Determinants of residential real estate prices-the example of the city of Munster

In the present article determinants of residential real estate prices are empirically estimated. The study is based on actually recorded, anonymous transactions data collected for the city of Muenster from 1999 to 2009. The observations include single-family houses, semi-detached houses, end-terrace houses, terrace houses and condominiums. The regressions do have high explanatory power and the estimated parameters are economically plausible. As expected, besides location criteria (quality of residential area, centrality) aspects of size (living space, plot size) and age are important determining factors to explain house-prices.