[Ias-public] The Institute for Analytical Sociology Seminar: Sebastian Kohl, April 6, 14:30CET, KO301, Campus Norrköping & online on Zoom

[Madelene Töpfer]

The Institute for Analytical Sociology Seminar

Venue: KO301, Campus Norrköping & Online on Zoom (see Zoom link in the end of the email)


Thursday, April 6 @ 14:30CET

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Spatial Polarization and Housing Markets

Sebastian Kohl
Freie Universität, Berlin


Abstract:

Housing markets have seen increasing regional polarization of house prices, but not necessarily rents over the last decades of declining interest rates. This talk presents the first comprehensive attempt to study within-country heterogeneity of resulting total housing returns over the long run. We introduce a new city-level data set covering cities in 15 OECD countries over the past 150 years and expose an important source of long-run return heterogeneity within the same asset class: location. National housing markets are characterized by systematic spatial variation in housing risk. Total returns in large agglomerations are close to 100 basis points lower per year than in other parts of the same country. Building on new regulation data, we show that this new stylized fact is robust for different periods of rent control intensity and different regimes of real estate taxation. The excess returns outside the large cities can be rationalized as a compensation for higher risk, especially higher covariance with income growth and lower liquidity. Real estate in diversified large agglomerations is comparatively safe.

Joint work with Francisco Amaral, Martin Dohmen, Moritz Schularick.

Topic: IAS Seminars
Join Zoom Meeting
https://liu-se.zoom.us/j/65535789369
Meeting ID: 655 3578 9369



Best regards
Madelene Töpfer
Administrator
[Linköping University]
Institute for Analytical Sociology
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Visiting address: Kopparhammaren 7, Kungsgatan 56D, Campus Norrköping
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