Kathleen Kürschner Rauck

Kathleen Kürschner Rauck is Assistant Professor of Real Estate Finance at the University of St.Gallen. In 2021, she received the Otto-von-Guericke University Dissertation Award for her doctoral thesis.

Professor Kürschner Rauck studies how driving restrictions on private vehicles affect residential real estate prices. She exposes several salient features using German data on rail station locations, motorway access points, and geo-referenced houses. First, properties within walking distance of rail stations within a 30-minute ride from Berlin's main rail station enjoy a sizable price growth premium. Second, properties located near rail stations that require a downtown commute of more than 30 minutes face a severe penalty. Further analysis suggests that many parameters are at play, including substitution effects between car and train transit, noise pollution, train frequency, and ticket prices. These results provide relevant learnings for policymakers seeking to change the demand for more environmentally sustainable modes of transport. In a separate stream of research, Professor Kürschner Rauck studies how photovoltaic (PV) systems affect the rents of residential dwellings in Switzerland. Using advanced three-dimensional topographical modeling, she provides evidence of how the visibility of a PV system is associated with lower residential rents. This effect is stronger when multiple PV systems rather than a single one can be seen. However, price penalties are attenuated if rental dwellings have their own PV system or residents in neighboring properties can see comparably large PV systems that may, at some point, benefit neighboring tenants with regard to electricity provision.

• Portfolio Management and Asset Classes
  • Personal Finance and Household Choices
  • Real Estate