Inflation protection from home-ownership: Long-run evidence

Dirk Brounen, P. Eichholtz, S. Staetmans, Marcel Theebe

Research output: Contribution to journalArticleScientificpeer-review


This article examines the inflation hedging capacity of the private home. We employ unique long-term data for inflation, house price dynamics and rents for Amsterdam dating back to 1814, allowing us to study total housing returns in different inflation regimes and for varying investment horizons. Our Amsterdam data show that homeownership's protection against actual and expected inflation increases with the investment horizon. This increase is especially strong for horizons up to 10 years. Inflation protection from housing is stronger when inflation is persistent, and the hedging capacities of housing regarding unexpected inflation are weak.
Original languageEnglish
Pages (from-to)662-689
JournalReal Estate Economics
Issue number3
Publication statusPublished - 2014


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