Financial and Real Estate Markets

Here the economic significance of the finance and real estate markets is monitored and researched.

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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 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.

Sections of the Research Unit

Monetary and Financial Policy

Corporate and Real Estate Finance

The availability of funding for investments is essential to economic growth, while the regulatory environment is crucial for the way in which real estate investments and enterprises are financed. Due to new financial regulations, like Basel III or Solvency II, the framework for corporate and real estate financing will change. We analyse their effects on markets thoroughly and derive suggestions for improvement, if necessary.

Housing Policy

The provision of housing is a social need. We analyse the effects of state interventions on the housing market and contribute to the debate on sound designs of housing regulations. Topics are rental regulations, the set-up of housing allowances, tax rules related to housing and incentives to stimulate energy efficient renovations.

Real Estate Economics

  • The real estate market is one of the biggest and important markets in the economy. Recent experiences in the United States and other countries show how distortions in the real market can initiate a deep recession for the economy as a whole. We monitor the market regularly and develop methods to detect overvaluations. Also, we analyse the impact of demographic trends and derive solutions for growing and shrinking communities.
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 for Housing Policy and Real Estate Economics

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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Florian Schuster

Florian Schuster

Consultant for building land survey 2020

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