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Giorgia De Nora

31 May 2023
Financial Stability Review Issue 1, 2023
The presence of institutional investors, particularly investment funds, in euro area residential real estate (RRE) markets has increased markedly in recent years. Yet the implications for housing markets, as well as for financial stability more broadly, remain largely unstudied. This box shows that a positive (negative) demand shock from institutional investors has a positive (negative) and persistent impact on RRE prices between 2007 and 2021. Also, the link between local economic fundamentals and house price growth appears to weaken in regions with a greater presence of institutional investors. This may reinforce the build-up of financial vulnerabilities, as investor demand falls and the cycle turns. It also raises concerns that vulnerabilities in the investment fund sector may amplify any real estate market correction, with potential implications for the financial resilience of banks, households and exposed firms. For this reason, it is important to develop policies aimed at enhancing the resilience of real estate investment funds – such as lower redemption frequencies, longer notice and settlement periods, and longer minimum holding periods.
JEL Code
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
R33. : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Nonagricultural and Nonresidential Real Estate Markets
10 October 2022
For a comprehensive RRE risk assessment and to set macroprudential measures targeting RRE, it is important to understand the main drivers of RRE developments and the implications of the various scenarios for the RRE market outlook. In this focus, we propose a model framework based on Bayesian vector autoregressions to shed more light on these issues.
JEL Code
C22 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
R30 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→General