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Michael Voigtländer / Pekka Sagner Expertise 30. April 2019 ACCENTRO-IW-Housing Cost Report 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.

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Eine Analyse von Mieten und Wohnnutzerkosten für 401 Kreise
Michael Voigtländer / Pekka Sagner Expertise 30. April 2019

ACCENTRO-IW-Housing Cost Report 2019: Eine Analyse von Mieten und Wohnnutzerkosten für 401 Kreise

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German Economic Institute (IW) German Economic Institute (IW)

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.

Homeownership remains attractive. At present, owner-occupying your home is more affordable than renting in 94 percent of Germany’s districts and independent cities. The average economic benefit of homeownership nationwide is nearly 40 percent. Even in the country’s metropolises, where condominium prices experienced particularly brisk growth in recent years, homeownership retains its economic benefits. Owner-occupancy in Berlin, for instance, is currently about 27 percent more affordable than renting, while being 35 percent more affordable in Hamburg. This is explained by the combination of simultaneous rental growth and the still highly favourable conditions on the market for mortgage loans. While interest rates have registered a modest increase lately, they are not expected to go up sharply any time soon. Moreover, an interest rate sensitivity analysis revealed that a large number of districts would be resilient to an interest rate tightening cycle. The fact that owner-occupied-housing costs are lower than the costs of renting almost everywhere also suggest that prices for freehold residential property are more likely to keep rising, defusing concerns that the housing market might be overheating.

Meanwhile, the fact that the number of first-time buyers has declined overall while their age average and— most recently—their income levels have increased indicates that few households in Germany benefit from the favourable terms of financing in the sense that they take advantage of them to acquire homes for owner-occupancy. Capital adequacy requirements, which go up in sync with rising prices, represent one of several reasons for this. In order to enable more households to opt for homeownership and, not least, to bolster their retirement schemes by doing so, the body politic should review the entry thresholds on the market for freehold residential property and lower them for the sake of preserving the country’s financial stability.

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Eine Analyse von Mieten und Wohnnutzerkosten für 401 Kreise
Michael Voigtländer / Pekka Sagner Expertise 30. April 2019

Pekka Sagner / Michael Voigtländer: ACCENTRO-IW HOUSING COST REPORT 2019

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German Economic Institute (IW) German Economic Institute (IW)

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Pekka Sagner / Michael Voigtländer in International Journal of Housing Policy External Publication 6. May 2022

Supply side effects of the Berlin rent freeze

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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Michael Voigtländer / Jonas Zdrzalek IW-Trends No. 1 14. April 2022

An Analysis of the Current Risk Levels in Residential Real Estate Financing in Germany

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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