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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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Supply side effects of the Berlin rent freeze
External Publication 6. May 2022

Supply side effects of the Berlin rent freeze

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.

IW

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An Analysis of the Current Risk Levels in Residential Real Estate Financing in Germany
IW-Trends No. 1 14. April 2022

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.

IW

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How persistent are the current inflationary dynamics and how is monetary policy expected to respond?
IW-Report No. 16 13. April 2022

The new inflationary environment: How persistent are the current inflationary dynamics and how is monetary policy expected to respond?

Markus Demary / Anna-Lena Herforth / Jonas Zdrzalek

We argue that the period of low inflation has come to an end based on six structural factors, which define the new inflationary environment.

IW

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How Large Is the Risk of Stagflation in the Eurozone
External Publication 15. February 2022

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.

IW

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Methodology and First Results
IW-Trends No. 4 17. December 2021

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.

IW

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