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How do transport infrastructure and policies affect house prices and rents? Evidence from Athens, Greece

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  • Efthymiou, D.
  • Antoniou, C.
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    Abstract

    The interaction between land use and transportation infrastructure is a topic that has been extensively researched and continues to be of interest as new underlying economic, infrastructure and environmental conditions emerge. In this research, the direct and indirect effects of transportation infrastructure and policies on house prices and rents are studied. Since real estate transaction data are not available, a web-scraping tool was developed to parse house prices and attributes from publicly available resources. Econometric models of two categories were then estimated: (1) hedonic price models, based on Ordinary Least Squares (OLS) and (2) spatial econometric models, such as the spatial regression model (SAR), spatial error (SEM), Durbin (SDM) and autocorrelation (SAC) model and Geographically Weighted Regression (GWR), which are increasingly used by econometricians in order to capture the effect of the – usually unobserved – spatial factors on house valuation.

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    Bibliographic Info

    Article provided by Elsevier in its journal Transportation Research Part A: Policy and Practice.

    Volume (Year): 52 (2013)
    Issue (Month): C ()
    Pages: 1-22

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    Handle: RePEc:eee:transa:v:52:y:2013:i:c:p:1-22

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    Related research

    Keywords: Transport infrastructure policies; Real estate models; Spatial econometric models; Athens; Greece;

    References

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    Cited by:
    1. Gjestland, Arnstein & McArthur, David Philip & Osland, Liv & Thorsen, Inge, 2014. "The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows," Transportation Research Part A: Policy and Practice, Elsevier, vol. 61(C), pages 136-151.

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