ABSTRACT

Milieu protection areas (MPAs) are a frequently used urban policy regulation method in large German cities such as Berlin or Munich. MPAs protect residents from displacement by restricting property rights in designated zones through limitations on modernisation and the conversion of rental apartments into condominiums. Policymakers expect this to have a price-dampening effect and slow gentrification while also anticipating corresponding effects on property markets. This study investigates the long-term empirical effects of these restrictions on the Berlin residential property market and examines how milieu protection affected the purchase prices and transactions of condominiums within Berlin’s MPAs and their surroundings. We relate transaction data from 1991 to 2019 with other neighbourhood characteristics, regress prices, and the number of transactions using geographic information systems and regression difference-in-differences models in different spatial submarkets both inside and outside of the MPAs. Results indicate that milieu protection reduces transaction activity in property markets and regulation has been ineffective in curbing price increases. Meanwhile, limitations on the conversion of former rental flats have led to lower price increases compared to the surrounding areas. This study contributes to the understanding of regulation as a potential determinant of supply and price effects in the property market.

摘要

环境保护区（MPA）是柏林、慕尼黑等德国大城市常用的城市政策调控手段。海洋保护区通过限制现代化和将出租公寓改造成公寓来限制指定区域的产权，从而保护居民免遭流离失所。政策制定者预计这将产生抑制价格的效果并减缓高档化，同时也预计会对房地产市场产生相应的影响。本研究调查了这些限制对柏林住宅房地产市场的长期实证影响，并探讨了环境保护如何影响柏林 MPA 及其周边地区的公寓购买价格和交易。我们将 1991 年至 2019 年的交易数据与其他社区特征、回归价格、以及海洋保护区内外不同空间子市场中使用地理信息系统和双重差分回归模型进行的交易数量。结果表明，环境保护减少了房地产市场的交易活动，监管在抑制价格上涨方面无效。与此同时，与周边地区相比，对旧出租公寓改造的限制导致价格涨幅较低。这项研究有助于理解监管是房地产市场供应和价格影响的潜在决定因素。结果表明，环境保护减少了房地产市场的交易活动，监管在抑制价格上涨方面无效。与此同时，与周边地区相比，对旧出租公寓改造的限制导致价格涨幅较低。这项研究有助于理解监管是房地产市场供应和价格影响的潜在决定因素。结果表明，环境保护减少了房地产市场的交易活动，监管在抑制价格上涨方面无效。与此同时，与周边地区相比，对旧出租公寓改造的限制导致价格涨幅较低。这项研究有助于理解监管是房地产市场供应和价格影响的潜在决定因素。