Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/109946
Authors: 
Hiller, Norbert
Lerbs, Oliver W.
Year of Publication: 
2015
Series/Report no.: 
ZEW Discussion Papers 15-024
Abstract: 
This paper investigates the long-run relationships between the size and age composition of a city's population and the price of local housing. For estimation purposes, we combine city-level demographic information with housing price data for 87 cities in Germany over the period 1995-2012. Employing a panel error correction framework that accounts for the evolution of city income and other controls, we find that urban house prices perform stronger in cities that grow or age less rapidly. A combination of the empirical estimates with current population projections suggests that population aging will exert considerable downward pressure on urban house prices in upcoming years.
Subjects: 
Urban house prices
demographic change
Germany
JEL: 
G12
J11
R31
Document Type: 
Working Paper

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