Submarket, Heterogeneity and Hedonic Prediction Accuracy of Real Estate Prices: Evidence from Shanghai
AbstractThis paper contributes to the literature by examining how much the prediction accuracy of real estate prices could be improved by applying hedonic equations at suitably defined disaggregate levels and incorporating directional heterogeneity of distance gradients. We build our empirical analysis on a large-scale database of real estate projects sold between 2005 and 2007 in Shanghai. Our analysis suggests that the Shanghai real estate market is a complex aggregate and taking into account submarket and directional heterogeneity in hedonic regressions could provide considerable benefits in improving the precision of real estate price predictions.
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Bibliographic InfoArticle provided by Asian Real Estate Society in its journal International Real Estate Review.
Volume (Year): 13 (2010)
Issue (Month): 2 ()
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Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Web page: http://www.asres.org/
Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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- Jie Chen & Qianjin Hao, 2008. "The impacts of distance to CBD on housing prices in Shanghai: a hedonic analysis," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 6(3), pages 291-302.
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