Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/283334 
Year of Publication: 
2021
Series/Report no.: 
Technical Paper No. 09/2021
Publisher: 
Deutsche Bundesbank, Frankfurt a. M.
Abstract: 
We combine data on real estate online listings and climate scenarios from the Network for Greening the Financial System (NGFS) to estimate changes in real estate valuations due to changing expectations about future energy costs. Using a simple theory of the relation between prices and energy consumption, we find that the most ambitious climate scenarios potentially come with significant impacts on real estate prices and thus the collateral value of inefficient homes. In the aggregate, losses in housing values and thus collateral could lie in the range of 11 to 13% of the aggregate housing value.
Subjects: 
Residential Real Estate
climate transition risk
climate scenarios
CO2 taxation
JEL: 
R31
Q41
Q54
Document Type: 
Working Paper

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