 221 4981-881
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Studies and contributions

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How the Berlin Rent Cap Affected Private Landlords
IW-Trends No. 3 20. August 2021

How the Berlin Rent Cap Affected Private Landlords

Pekka Sagner / Michael Voigtländer

The effects of the Berlin rent cap on the city’s housing market were wide-reaching, with the supply of rental accommodation falling by more than half while the cap was in force.

IW

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Low for Long or Higher for Longer?
IW-Report No. 12 8. April 2021

Global Inflation: Low for Long or Higher for Longer?

Markus Demary / Michael Hüther

Inflation has started to increase, and the return of inflation comes at a time in which economies begin to recover from pandemic-induced and lockdown-induced recessions. This raises questions about how much and how long inflation will go up as well as about whether central banks have to step-up against inflation at the cost of slowing down the economic recovery. Has “low for long” turned into “higher for longer”?

IW

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The Asian Blockchain Centers
IW-Kurzbericht No. 10 15. February 2021

The Asian Blockchain Centers

Markus Demary / Vera Demary

Many Asian start-up companies have specialized in blockchain technology. In particular, Hong Kong, Israel and Singapore have the highest blockchain company density in Asia. The determinants for a flour-ishing blockchain ecosystem are a business-friendly environment for start-ups and the availability of venture capital, while the effects of agglomeration are less pronounced in Asia than in Europe.

IW

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The European Blockchain Centers
IW-Kurzbericht No. 9 15. February 2021

The European Blockchain Centers

Markus Demary / Vera Demary

Blockchain companies have sprung up all over Europe, at the forefront: Malta and Estonia. Compared to the sizes of their workforce, both countries have an outstanding number of blockchain companies and can easily compete with larger countries like Germany or France. The reason for this is a combination of having agglomerations, a good access to venture capital and an attractive framework for new companies.

IW

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German Blockchain Companies
IW-Kurzbericht No. 8 15. February 2021

A Growing Niche: German Blockchain Companies

Markus Demary / Vera Demary

A growing, but still small number of companies in Germany are supplying products and services based on the blockchain technology. Most of these are start-up companies and are headquartered in Berlin. Although a lot of them are focused on providing financial services, an increasing number of blockchain companies has started developing other blockchain-based services.

IW

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