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Modelos hedónicos con efectos espaciales: una aproximación al cálculo de índices de precios de vivienda para Bogotá

Author

Listed:
  • Wilmar Alexander Cabrera-Rodríguez

    (Banco de la República de Colombia)

  • Juan Sebastián Mariño-Montaña

    (Banco de la República de Colombia)

  • Carlos Andrés Quicazán-Moreno

    (Banco de la República de Colombia)

Abstract

En este documento se estima un índice de precios de vivienda nueva para la ciudad de Bogotá empleando la base de datos de La Galería Inmobiliaria, empresa dedicada a la recolección de información del mercado inmobiliario en Colombia. La metodología de precios hedónicos aquí propuesta presenta tres ventajas con respecto a los índices de vivienda que se calculan en la actualidad para esta ciudad: i) considera que un inmueble es un bien diferenciado, cuyo precio está definido en función de sus características, ii) incorpora de manera parsimoniosa la ubicación de las viviendas por medio de un modelo de econometría espacial, y iii) utiliza una ventana de tiempo para la estimación del índice, haciendo que no sea susceptible a modificaciones ante incorporaciones de nuevos datos. Los resultados muestran que la bondad de ajuste del índice resultante es significativamente mayor a la de los que se producen en la actualidad, que los coeficientes presentan el comportamiento esperado y son estables en el tiempo, y que el índice es robusto a cambios en la participación de inmuebles que se ubican en las colas de la distribución de precios, gracias a la modelación de vecindarios en la estimación espacial. **** ABSTRACT: In this document a new housing price index is calculated for Bogota using data from La Galería Inmobiliaria, company dedicated to the collection of information from the real estate market in Colombia. The hedonic price methodology proposed here presents three advantages over the housing price indexes which are currently produced for the city: i) it considers that a dwelling is a differentiated good, whose price is defined as a function of its characteristics, ii) incorporates in an parsimonious fashion the location of the residences through a spatial econometric model, and iii) it uses a rolling time window to produce the index, making it not susceptible to changes after including new data. The results show that the goodness of fit of the resulting index is significantly higher than the observed in the current indexes, the coefficients presents the expected behavior and are stable over time, and the results are robust to changes in the participation of dwellings located in the tails of the price distribution.

Suggested Citation

  • Wilmar Alexander Cabrera-Rodríguez & Juan Sebastián Mariño-Montaña & Carlos Andrés Quicazán-Moreno, 2019. "Modelos hedónicos con efectos espaciales: una aproximación al cálculo de índices de precios de vivienda para Bogotá," Borradores de Economia 1072, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:1072
    DOI: 10.32468/be.1072
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    References listed on IDEAS

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    More about this item

    Keywords

    índices de precios de vivienda; modelos hedónicos; econometría espacial; housing price indexes; hedonic models; spatial econometrics;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models

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