Impact of Public Policy Measures on the German Real Estate Market (eBook)

Christopher Yvo Oertel (Autor)

eBook Download: PDF

2015 | 1st ed. 2016
XVII, 106 Seiten
Springer Fachmedien Wiesbaden GmbH (Verlag)
978-3-658-11553-1 (ISBN)

Infos

Christopher Oertel studies the impact of public policy measures on the German real estate market and confirms the assumptions, which imply that a city can influence its economic position in relation to nearby cities in the short run by making use of this tax instrument. His analyses begin with an examination of the German residential real estate market from a consumption good perspective. The findings indicate that the home-ownership allowance had a distorting effect by capitalizing into residential real estate prices, although at lower than expected rates. Then the author studies the German residential real estate market from an investment good perspective. Investigating an important amendment of the German tenancy legislation, there is a positive, yet insignificant relationship between the tenancy law reform act and the development of the cap rate. The analysis is completed by focussing on the German office market and investigating how its rental levels and gross purchase prices are affected by changes in the municipal trade tax multiplier.

Dr. Christopher Yvo Oertel wrote his dissertation at the Real Estate Management Institute (REMI) of the EBS European Business School.

Inhalt

Preface of the Editor 7
Preface of the Author 9
Table of Contents 10
List of Tables 11
List of Figures 13
List of Abbreviations 15
1 Introduction 16
1.1 Motivation and Problem Definition 16
1.2 Course of the Investigation 23
2 The Home-Ownership Allowance and Residential Real Estate Prices 25
2.1 Introduction 25
2.2 The German Home-Ownership Allowance 26
2.3 Literature Overview 30
2.4 Data 32
2.5 Theoretical Framework & Methodology
2.6 Empirical Results 41
2.7 Robustness Checks 44
2.8 Conclusion & Further Research
3 The Tenancy Law Reform Act of 2001 and the Risk Perception of Residential Real Estate Investments 49
3.1 Introduction 49
3.2 The German Tenancy Law Reform Act of 2001 52
3.3 Literature Overview 55
3.4 Data 58
3.5 Theoretical Framework and Methodology 61
3.6 Empirical Results 66
3.7 Robustness Checks 68
3.8 Conclusion & Further Research
4 The Municipal Trade Tax Multiplier and Office Purchase Prices and Rents 72
4.1 Introduction 72
4.2 The German Municipal Trade Tax Multiplier 73
4.3 Literature Overview 75
4.4 Data 77
4.5 Theoretical Framework and Methodology 81
4.6 Empirical Results 84
4.7 Robustness Checks 87
4.8 Conclusion & Further Research
5 Summary, Practical Implications, and Further Research 92
Bibliography 95
Appendixes 103
Appendix A 103
Appendix B 112
Appendix C 116

Produkt-Details

• Erscheint lt. Verlag: 17.11.2015
• Reihe/Serie: Essays in Real Estate Research
• Reihe/Serie: Essays in Real Estate Research
• Zusatzinfo: XVII, 106 p. 24 illus. in color.
• Verlagsort: Wiesbaden
• Sprache: englisch
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management
• Schlagworte: consumption good perspective • economic position of cities • German real estate market • German tenancy legislation • investment good perspective • municipal trade tax multiplier • residential real estate prices
• ISBN-10: 3-658-11553-X / 365811553X
• ISBN-13: 978-3-658-11553-1 / 9783658115531