Die Kosten der Niedrigzinspolitik am Wohnungsmarkt. Immobilienpreisblasen in B-Lagen am Beispiel Salzburg

Abstract

Demand for real estate is booming in large parts of Europe, including Germany and Austria. Increasingly, it is not purchased to live in, but as an investment. In addition to institutional investors, private investors are increasingly buying too, especially in exposed markets that are already showing excess demand. The zero interest rate policy of the European Central Bank contributed significantly to this. The boom is leading to property price bubbles in many cities. To be able to show the increased risk of price bubbles outside the metropolises, I use a set of four indicators with the example of Salzburg: the affordability of home ownership, the profitability of rentals, the growth of completed residential units, and the development of housing construction loans. With these indicators, regional planners and politicians can assess market developments and identify price bubbles. For the example of Salzburg, they show clear regional overheating, which was not even stopped by the COVID-19 pandemic. On the contrary, the demand patterns influenced by it have actually stimulated the current boom. More than ever, concrete is “gold”!