Macroeconomics and Public Finance

Project: Ein hedonischer Immobilienpreisindex auf Basis von Internetdaten 2007–2011

Project Duration

01/2010 - 12/2011 (beendet)

Project Team (RWI)

Dr. Philipp an de Meulen, Prof. Dr. Thomas K. Bauer, Dr. Martin Micheli, Prof. Dr. Torsten Schmidt



Leader of Consortium



The “Great Recession” has painfully demonstrated the impact of real estate price declines on real economic activity. Because of this, closely examining real estate price changes is important for business cycle analysis and economic policy. However, most real estate price indices for Germany are either low frequency or out-dated and thus of limited use. Additionally, existing indices are highly aggregated and thus exacerbate a regional analysis or an analysis for different real estate market segments. In this paper, we construct hedonic price indices for various cities as well as categories based on the data of the internet platform Immobilienscout24. Compared to already existing indices, our indices exhibit the advantage of real time availability on monthly frequency. The computed indices indicate that real estate prices in Germany were under pressure during the financial crisis. However, at the cutting edge prices are rising again, especially for new buildings in conurbations.


Selected project related publications

Articles in Peer-reviewed Journals


Bauer, T. K., S. Feuerschütte, M. Kiefer, P. an de Meulen, M. Micheli, T. Schmidt and L. Wilke (2013), Ein hedonischer Immobilienpreisindex auf Basis von Internetdaten: 2007–2011. AStA – Wirtschafts- und Sozialstatistisches Archiv 7 (1): 5-30. DOI: 10.1007/s11943-012-0125-7 

Articles in Other Journals


Budde, R. and M. Micheli (2017), Monitoring regionaler Immobilienpreise 2018: Entspannung am Häusermarkt, gestiegenes Blasenrisiko am Wohnungsmarkt. RWI Konjunkturberichte 68 (4): 55-68. download


Budde, R. and M. Micheli (2014), Monitoring regionaler Immobilienpreise 2014: Preisauftrieb auf breiter Front – aber geringe Gefahr von Blasen. RWI Konjunkturberichte 65 (4): 31-44. download


Micheli, M. and P. an de Meulen (2013), Droht eine Immobilienpreisblase in Deutschland?. Wirtschaftsdienst 93 (8): 539-544.

Micheli, M. and T. Schmidt (2013), Immobilienboom verstärkt den Anstieg der Mieten. Orientierungen zur Wirtschafts- und Gesellschaftspolitik 136 (2): 23-27.

Discussion Papers


an de Meulen, P., M. Micheli and T. Schmidt (2011), Forecasting House Prices in Germany. Ruhr Economic Papers #294. RWI. download

RWI Reports


RWI and Immobilienscout24 (2011), Ein hedonischer Immobilienpreisindex auf Basis von Internetdaten 2007–2011. RWI Projektberichte download

Monographs (Author)


an de Meulen, P., M. Micheli and S. Schaffner (2014), Documentation of German Real Estate Market Data - Sample of Real Estate Advertisements on the Internet Platform ImmobilienScout24. RWI Materialien 80. Essen: RWI. download