Regionale Verteilungseffekte geldpolitischer Maßnahmen auf dem Immobilienmarkt

For some years now, the ECB is responding to the current deflationary phase and slow economic growth in the Euro zone with a low interest policy and bond purchasing programs. This has led to a surge in real asset prices, such as real estate. Inflation in residential property prices however varies regionally as a result of differences in supply elasticities. Thus, highest growth in prices could be observed in metropolitan areas. This article shows that such developments may lead to an increasing housing wealth inequality due to existing housing wealth distributions, local differences in homeownership, and barriers to entry to the property market. Additionally, these effects might be strengthened by indirect effects, such as filtering, rent-seeking, gentrification, and segregation.