Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/308286 
Autor:innen: 
Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] International Tax and Public Finance [ISSN:] 1573-6970 [Volume:] 30 [Issue:] 1 [Publisher:] Springer US [Place:] New York, NY [Year:] 2022 [Pages:] 215-246
Verlag: 
Springer US, New York, NY
Zusammenfassung: 
This paper assesses to which degree housing purchase subsidies are capitalized into property prices. Using a large-scale micro-dataset on German house prices, I exploit the introduction of a new subsidy scheme in the state of Bavaria. My difference-in-difference estimations at the Bavarian interstate border indicate that the prices of single-family homes increased by approximately 10,000 euros more in Bavarian border regions. This is consistent with a full capitalization of the subsidy. No effect is found for apartments, whose purchasers seldom qualify for the subsidy. A heterogeneity analysis confirms that the price effect is larger in segments of the real estate market with a higher exposure to the subsidy scheme. I also provide suggestive evidence that the subsidy scheme slightly stimulated construction activity. Overall, my results indicate that instead of making house purchases more affordable for families, the subsidy scheme led to a rise in house prices and mainly benefited sellers of properties.
Schlagwörter: 
Real estate market
Housing subsidies
Capitalization of subsidies
Property prices
JEL: 
H22
H24
H71
R31
R38
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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