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Literature on Pandemics and Real Estate Markets
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Empirical Analysis and Results
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Conclusion, References and IWH European Real Estate Index (EREI) Auf einer Seite lesen


In sum, contagion dynamics of the COVID-19 pandemic did neither exert widespread nor substantial pressure on residential real estate market in European regions during the sample period. Our analysis covers almost two years since the start of the pandemic and the results suggest that, except for a few cases, both rental and sales markets remained relatively unaffected by the COVID-19 pandemic until December 2021. Whereas this finding bodes well for private consumption and financial stability resilience alike, it remains to be seen if and which longer-term effects arise in real estate markets due to policies combating the pandemic in the short run.


Allen-Coghlan, M.; McQuinn, K. M.: Property Prices and COVID-19 Related Administrative Closures: What are the Implications? Technical Report. ESRI Working Paper, 2020a.

Allen-Coghlan, M.; McQuinn, K. M.: The Potential Impact of COVID-19 on the Irish Housing Sector, in: International Journal of Housing Markets and Analysis, 2020b.

Ambrus, A.; Field, E.; Gonzalez, R.: Loss in the Time of Cholera: Long-run Impact of a Disease Epidemic on the Urban Landscape, in: American Economic Review 110, 2020, 475–525.

Del Giudice, V.; De Paola, P.; Del Giudice, F. P.: COVID-19 Infects Real Estate Markets: Short and Mid-run Effects on Housing Prices in Campania Region (Italy), in: Social Sciences 9, 2020, 114.

D’Lima, W.; Lopez, L. A.; Pradhan, A.: COVID-19 and Housing Market Effects: Evidence from US Shut-down Orders, in: Real Estate Economics 50, 2022, 303–339.

Francke, M.; Korevaar, M.: Housing Markets in a Pandemic: Evidence from Historical Outbreaks, in: Journal of Urban Economics 123, 2021, 103333.

Gupta, A.; Mittal, V.; Peeters, J.; Van Nieuwerburgh, S.: Flattening the Curve: Pandemic-induced Re-valuation of Urban Real Estate, in: Journal of Financial Economics, 2021.

Koetter, M.; Noth, F.: European Real Estate Prices. IWH Technical Report, 2022.

Liu, S.; Su, Y.: The Impact of the COVID-19 Pandemic on the Demand for Density: Evidence from the US Housing Market, in: Economics Letters 207, 2021, 110010.

Naqvi, A.: COVID-19 European Regional Tracker, in: Scientific Data 8, 2021, 1–14.

Wong, G.: Has SARS Infected the Property Market? Evidence from Hong Kong, in: Journal of Urban Economics 63, 2008, 74–95.

IWH European Real Estate Index (EREI)

The IWH European Real Estate Index (EREI) provides a comprehensive overview of the European residential real estate markets. The database shows residential property prices (sale and rent offers) in 18 European countries at the district level. The data is available free of charge for non-commercial scientific purposes.

 IWH European Real Estate Index (EREI)

Empfohlene Publikationen


European Real Estate Prices

Michael Koetter Felix Noth

in: IWH Technical Reports, Nr. 3, 2022


Real estate markets are pivotal to financial stability given their dual role as the underlying asset of crucial financial products in financial systems, such as mortgage loans and asset-backed securities, and the primary source of household wealth alike. As such, they also play traditionally a crucial role for the transmission of monetary policy. Imbalances and sudden corrections in real estate markets have been the root cause of many financial crises over the last decades. But whereas some national, often survey-based indicators of real estate prices are provided by central banks and statistical offices, a comprehensive collection of purchase prices, rents, and proxies for the liquidity of European real estate markets is lacking. The IWH European Real Estate Index (EREI) seeks to fill this void for residential property. This technical report describes the gathering and processing of sale and rental prices for properties in 18 European countries. We provide the general scrapeing step in the section before describing country-specific details for each country in separated sub-sections.

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