This article analyses different attributes as determinants of the market price of urban plots in Santiago. These attributes compose a "bundle" of characteristics that are transfered together with the transaction of the property rights of land plots. Hedonic prices are used, an empirical technique developed in urban economics from the works of Ridker and Henning (1967), and Rosen (1974). Among the analyzed attributes, are those inherent to the plot (area, aptitude), geographic location (east area, other areas), zoning (industrial zone, high construction density zone), and neighborhood characteristics (socioeconomic, demographic density). The paper estimates the relative effect of each attribute in determining the market value of urban land plots. In addition, areas of further research are identified, which might build on this paper, which seems to be the first in this area in Chile.
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Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.
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