Impact of Public Policy Measures on the German Real Estate Market
E-Book
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.
Dr. Christopher Yvo Oertel wrote his dissertation at the Real Estate Management Institute (REMI) of the EBS European Business School.
1;Preface of the Editor;7 2;Preface of the Author;9 3;Table of Contents;10 4;List of Tables;11 5;List of Figures;13 6;List of Abbreviations;15 7;1 Introduction;16 7.1;1.1 Motivation and Problem Definition;16 7.2;1.2 Course of the Investigation;23 8;2 The Home-Ownership Allowance and Residential Real Estate Prices;25 8.1;2.1 Introduction;25 8.2;2.2 The German Home-Ownership Allowance;26 8.3;2.3 Literature Overview;30 8.4;2.4 Data;32 8.5;2.5 Theoretical Framework & Methodology;34 8.6;2.6 Empirical Results;41 8.7;2.7 Robustness Checks;44 8.8;2.8 Conclusion & Further Research;47 9;3 The Tenancy Law Reform Act of 2001 and the Risk Perception of Residential Real Estate Investments;49 9.1;3.1 Introduction;49 9.2;3.2 The German Tenancy Law Reform Act of 2001;52 9.3;3.3 Literature Overview;55 9.4;3.4 Data;58 9.5;3.5 Theoretical Framework and Methodology;61 9.6;3.6 Empirical Results;66 9.7;3.7 Robustness Checks;68 9.8;3.8 Conclusion & Further Research;69 10;4 The Municipal Trade Tax Multiplier and Office Purchase Prices and Rents;72 10.1;4.1 Introduction;72 10.2;4.2 The German Municipal Trade Tax Multiplier;73 10.3;4.3 Literature Overview;75 10.4;4.4 Data;77 10.5;4.5 Theoretical Framework and Methodology;81 10.6;4.6 Empirical Results;84 10.7;4.7 Robustness Checks;87 10.8;4.8 Conclusion & Further Research;89 11;5 Summary, Practical Implications, and Further Research;92 12;Bibliography;95 13;Appendixes;103 13.1;Appendix A;103 13.2;Appendix B;112 13.3;Appendix C;116
Oertel, Christopher Yvo
| ISBN | 9783658115531 |
|---|---|
| Artikelnummer | 9783658115531 |
| Medientyp | E-Book - PDF |
| Copyrightjahr | 2015 |
| Verlag | Springer Gabler |
| Umfang | 121 Seiten |
| Sprache | Englisch |
| Kopierschutz | Digitales Wasserzeichen |
