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Zu Risiken und Nebenwirkungen fragen Sie Ihren Arzt oder Notenbanker: Steigende Immobilienpreise infolge der Anleihekäufe des Eurosystems?

  • Nicolas Afflatet

    Research-Analyst bei der aik Immobilieninvestmentgesellschaft mbH in Düsseldorf

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Veröffentlicht/Copyright: 29. Mai 2024
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Abstract

Critics of the Eurosystem’s asset purchase programmes have long cautioned about unintended and undesired side-effects of the programmes. One of these potential side-effects are rising housing prices. There is good reason to assume that the lowering of security yields has lowered mortgage rates which in turn would have boosted demand for properties. Yet, while there is ample evidence that the security purchases have lowered long-term interest rates, the link between the latter and housing prices is looser than may be expected. Housing prices have grown stronger with the Eurosystem’s purchases, but not significantly stronger. Given the serious effects of highly and potentially overvalued housing markets, the ECB and other central banks are still well-advised to assess the side-effects of their policy measures thoroughly.

Schlüsselwörter: Immobilienpreise; Anleihekäufe; EAPP; PEPP

Die hier dargestellte Meinung ist seine persönliche.


Über den Autor / die Autorin

Nicolas Afflatet

Research-Analyst bei der aik Immobilieninvestmentgesellschaft mbH in Düsseldorf

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Online erschienen: 2024-05-29
Erschienen im Druck: 2024-06-13

© 2024 Walter de Gruyter GmbH, Berlin/Boston

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