![]() ![]() For example, larger participation-, search- and transaction-costs, as well as considerable asymmetric information impede a smooth match between buyer’s or tenant’s and seller’s or landlord’s price expectation within “short” time intervals. By contrast, the transaction process of direct real estate is more complex, often consuming several months due to the heterogeneity of individual properties and market specific frictions. As the regions assigned to cluster 1, displaying the most significant price increase, seem to be chosen based on a very sophisticated market analysis by identifying the regions with the strongest fundamental data, it seems like the dominating market players have significantly increased their knowledge and approach for investing in residential real estate.įinancial assets such as stocks and bonds are traded in tremendous volumes, turning over billions of dollars within seconds and with almost no spatial constraints. In Germany the largest share of landlords is the one of the so-called non-professional landlords. ![]() One of the most interesting implications is, that apparently a large part of the German population has developed into professional real estate investors. Moreover, in each of the analysed categories cluster 1 reveals a lower unemployment rate as well as a higher disposable income. We find that the allocation to cluster 1 is always supported by higher growth rates in the variables, population, working population and real GDP, implying higher demand for space. Furthermore, the clusters are interpreted from a geographic perspective. The clusters are then analysed by means of further economic and socioeconomic data in order to identify similarities. The dataset underlying this analysis comprises more than 4.5 million observations in 380 German regions from 2013 Q1 to 2018 Q4. Applying the “Partitioning Around Medoids (PAM)” clustering algorithm, the regions are clustered with respect to their price and liquidity development after the average silhouette method is applied to find the optimal number of clusters. Quality- and spatial-adjusted price and liquidity indices are calculated separately for the investment and rental market on a regional basis. Help retain your employees by empowering them with the tools to grow, learn and earn with this all in-one-solution.This paper analyses the highly under-researched German residential real estate market. Experience-based learning tracks for MLOs to earn certificates upon completion.Ability to educate, grow and retain top performing employees. ![]() Access to an environment of engaging content that addresses nearly any job relevant topic.Powered by OnCourse Learning and Mortgage Champions, Mortgage HQ provides an affordable, all-in-one training solution that provides access to a comprehensive and ever-evolving library of sales, compliance and professional development topics that can be accessed and completed anytime – all under one roof. Mortgage HQ is designed to effectively and efficiently train MLOs for the career path they desire and give mortgage lenders an edge by educating, growing and retaining their talent. Designed to provide everything MLOs need for career ![]()
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