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Table 1 Variable description

From: Interest rates and real estate prices: a panel study

Variable name

Description

Source

Median rental prices

Per square meter and year. Relevant for: Apartments, office space, sales area and industrial real estate

Wüest Partner AG

Median prices

Per square meter. Relevant for: Houses, owner-occupied flats

Wüest Partner AG

Yields governmental bonds (10 Y)

Yields on governmental bonds with 10-year maturity (%)

Swiss National Bank

Variable mortgage rates

Average variable mortgage interest rates (%)

Swiss National Bank

Fixed mortgage rates (10 Y)

Fixed mortgage interest rates with 10-year maturity (%)

Swiss National Bank

Spread

Indicates the difference between net initial returns and yields on governmental bonds with 10-year maturity (%). Relevant for: Rental apartments and industrial real estate

Wüest Partner AG

Supply number

Number of advertised real estate objects divided by the group-specific stock (%). Relevant for: Office space, sales area, industrial real estate

Wüest Partner AG

Vacancy rates

Number of vacant object relative to housing stock (%). Relevant for: Houses, owner-occupied flats and rental apartments

Federal Statistical Office

Location and market rating

Rating: Min = 1, Max = 5. Relevant for: Rental apartments, houses, owner-occupied flats, office, sales area, industrial real estate

Wüest Partner AG

Investment per resident

Total investments (in thousand Swiss Francs), including public expenditures per resident

Federal Statistical Office

Population growth

Federal Statistical Office

Firm stock

Total firm stock (in thousand) measured by the number of ltd’s

Wüest Partner AG

Housing stock

Total housing units (in thousand)

Wüest Partner AG

Economic structure

Number of firms in the services sector relative to the firm stock (%)

Federal Statistical Office

Building applications

Number of building applications per resident. Relevant for: Rental apartments, houses, owner-occupied flats

Wüest Partner AG/Federal Statistical Office

  1. The description refers to all variables used in the empirical analysis. “Location and market rating,” “Vacancy rates,” “Supply number” and “Building applications” are relevant for several real estate segments and represent more than one variable. “Building applications” is the only variable, which combines two sources (building applications from Wüest Partner AG and the number of residents from the Federal Statistical Office). With the exception of our interest rate representatives, which only vary on a national level, all variables are available for each MS-region. Data taken from the Swiss National Bank are available on a monthly basis and have been average on a quarterly level