Abstract
In Germany, research on the impact of regional policy interventions on real estate prices is rather scarce. Comprising an investment of more than € 4,5 billion over the period from 1991 to 2020, the ecological reconstruction of the Emscher river in the northern part of the Ruhr area is one of the largest infrastructural projects in Europe. This paper investigates on a small scale level whether the Emscher conversion affects real estate prices in the renewal area. The empirical analysis is based on georeferenced data on housing for sale and rent over the period from 2007 to 2011 provided by ImmobilienScout24, which have been enriched by additional georeferenced data. Price trends within the individual towns and cities of the conversion area “Neues Emschertal” and in reference regions (Emscher region outside of conversion zone, Ruhr valley) are analysed using hedonic price functions. The results suggest that there are no significant effects of the Emscher reconstruction programme on local rents so far, whereas prices of dwellings for sale have performed more stable in parts of the Emscher conversion zone than in the reference regions, where prices have declined.
Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
