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Communication Dans Un Congrès Année : 2022

Understanding the scales of individual housing investments using microlevel data from tax registers

Résumé

While a significant part of the literature on real estate investment focus on corporate landlords, the vast majority of the housing stock in free market economies remains in the hands of private individuals. Even in countries characterized by a decline of home-ownership rates, these changes are driven by an increasing polarisation between the housing riches and people that are priced out from asset capitalisation. Individual landlords play an important role in neighbourhood change by spatially sorting tenants or by increasing competition in high-demand areas with various forms of housing investment. In France, these investment patterns used to be difficult to grasp because ownership is recorded within local authorities. However, thanks to a work of data integration on land registry and register data from the French tax authority, it is now possible to follow individual investment strategies both in space and time with an unprecedented precision level. We use this microdataset to trace investment strategies within an originating from the megacity region of Paris for a period of 10 years. We tested hypotheses related to the impact of distance, price levels, and co-variance of housing price between the market of origin and estination for the different types of investment flows. Our work sheds new light on the spatial scales of housing investments, on the areas targeted by private individual investors, and on the integration of housing markets.
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Dates et versions

halshs-03646940 , version 1 (20-04-2022)

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  • HAL Id : halshs-03646940 , version 1

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Antoine Peris. Understanding the scales of individual housing investments using microlevel data from tax registers. 2022 AAG annual meeting, Feb 2022, New York, United States. ⟨halshs-03646940⟩
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