Titel: | The Effect of Immigration on the German Housing Market |
Autor: | Unal, Umut |
Weitere Verfasser: | Hayo, Bernd; Erol, Isil |
Veröffentlicht: | 2022 |
URI: | https://archiv.ub.uni-marburg.de/es/2024/0745 |
DOI: | https://doi.org/10.17192/es2024.0745 |
URN: | urn:nbn:de:hebis:04-es2024-07454 |
ISSN: | 1867-3678 |
DDC: | 330 Wirtschaft |
Publikationsdatum: | 2024-01-19 |
Lizenz: | https://creativecommons.org/publicdomain/mark/1.0 |
Schlagwörter: |
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Rents, IV quantile regression, German housing market, Instrumental variable, Immigration, Housing prices |
Summary:
This study provides evidence of the causal impact of immigration on housing prices and rents using an extensive dataset from Germany that covers 382 administrative districts over the period 2004−2020. Employing a panel-data approach and a manually constructed Bartik instrument, we show that international migration has a significantly positive short-term effect on flat prices and rents. House prices are not significantly affected. We estimate that an increase in international migration of 1% of the initial district population causes a hike in flat prices of up to 3% as well as a hike in flat rents of about 1%. The increase in flat prices is more than twice as high as this at the lower end of the market, whereas the flat rental market demonstrates a more linear response. We also discover that immigration’s impact on flat prices and rents does not significantly differ across rural and urban areas within the country. .
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