Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/103151
Authors: 
Bennöhr, Lars
Oestmann, Marco
Year of Publication: 
16-Oct-2014
Series/Report no.: 
Diskussionspapier, Helmut-Schmidt-Universität, Fächergruppe Volkswirtschaftslehre 153
Abstract: 
There is a broad literature about fundamental determinants of house prices, which received increasing attention in the aftermath of the subprime crisis. However, there might be several other partly unobservable socio-demographic, psychological or individual factors influencing real estate price dynamics. Using quarterly data, we try to capture such effects by including relevant Google search engine query information into a set of standard fundamental variables. We perform fixed-effects regressions for a panel of 14 EU-countries comprising the years 2005-2013. As dependent variable the house price index (HPI) from Eurostat is employed. We find that Google data as a single aggregate measure of unobserved variables plays a substantial role in explaining house price developments.
Subjects: 
Google Trends
House Price Index
Real Estate
Google Econometrics
JEL: 
C23
C82
R21
R31
Document Type: 
Working Paper

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