TY  - RPRT
        AU  - Heiniger, Sandro
AU  - Koeniger, Winfried
AU  - Lechner, Michael
        TI  - The Heterogeneous Response of Real Estate Asset Prices to a Global Shock
        PY  - 2022/Nov/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 15699
        UR  - https://www.iza.org/index.php/publications/dp15699
        AB  - We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the municipal level for identification. 
In contrast to evidence for other countries, we find that the pandemic had only temporary negative effects on rents for some real estate types and increased asset prices of real estate particularly in the top price segment of commercial real estate.

        KW  - real estate
KW  - asset prices
KW  - rents
KW  - short-time work
KW  - affordability crisis
KW  - COVID-19
        ER  -