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Three New Real Estate Price Indices for Geneva, Switzerland

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  • Hoesli, Martin
  • Giaccotto, Carmelo
  • Favarger, Philippe

Abstract

This paper develops constant-quality price indices for three categories of real estate-apartment buildings, vacant land, and condominiums--for the city of Geneva, Switzerland. We use both the hedonic and repeat sales models to estimate the price level and, in turn, the rate of price change. The general pattern of each series suggests that real estate prices in Geneva were fairly stable throughout the 1970s, increased sharply during the 1980s, but gave back some of these gains in the early 1990s. Interestingly, the sharp rise in prices in the second half of the 1980s is very similar to that found in some regions of the United States. We also consider the problem, implicit in the repeat sales method, of revisions in previously estimated price indices as additional data become available in later years. Copyright 1997 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 15 (1997)
Issue (Month): 1 (July)
Pages: 93-109

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Handle: RePEc:kap:jrefec:v:15:y:1997:i:1:p:93-109

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Web page: http://www.springerlink.com/link.asp?id=102945

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Cited by:
  1. Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research 02-05, University of Wisconsin Center for Urban Land Economic Research.
  2. Bohl, Martin T. & Michels, Winfried & Oelgemöller, Jens, 2011. "Determinanten von Wohnimmobilienpreisen: Das Beispiel der Stadt Münster," Beiträge zur angewandten Wirtschaftsforschung 34, Center of Applied Economic Research Münster (CAWM), University of Münster.
  3. Steven C. Bourassa & Martin Hoesli & Donato Scognamiglio & Philippe Sormani, 2008. "Constant-Quality House Price Indexes for Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 144(IV), pages 561-575, December.
  4. Eichholtz, Piet & Straetmans, Stefan & Theebe, Marcel, 2012. "The Amsterdam rent index: The housing market and the economy, 1550–1850," Journal of Housing Economics, Elsevier, Elsevier, vol. 21(4), pages 269-282.
  5. Michael T. Carroll & James L. Anderson & Josué Mart�nez-Garmendia, 2001. "Pricing U.S. North Atlantic bluefin tuna and implications for management," Agribusiness, John Wiley & Sons, Ltd., vol. 17(2), pages 243-254.
  6. Bourassa, Steven C. & Hoesli, Martin & Sun, Jian, 2006. "A simple alternative house price index method," Journal of Housing Economics, Elsevier, Elsevier, vol. 15(1), pages 80-97, March.
  7. Bourassa, Steven C. & Hoesli, Martin & Scognamiglio, Donato & Zhang, Sumei, 2011. "Land leverage and house prices," Regional Science and Urban Economics, Elsevier, vol. 41(2), pages 134-144, March.
  8. Maurizio d’Amato, 2007. "Comparing Rough Set Theory with Multiple Regression Analysis as Automated Valuation Methodologies," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 42-65.
  9. Martin T. Bohl, Winfried Michels, Jens Oelgemöller, . "Determinanten von Wohnimmobilienpreisen: Das Beispiel der Stadt Münster," Working Papers 201144, Institute of Spatial and Housing Economics, Munster Universitary.
  10. Arnaud Simon, 2009. "Quantifying the reversibility phenomenon for the repeat-sales index," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 31(1), pages 27-62.
  11. S. Jansen & P. Vries & H. Coolen & C. Lamain & P. Boelhouwer, 2008. "Developing a House Price Index for The Netherlands: A Practical Application of Weighted Repeat Sales," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 37(2), pages 163-186, August.
  12. Berg, Lennart, 2001. "Prices and Constant Quality Price Indexes for Multi-Dwelling and Commercial Buildings in Sweden," Working Paper Series, Uppsala University, Department of Economics 2002:2, Uppsala University, Department of Economics.
  13. Eric Clapham & Peter Englund & John M. Quigley & Christian L. Redfearn, 2004. "Revisiting the Past: Revision in Repeat Sales and Hedonic Indexes of House Prices," Working Paper 8594, USC Lusk Center for Real Estate.

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