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European office markets, user costs and speculative bubbles
  • Michael Voigtländer / Florian Schuster ·
  • IW-Report No. 31 ·
  • 15 August 2019

European office markets, user costs and speculative bubbles

Over the last years, prices for European office space have reached new peaks. This naturally provokes discussion about a possible overheating in the market. One approach to assess price development of real estate markets is the so-called „user cost approach”.
Eine Analyse von Mieten und Wohnnutzerkosten für 401 Kreise
  • Michael Voigtländer / Pekka Sagner ·
  • Expertise ·
  • 30 April 2019

Wohnkostenreport 2019: Eine Analyse von Mieten und Wohnnutzerkosten für 401 Kreise

Der Wohnnutzerkostenansatz erlaubt einen Vergleich der Mietkosten und der regelmäßig anfallenden Kosten, die ein Wohneigentümer aufbringen muss. Dieser Ansatz wird genutzt, um die relative Vorteilhaftigkeit von Wohneigentum gegenüber Mieten zu bestimmen.
Second Quarter 2019
  • Markus Demary ·
  • IW-Report No. 15 ·
  • 18 April 2019

IW Financial Expert Survey: Second Quarter 2019

Pessimism determines the experts’ predictions for the second and third quarter of 2019 which can be inferred from the downward revisions of the experts’ forecasts. All in all, more downward revisions than upward revisions can be found in the forecasts indicating that the experts have interpreted the incoming information between end of December 2018 and end of March 2019 as bad news.
The ‘Principal Pays’ Principle in Real Estate Brokerage
  • Michael Voigtländer ·
  • IW-Trends No. 1 ·
  • 26 February 2019

International Practice and Economic Effects: The ‘Principal Pays’ Principle in Real Estate Brokerage

The political debate on how to ease the tight housing markets in Germany has seen a proposal to introduce the ‘principal pays’ principle for real estate purchases. This means that, in future, estate agents will only be paid commission by those who engage them, which is usually the seller.
The Danger of Neglecting the Issuer Side
  • Markus Demary / Adriana Neligan ·
  • IW-Policy Paper No. 2 ·
  • 14 February 2019

Defining Green Bonds: The Danger of Neglecting the Issuer Side

The European Union is currently making significant strides to lead on green finance and align its financial system with its climate, sustainability and clean energy ambitions. To this end, the European Commission presented three legislative proposals on sustainable finance in May 2018.
European Best Practices
  • Michael Voigtländer at Intereconomics ·
  • External Publications ·
  • 12 February 2019

Homebuyers, Liquidity Constraints and Private Market Solutions: European Best Practices

Even though the cost for owner-occupied homes fell sharply in the last years, homeownership rates in the EU remain sluggish. Sound economic policy would promote homeownership especially as rents are on the rise. Policies that facilitate schemes such as equity release options, housing saving plans and crowdlending seem promising.
First Quarter 2019
  • Markus Demary ·
  • IW-Report No. 4 ·
  • 16 January 2019

IW Financial Expert Survey: First Quarter 2019

Pessimism determines the experts’ predictions for the first and second quarter of 2019 which can be inferred from the downward revisions of the experts’ forecasts.
Impact of housing market transformation in Germany on affordable housing
  • Philipp Deschermeier / Heide Haas / Michael Voigtländer at the Journal of Housing and the Built Environment ·
  • External Publications ·
  • 4 January 2019

The case of North Rhine-Westphalia: Impact of housing market transformation in Germany on affordable housing

The German housing market has changed significantly since the first decade of the new millennium. A considerable amount of public sector and company-owned employee housing has been sold off, while a number of large publicly listed real estate firms have emerged. This has been particularly evident in North Rhine-Westphalia.
Reasons for the Declining Real Interest Rates
  • Markus Demary / Michael Voigtländer ·
  • IW-Report No. 47 ·
  • 13 December 2018

Reasons for the Declining Real Interest Rates

The low nominal interest rate environment is a hotly debated phenomenon among politicians, financial market participants and households. Savers fear the erosion of their retirement savings, while financial supervisors warn of the stability risks caused by declining bank profitability and by the declining profitability of life insurers. Moreover, financial supervisors fear an increase in household debt triggered by a high demand for cheap loans.
IW Financial Expert Survey
  • Markus Demary ·
  • IW-Report No. 37 ·
  • 15 October 2018

Fourth Quarter 2018: IW Financial Expert Survey

The experts of the IW Financial Expert Survey predict a steeper yield curve with a larger increase in long-term than in short-term interest rates by the end of the first quarter of 2019. Moreover, the average forecasts indicate higher stock market indices, a mild depreciation of the Euro vis-à-vis the US-Dollar with a larger appreciation in the first quarter of 2019.
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