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A Hedonic Urban Land Price Index

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  • Brano Glumac
  • Marcos Herrera-Gomez
  • Julien Licheron

Abstract

Our objective is to collect a set of variables able to account for the effects of a multitude of land quality factors. In addition, surrounding plots and the natural and built environment might also influence urban land prices. However, most house price and land price indices do not control for any potentially related spatial effects. The urban land price index detailed here is based on land transaction prices for Luxembourg between 2010 and 2014 recorded in notarial deeds and cadastral data, together with geo-spatial characteristics. The proposed index includes many aspects in an initial hedonic and spatial model specification.

Suggested Citation

  • Brano Glumac & Marcos Herrera-Gomez & Julien Licheron, 2018. "A Hedonic Urban Land Price Index," ERES eres2018_149, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2018_149
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    5. Can Li & Yu Meng & Yingkui Li & Jingfeng Ge & Chaoran Zhao, 2019. "Inter-Metropolitan Land-Price Characteristics and Patterns in the Beijing-Tianjin-Hebei Urban Agglomeration in China," Sustainability, MDPI, vol. 11(17), pages 1-29, August.
    6. Emilio Ramírez-Juidías & José-Lázaro Amaro-Mellado & Jorge Luis Leiva-Piedra, 2022. "Influence of the Urban Green Spaces of Seville (Spain) on Housing Prices through the Hedonic Assessment Methodology and Geospatial Analysis," Sustainability, MDPI, vol. 14(24), pages 1-15, December.
    7. Tsai, I-Chun & Wang, Wen-Kai, 2022. "The value of land redevelopment in different types of properties: Considering the effect of hold-out problems on the development probability," Land Use Policy, Elsevier, vol. 119(C).
    8. Tezcan, Ahmet & Büyüktaş, Kenan & Akkaya Aslan, Şerife Tülin, 2020. "A multi-criteria model for land valuation in the land consolidation," Land Use Policy, Elsevier, vol. 95(C).
    9. Asad Aziz & Muhammad Mushahid Anwar & Hazem Ghassan Abdo & Hussein Almohamad & Ahmed Abdullah Al Dughairi & Motrih Al-Mutiry, 2023. "Proximity to Neighborhood Services and Property Values in Urban Area: An Evaluation through the Hedonic Pricing Model," Land, MDPI, vol. 12(4), pages 1-12, April.
    10. Kazak Jan K. & Hendricks Andreas & Simeunović Nataša, 2019. "Hidden Public Value Identification of Real Estate Management Decisions," Real Estate Management and Valuation, Sciendo, vol. 27(4), pages 96-104, December.
    11. Song, Malin & Xie, Qianjiao & Chen, Jiandong, 2022. "Effects of government competition on land prices under opening up conditions: A case study of the Huaihe River ecological economic belt," Land Use Policy, Elsevier, vol. 113(C).
    12. H.G. Gebrihet & P. Pillay, 2020. "Determinants of Urban Land Lease Market in an Emerging Economy: Empirical Evidence from Ethiopia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 450-470.
    13. Renan Almeida & Marcelo Brandão & Ramon Torres & Pedro Patrício & Pedro Amaral, 2021. "An assessment of the impacts of large‐scale urban projects on land values: The case of Belo Horizonte, Brazil," Papers in Regional Science, Wiley Blackwell, vol. 100(2), pages 517-559, April.
    14. Mengmeng Tang & Cuiting Wang & Chunyang Ying & Shuai Mei & Tong Tong & Youhua Ma & Qiang Wang, 2023. "Research on Cultivated Land Quality Restriction Factors Based on Cultivated Land Quality Level Evaluation," Sustainability, MDPI, vol. 15(9), pages 1-12, May.
    15. Zhiheng Yang & Chenxi Li & Yongheng Fang, 2020. "Driving Factors of the Industrial Land Transfer Price Based on a Geographically Weighted Regression Model: Evidence from a Rural Land System Reform Pilot in China," Land, MDPI, vol. 9(1), pages 1-21, January.
    16. Fang Wei & Lvwang Zhao, 2022. "The Effect of Flood Risk on Residential Land Prices," Land, MDPI, vol. 11(10), pages 1-18, September.

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    More about this item

    Keywords

    Hedonic regression; Land Value; Luxembourg; Spatial Durbin error model;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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