Die Anatomie urbaner Immobilienpreisregime. Komparative Analyse von Fundamentalfaktoren und institutionellen Rahmenbedingungen in Linz und Salzburg

Van-Hametner, Andreas; Zeller, Christian

doi:10.1553/moeg160s57

Cited by 3 publications

(3 citation statements)

References 13 publications

(16 reference statements)

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“…WKO real-estate data have already been used by other studies (e.g. Mundt and Wagner 2017 ; Van-Hametner and Zeller 2018 ) and were also integrated in the fundamental price indicator of the Austrian Central Bank (Schneider 2013 ). Their main advantage is the relatively long time series at the regional level.…”

Section: Methodsmentioning

confidence: 99%

“…Having said this and in line with broader developments in financial markets, a trend toward financialisation, although from a rather low level, can also be identified for Austria (Springler and Wöhl 2020 ). Interestingly, financialisation has a highly spatially differentiated impact on the demand side: price dynamics in urban agglomerations and international hotspots of tourism and culture are increasingly driven by institutional and international investors, which can cause a decoupling of prices from fundamental demand factors (Van-Hametner and Zeller 2018 ).…”

Section: Determinants and Disparities Of Land Pricesmentioning

confidence: 99%

“…Further, the ownership structure of the Austrian housing market is characterised by a substantial degree of heterogeneity: high shares of private rental and of public housing dominate in urban markets, whereas owner-occupiers are more prevalent among suburban and rural markets. Finally, there are concerns about the dangers of a price bubble in Vienna (OeNB 2020 ), but there has been hardly any empirical research on (excessive) price dynamics beyond the Austrian capital (Schneider and Wagner 2015 ; Mundt and Wagner 2017 ; Van-Hametner and Zeller 2018 ).…”

Section: Introductionmentioning

confidence: 99%

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The regional variation of a housing boom. Disparities of land prices in Austria, 2000–2018

Reiner

Musil

2023

Rev Reg Res

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Debates accompanying the global housing boom have primarily focussed on the economic and social implications for urban housing markets. Against this background, this paper analyses the repercussions for regional land prices of a national housing boom in and beyond agglomerations. Convergence and divergence dynamics, regional price drivers, and spatial diffusion are investigated by examining average building-land prices of 95 Austrian regions between 2000 and 2018. The results indicate a clear increase in regional disparities in land prices, with the main rise taking place during a high price-growth period. Regions with high land prices are the main drivers of divergence, while a substantial number of peripheral regions with converging land prices were hardly affected by the national price boom. Land-price growth rates are positively affected by the number of households but negatively impacted by income growth, which points to a problematic decoupling of household income and land prices. Finally, the diffusion of the land-price boom occurs along the urban hierarchy as well as via neighbouring regions, confirming the ripple-effect hypothesis.

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Section: Methodsmentioning

confidence: 99%

Section: Determinants and Disparities Of Land Pricesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The regional variation of a housing boom. Disparities of land prices in Austria, 2000–2018

Reiner

Musil

2023

Rev Reg Res

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Privatanleger als Beschleuniger urbaner Wohnkrisen. Bedeutung und Motive von Privatanlegern auf Wohnungsmärkten abseits der Metropolen am Beispiel Salzburg

Van-Hametner¹

2021

RuR

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Bislang wurde das verstärkte Aufkommen von Finanzanlagen auf Wohnungsmärkten vorwiegend in Metropolen oder auf nationaler Ebene untersucht. Der Fokus lag dabei zumeist auf institutionellen Akteuren. Die Untersuchung von Finanzanlagenin Wohnraum in Städten unterhalb der Metropolebene und durch Privatpersonen wurde bislang vernachlässigt. In vorliegender Untersuchung stelle ich deshalb die Manifestation von Finanzanlagen auf den Wohnungsmärkten in einer Stadt abseits der Metropolebene in den Mittelpunkt und setze dabei auf einen Mixed-methods-Ansatz aus quantitativer Grundbuch- und Datenanalyse sowie qualitativen Experteninterviews. Der Beitrag zeigt auf, dass abseits der Metropolen die Nutzung von Wohnraum in ein Investitionsobjekt vorwiegend von privaten Akteuren vollzogen wird. Diese investieren weniger aus Spekulation und in Erwartung von Wertsteigerung, sondern zur privaten und familiären Vorsorge und vor allem zur Wertsicherung. Auch diese Form von Finanzanlagen in Wohnraum hat folgenschwere Auswirkungen auf andere Marktakteure. Der gesamte Wohnungsmarkt richtet sich sukzessive auf diesen neuen Investorentypus aus. Immobiliensind somit zunehmend zu einer Anlageform von Vielen geworden.

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Die Wohnungsfrage abseits der Metropolen: Wohnen in Salzburg zwischen touristischer Nachfrage und Finanzanlagen

et al. 2019

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Abstract. The housing question is a topic of increasing concern in a number of European cities. Rising housing costs burden many households. Since the outbreak of the global economic crisis in 2008, housing has increasingly come under spotlight of investors. Institutional and private actors invest in real estate not only in metropolitan areas but also in middle and small-sized towns. Tourism-induced demand increases the pressure on housing markets particularly in tourist-dominated cities. The manifestation of these processes varies on a small scale and is influenced by regional-local planning and politics. Based on the example of the city of Salzburg, the article shows that the housing question manifests itself strongly aside metropolises as well. Financial investments by private and institutional actors in real estate and different forms of tourism demand exacerbate the housing shortage. By linking the discussions about the effects of (mass-)tourism and financial investments on regional housing markets, this paper provides additional insights. The additional demand for (residential) space by tourism is used to increase or secure the return on investments in real estate. Financial investments in housing offer additional (problematic) potential for tourist use, such as short-term rentals. Owners benefit from both processes. Due to the prevalent power relations, planning and politics have little to counter the current challenges.

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Die Anatomie urbaner Immobilienpreisregime. Komparative Analyse von Fundamentalfaktoren und institutionellen Rahmenbedingungen in Linz und Salzburg

Cited by 3 publications

References 13 publications

The regional variation of a housing boom. Disparities of land prices in Austria, 2000–2018

The regional variation of a housing boom. Disparities of land prices in Austria, 2000–2018

Privatanleger als Beschleuniger urbaner Wohnkrisen. Bedeutung und Motive von Privatanlegern auf Wohnungsmärkten abseits der Metropolen am Beispiel Salzburg

Die Wohnungsfrage abseits der Metropolen: Wohnen in Salzburg zwischen touristischer Nachfrage und Finanzanlagen

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