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Internet Offer Prices for Flats and Their Determinants: A Cross Section of Large European Cities

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  • Konstantin A. Kholodilin

Abstract

In this paper, we construct a data set of Internet offer prices for flats in 48 large European cities from 24 countries. The data are collected in January - April 2012 from 33 websites, where the advertisements of flats for sale are placed. Using these data we investigate the determinants of the flat prices. Four factors are found to be relevant for the flats' price level: income per capita, population density, unemployment rate, and Gini index. The results are robust both to excluding variables and to applying two alternative estimation techniques: OLS and quantile regression. Based on our estimation results we are able to identify the cities, where the prices are overvalued, and those, where the prices are undervalued. This is a useful information that allows analyzing and comparing the housing markets in large European cities.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.401712.de/dp1212.pdf
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Bibliographic Info

Paper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 1212.

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Length: 38 p.
Date of creation: 2012
Date of revision:
Handle: RePEc:diw:diwwpp:dp1212

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Keywords: Internet ads; flats' prices; large European cities; fundamental prices;

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  1. Clapp John M. & Giaccotto Carmelo, 1994. "The Influence of Economic Variables on Local House Price Dynamics," Journal of Urban Economics, Elsevier, vol. 36(2), pages 161-183, September.
  2. Balázs Egert & Dubravko Mihaljek, 2007. "Determinants of House Prices in Central and Eastern Europe," CESifo Working Paper Series 2152, CESifo Group Munich.
  3. Roger Koenker & Kevin F. Hallock, 2001. "Quantile Regression," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(4), pages 143-156, Fall.
  4. James M. Poterba, 1991. "House Price Dynamics: The Role of Tax Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 143-204.
  5. Konstantin A. Kholodilin & Andreas Mense, 2012. "Internet-Based Hedonic Indices of Rents and Prices for Flats: Example of Berlin," Discussion Papers of DIW Berlin 1191, DIW Berlin, German Institute for Economic Research.
  6. Michal Hlavacek & Lubos Komarek, 2009. "Property Price Determinants in the Czech Regions," Occasional Publications - Chapters in Edited Volumes, Czech National Bank, Research Department, in: CNB Financial Stability Report 2008/2009, chapter 0, pages 82-91 Czech National Bank, Research Department.
  7. Çağlayan Ebru & Arikan Eban, 2011. "Determinants of house prices in Istanbul: a quantile regression approach," Quality & Quantity: International Journal of Methodology, Springer, Springer, vol. 45(2), pages 305-317, February.
  8. Konstantin A. Kholodilin & Andreas Mense, 2011. "Can Internet Ads Serve as an Indicator of Homeownership Rates?," Discussion Papers of DIW Berlin 1168, DIW Berlin, German Institute for Economic Research.
  9. Vahram Stepanyan & Tigran Poghosyan & Aidyn Bibolov, 2010. "House Price Determinants in Selected Countries of the Former Soviet Union," IMF Working Papers 10/104, International Monetary Fund.
  10. Karol Jan Borowiecki, 2009. "The Determinants of House Prices and Construction: An Empirical Investigation of the Swiss Housing Economy," International Real Estate Review, Asian Real Estate Society, Asian Real Estate Society, vol. 12(3), pages 193-220.
  11. Mantu Kumar Mahalik & Hrushikesh Mallick, 2011. "What Causes Asset Price Bubble in an Emerging Economy? Some Empirical Evidence in the Housing Sector of India," International Economic Journal, Taylor & Francis Journals, Taylor & Francis Journals, vol. 25(2), pages 215-237.
  12. Ozanne, Larry & Thibodeau, Thomas, 1983. "Explaining metropolitan housing price differences," Journal of Urban Economics, Elsevier, vol. 13(1), pages 51-66, January.
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