02.09.2026 • 24/2026
Launch of the European Real Estate Index (EREI): German housing prices continue to rise more slowly than in Europe
Growth in asking prices for German residential properties offered for sale has lagged the European EREI aggregate since spring 2025. This is shown by the new European Real Estate Index (EREI) presented today by the Halle Institute for Economic Research (IWH). This novel data service hinges on more than 43 million listings on online real estate platforms and provides monthly comparisons of residential asking prices and advertised rents across 1,154 European regions in near-real-time.
Michael Koetter
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European Real Estate Index (EREI) 2026: A Near-real-time European Real Estate Index EREI: Monthly Listing Prices and Rents for Residential Real Estate
Michael Koetter, Felix Noth, Fabian Woebbeking
IWH Technical Reports,
No. 2,
2026
Abstract
Real estate is a capstone connection between various economic agents and markets. It is the main store of household wealth, serves as collateral for mortgage loans in the banking system, aids the transmission of monetary policy, and can propagate financial crises when overvalued. Yet comparable house-price data across the European Union (EU) and the euro area is unavailable, which hinders the design and evaluation of common monetary and economic policy that operates across heterogeneous housing markets. We derive monthly subnational European Real Estate Indicators (EREI) from online residential property advertisements in 16 European countries. The release covers April 2024 to June 2026 and contains 48,168 region-month-segment observations for 1,154 NUTS 3 regions, aggregating more than 43 million listing observations across the monthly sale and rental cross-sections. Each region-month segment reports the number of advertisements and summary statistics for asking prices per square meter and listing durations. The release also includes sale-segment indices for Europe, the euro area, and individual countries. Thirteen covered countries are EU members, which represented 85% of EU-27 gross domestic product in 2024. EREI data support research on a wide range of socio-economic phenomena associated with real estate dynamics, such as the evaluation of monetary policy or macroprudential policy effects on financial stability.
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Do Online Real Estate Listing Prices Gauge Transaction Prices (Well)? Evidence from Novel Near-Real-Time Data
Michael Koetter, Felix Noth, Fabian Woebbeking
IWH Discussion Papers,
No. 13,
2026
Abstract
We show that online listing prices closely approximate transaction prices across Europe. Our validation uses the IWH European Real Estate Index (EREI), a near-real-time database of monthly purchase prices, rents, listing counts, and time on market for 1,154 NUTS-3 regions in 16 countries since April 2024. With publication lags as short as one month, validated listing prices offer a timely, comparable complement to official house price statistics. Purchase price levels correlate between 0.94 and 0.97 with transaction prices in the five most populous markets, while calibration slopes range from 0.95 to 1.00. Aggregate listing prices exceed benchmark transaction prices by 13% to 22%.
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Distributional Income Effects of Banking Regulation in Europe
Melina Ludolph, Lena Tonzer, Lars Brausewetter
Journal of Corporate Finance,
Vol. 100 (July),
2026
Abstract
We study the impact of stricter and more harmonized banking regulation along the income distribution using household survey data for 25 EU countries. Exploiting country-level heterogeneity in the implementation of European Banking Union directives allows us to control for confounders and identify effects. Our results show that these regulatory reforms aimed at increasing financial system resilience affect households heterogeneously and result in a widening of the income distribution. These results are dependent on a country’s ex-ante regulatory stringency, and more pronounced in countries with stronger bank dependence. Furthermore, we find that more stringent regulation reduces income growth for low-income households primarily due to exits from employment, whereas affluent households tend to experience increased growth rates for employee and self-employed income.
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The Geography of Worker-Firm Sorting: Drivers of Rising Colocation
Nils Torben Hollandt, Steffen Müller
IWH Discussion Papers,
No. 22,
2025
Abstract
Spatial segregation of low- and high-wage workers is a persistent economic issue with broad social implications. Using social security data and an AKM wage decomposition, this paper examines spatial wage inequality in West Germany. Spatial inequality in log wages rose sharply between 1998 and 2008, mainly due to increased variance in worker pay premiums across regions (48%) and stronger positive spatial assortative matching of workers and establishments (40%), i.e. colocation. Changes in establishment wage premia are mostly unrelated to rising colocation whereas labor mobility even reduced it. Instead, growth in worker pay premiums among stayers was concentrated in regions where high-wage workers and high-wage establishments were overrepresented already in the 1990s and, thus, magnified pre-existing colocation leading to ‘colocation without relocation’. Germany’s rising trade surplus, especially with Eastern Europe, boosted stayers’ worker pay premiums in those ex-ante high-wage regions and fully explains rising colocation.
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