RWI-GEO-REDX: Regional Real Estate Price Index for Germany, 2008-1/2020

• Klick, Larissa (RWI – Leibniz-Institut für Wirtschaftsforschung)
• Schaffner, Sandra (RWI - Leibniz- Institut für Wirtschaftsforschung)
• RWI
• ImmobilienScout24

• Regionale Preisindices des deutschen Immobilienmarkts (Translated Title)

• RWI-GEO-REDX

• Klick, Larissa (RWI - Leibniz-Institut für Wirtschaftforschung) (Contact Person)
• Klick, Larissa (RWI - Leibniz-Institut für Wirtschaftforschung) (Project Leader)
• Scout24 AG c/o Immobilien Scout GmbH (Data Collector)
• RWI - Leibniz-Institut für Wirtschaftforschung (Editor)

• Abstract

  Based on the RWI-GEO-RED data that base on the data provided by ImmobilienScout24 hedonic housing price indices are estimated. The indices are on the labor market distict, district/county and municipality level (Gemeindeverbaende). We conduct a hedonic price regression that covers characteristics of the object as well as regional fixed effects. The hedonic regression is estimated separately for houses for sale as well as apartments for rent and for sale. There are three different specifications: first, the overall time development from 1/2008 to 1/2020 on district level given yearly and quaterly; second, cross-regional differences for each year separately and time development within one region from 1/2018 to 1/2020 (municipality, district and labor market region) and for the last quarter of 2019 (district and labor market region); third, the time-region fixed effect between 2008 and 2020, which is used to determine the price changes for all three region types to the base year of 2008. The indices for 2020 rely on the first month of the year. The definition of labor market areas rely on RWI (2018).

• 2008-01-01 / 2020-01-31

• Germany (DE)

The data is based on the data set RWI-GEO-RED, that collects all offers for private housing on ImmobilienScout24 between January 2008 and January 2020. ImmobilienScout24 is the largest listing website for real estate in Germany. The price indices are estimated labor market region, district and municipality level.

stratified random sampling

• Cross-section

• Other

  ImmobilienScout24 is the largest listing website for real estate in Germany offering residential as well as commercial properties. Only residential properies are used for the estimated price indices. Moreover, offers that were deactivated temporarily (possibly because a buyer or renter was found but the contract has not yet been signed) or updated are only used as the last version of the offer published online. The questionnaire filled in by the  vendor does not contain compulsory statements as far as equipment of the property is concerned. The price for the poperty is given by the vendor save for some few exceptions. It has to be kept in mind that the data set includes advertising prices only, not transaction prices.

• Is new version of
  DOI: http://doi.org/10.7807/immo:redx:v2 (Dataset)
  
• Is new version of
  DOI: http://doi.org/10.7807/immo:redx:v3 (Dataset)
  

• Klick, L. und S. Schaffner (2020), Regional Real Estate Price Indices for Germany, 2008 – 2019: RWI–GEO–REDX, Jahrbücher für Nationalökonomie und Statistik (published online ahead of print). DOI: https://doi.org/10.1515/jbnst-2020-0001

• Klick, L. und S. Schaffner (2019), FDZ Data description: Regional Real Estate Price Indices for Germany (RWI-GEO-REDX), RWI Projektberichte, Essen.

• Boelmann, B. und S. Schaffner (2019), FDZ Data description: Real-Estate Data for Germany (RWI-GEO-RED) - Advertisements on the Internet Platform ImmobilienScout24), RWI Projektberichte, Essen.

• RWI (2018), Überprüfung des Zuschnitts von Arbeitsmarktregionen für die Neuabgrenzung des GRW-Fördergebiets ab 2021. RWI Projektberichte.