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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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.
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The focus here is on the re-regulation of financial markets, in particular the implementation of the Basel III framework and the establishment of the banking union in Europe. The researchers monitor and evaluate monetary policy and analyze economic activity and inflation trends on the basis of the findings. One question is to what extent low interest rates are caused by regulations and, together with inflation, lead to a redistribution between creditors and debtors.
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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.
Pekka Sagner / Michael Voigtländer in International Journal of Housing Policy
On 23 February 2020, the Berlin Senate introduced the Berlin rent freeze (‘Mietendeckel’). The law was repealed on 25 March 2021. The Berlin rent freeze was an unprecedented market intervention in the German housing market.
Pekka Sagner / Michael Voigtländer in International Journal of Housing Policy IW
An Analysis of the Current Risk Levels in Residential Real Estate Financing in Germany
Michael Voigtländer / Jonas Zdrzalek
The German Federal Financial Supervisory Authority (BaFin) is keeping a watchful eye on the granting of housing mortgages and from 2023 on will require lending banks to increase their equity capital to cover potential risks.
How Large Is the Risk of Stagflation in the Eurozone
Markus Demary / Michael Hüther in Intereconomics
The rapid recovery of demand combined with supply constraints has led to rising prices during the past months. This is evident in oil and gas markets, but also in international trade, which has been thrown out of step by bottlenecks at Asian ports.
Markus Demary / Michael Hüther in Intereconomics IW
A Hedonic Rental Price Index for Retail Properties in Germany
Christian Oberst / Michael Voigtländer
Despite their importance for users, investors and urban development, there is no appropriate monitoring of rent prices for retail properties in Germany. Comparing average rents alone is of limited benefit as the composition of location and quality properties of observed retail objects could differ significantly.
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