Christopher Oertel studies the impact of public policy measures on
the German real estate market and confirms the assumptions, which
imply that a city can influence its economic position in relation
to nearby cities in the short run by making use of this tax
instrument. His analyses begin with an examination of the German
residential real estate market from a consumption good perspective.
The findings indicate that the home-ownership allowance had a
distorting effect by capitalizing into residential real estate
prices, although at lower than expected rates. Then the author
studies the German residential real estate market from an
investment good perspective. Investigating an important amendment
of the German tenancy legislation, there is a positive, yet
insignificant relationship between the tenancy law reform act and
the development of the cap rate. The analysis is completed by
focussing on the German office market and investigating how its
rental levels and gross purchase prices are affected by changes in
the municipal trade tax multiplier.
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