Immigration and Swiss House Prices

32 Pages Posted: 11 Jan 2010

See all articles by Kathrin Degen

Kathrin Degen

affiliation not provided to SSRN

Andreas M. Fischer

Swiss National Bank; Centre for Economic Policy Research (CEPR)

Date Written: November 2009

Abstract

This study examines the behavior of Swiss house prices to immigration flows for 85 districts from 2001 to 2006. The results show that the nexus between immigration and house prices holds even in an environment of low house price inflation and modest immigration flows. An immigration inflow equal to 1% of an area’s population is coincident with an increase in prices for single-family homes of about 2.7%: a result consistent with previous studies. The overall immigration effect for single-family houses captures almost two-thirds of the total price increase.

Keywords: house prices, immigration

JEL Classification: F22, J61, R21

Suggested Citation

Degen, Kathrin and Fischer, Andreas M., Immigration and Swiss House Prices (November 2009). CEPR Discussion Paper No. DP7583, Available at SSRN: https://ssrn.com/abstract=1533188

Kathrin Degen (Contact Author)

affiliation not provided to SSRN

No Address Available

Andreas M. Fischer

Swiss National Bank ( email )

Borsenstrasse 15
CH-8022 Zurich
Switzerland
+41 1 631 3294 (Phone)
+41 1 631 3901 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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