Explaining Regional Variation in Equilibrium Real Estate Prices and Income

@inproceedings{Bischoff2012ExplainingRV,
  title={Explaining Regional Variation in Equilibrium Real Estate Prices and Income},
  author={O. Bischoff},
  year={2012}
}
We combine the real estate model of Potepan (1996) with the spatial equilibrium approach of Roback (1982) to prove the interdependency of housing prices, rental prices, building land prices and income via one simultaneous equilibrium analysis. Using unique cross-sectional data on the majority of German counties and cities for 2005, we estimate the equations in their structural and reduced form. The results show significantly positive interaction effects of income and real estate prices… CONTINUE READING

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