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Levels and development of real estate prices in different Austrian regions

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  • Wolfgang Feilmayr

Abstract

After a period of more or less stable real estate prices at the beginning of the 21st century, the prices have shown a sharp rise since around 2007 especially in Vienna, the other federal capitals and its surroundings, whereas in the rural areas in the periphery prices even declined. In this paper special attention is paid to alpine and touristic regions. The main differences of these compared to the other regions will be elaborated. Moreover the variables explaining the prices and developments will be identified. Results will be presented for single family houses and for owner occupied appartments. The underlying models use nonlinear hedonic regression methods. The price observations and the attributes of the single real estates stem from different data bases including purchase and offer prices. The neighborhood covariates come mainly from the spatial information system IRIS, which has been developed for all Austrian communities at the institute of regional science of Vienna University of Technology.

Suggested Citation

  • Wolfgang Feilmayr, 2015. "Levels and development of real estate prices in different Austrian regions," ERES eres2015_107, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2015_107
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    References listed on IDEAS

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    4. Case, Karl E. & Quigley, John M. & Shiller, Robert J., 2001. "Comparing Wealth Effects: The Stock Market versus The Housing Market," Department of Economics, Working Paper Series qt44k6g6vx, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    5. Eurostat, 2013. "Handbook on Residential Property Prices Indices," World Bank Publications - Books, The World Bank Group, number 17280.
    6. W. Brunauer & S. Lang & P. Wechselberger & S. Bienert, 2010. "Additive Hedonic Regression Models with Spatial Scaling Factors: An Application for Rents in Vienna," The Journal of Real Estate Finance and Economics, Springer, vol. 41(4), pages 390-411, November.
    7. John R. Knight, 2002. "Listing Price, Time on Market, and Ultimate Selling Price: Causes and Effects of Listing Price Changes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 213-237.
    8. Karl Whelan & Filippo Altissimo & Evaggelia Georgiou & Teresa Sastre & Maria Teresa Valderrama & Gabriel Sterne & Marc Stocker & Mark Weth & Alpo Willman, 2005. "Wealth and asset price effects on economic activity," Open Access publications 10197/210, School of Economics, University College Dublin.
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    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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