A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Hedonic house prices without characteristics: the case of new multiunit housing
In this paper we propose an alternative to traditional hedonics for estimating new multiunit housing inflation, adjusting for quality changes. By relying on the within-site variation we control in a very general way for unobserved housing characteristics using site-specific effects. Precise location, transport, traffic, closeness to services, or construction quality are some of the unobserved but typically relevant housing characteristics that may bias estimated house price inflation, even when using hedonic methods. We also estimate standard hedonic equations and compare the results to those obtained with the alternative hedonic equations with site dummies. Our dataset is fairly rich in observable housing characteristics but, nevertheless, the quality-adjusted house price evolution is quite different in some cases. The data cover the construction of new housing in some of the large Spanish cities and in the smaller towns on the outskirts of the capital during part of the 1990s.
Hedonic house prices without characteristics: the case of new multiunit housing
In this paper we propose an alternative to traditional hedonics for estimating new multiunit housing inflation, adjusting for quality changes. By relying on the within-site variation we control in a very general way for unobserved housing characteristics using site-specific effects. Precise location, transport, traffic, closeness to services, or construction quality are some of the unobserved but typically relevant housing characteristics that may bias estimated house price inflation, even when using hedonic methods. We also estimate standard hedonic equations and compare the results to those obtained with the alternative hedonic equations with site dummies. Our dataset is fairly rich in observable housing characteristics but, nevertheless, the quality-adjusted house price evolution is quite different in some cases. The data cover the construction of new housing in some of the large Spanish cities and in the smaller towns on the outskirts of the capital during part of the 1990s.
Hedonic house prices without characteristics: the case of new multiunit housing
Bover, Olympia (author) / Velilla, Pilar (author)
2002-01-01
RePEc:ecb:ecbwps:20020117
Paper
Electronic Resource
English
| TIBKAT | 1997
| UB Braunschweig | 1997
Submarket and Hedonic Prediction of Housing Prices in Shanghai
| British Library Conference Proceedings | 2009
Spatial and hedonic analysis of housing prices in Shanghai
| Online Contents | 2017
SPATIAL HEDONIC MODELS OF AIRPORT NOISE, PROXIMITY, AND HOUSING PRICES
| Online Contents | 2008