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European real estate markets during the pandemic : Is COVID-19 also a case for house price concerns? / Michael Koetter, Felix Noth
VerfasserKoetter, Michael ; Noth, Felix
ErschienenHalle (Saale), Germany : Halle Institute for Economic Research (IWH) – Member of the Leibniz Association, 15.11.2022
Umfang1 Online-Ressource (8 Seiten, 0,58 MB) : Diagramm
SpracheEnglisch
SerieIWH policy notes ; 2022, 3 (15 November 2022)
URNurn:nbn:de:gbv:3:2-931933 
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European real estate markets during the pandemic [0.58 mb]
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We use a new database on European real estate purchase and rental prices - the IWH European Real Estate Index - to document the relationship between staggered COVID-19 dynamics and real estate prices in 14 EU countries between January 2020 and December 2021. For most countries we find no statistically significant response of monthly purchase and rental prices due to an increase of regional COVID-19 cases. For the UK we find that more COVID-19 cases depressed both purchase and rental prices significantly but the economic magnitude of effects was mild during this sample period. In contrast rents in Italy increased in response to hiking COVID-19 cases illustrating the importance to consider heterogeneous crisis patterns across the EU when designing policies. Overall COVID-19 dynamics did not affect real estate values significantly during the pandemic thereby mitigating potential financial stability concerns via a mortgage lending channel at the time.