Regional Real Estate Price Index for Germany: 2008-11/2023

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 01/2008 to 11/2023 on district level given yearly and quaterly; second, cross-regional differences for each year separately and time development within one region from 01/2018 to 11/2023 (municipality, district and labor market region) and for the last quarter of 2023 (district and labor market region); third, the time-region fixed effect between 2008 and 2023, which is used to determine the price changes for all three region types to the base year of 2008. The definition of labor market areas rely on RWI (2018).

本研究基于依托ImmobilienScout24提供原始数据构建的RWI-GEO-RED数据集，估算得到特征价格（hedonic）住房价格指数。该指数覆盖劳动力市场区域、行政区/县以及市政层级（Gemeindeverbaende）。本研究构建了涵盖标的房产特征与区域固定效应的特征价格回归模型，并分别针对待售住宅、出租公寓及待售公寓开展回归估算。本次研究共设置三种不同模型设定：其一，以行政区为层级，按年度与季度维度展示2008年1月至2023年11月的整体时间演变趋势；其二，分别测算各年份的跨区域差异，以及2018年1月至2023年11月期间单一区域内的时间演变趋势（覆盖市政层级、行政区及劳动力市场区域），同时涵盖2023年第四季度（以行政区与劳动力市场区域为层级）；其三，构建2008年至2023年的时间-区域固定效应模型，用于测算三类区域层级相较于2008年基准年的价格变动幅度。劳动力市场区域的划分标准依据RWI（2018）的研究成果。