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Measuring the Effect of the Real Estate Bubble: a House Price Index for Bilbao

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Author Info

  • Menéndez, Patricia
  • Palacios, María Blanca
  • Bárcena Ruiz, María Jesús
  • Tusell Palmer, Fernando Jorge

Abstract

A spatio-temporal model is proposed aimed at producing an index of housing prices. A hedonic model with geographically varying coefficients is coupled with a non parametric estimation of the trend, whence a price index is derived.

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File URL: https://addi.ehu.es/bitstream/10810/5463/1/2011.07.pdf
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Bibliographic Info

Paper provided by Universidad del País Vasco - Departamento de Economía Aplicada III (Econometría y Estadística) in its series BILTOKI with number 2011-07.

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Date of creation: Nov 2011
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Handle: RePEc:ehu:biltok:5463

Contact details of provider:
Postal: Avda. Lehendakari, Aguirre, 83, 48015 Bilbao
Phone: + 34 94 601 3740
Fax: + 34 94 601 4935
Email:
Web page: http://www.ea3.ehu.es
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Postal: Dpto. de Econometría y Estadística, Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain
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Related research

Keywords: house prices; price index; GWR; geographically weighted regression;

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References

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  1. H�vard Rue & Sara Martino & Nicolas Chopin, 2009. "Approximate Bayesian inference for latent Gaussian models by using integrated nested Laplace approximations," Journal of the Royal Statistical Society Series B, Royal Statistical Society, vol. 71(2), pages 319-392.
  2. Steven C. Bourassa & Martin Hoesli & Jian Sun, 2004. "A Simple Alternative House Price Index Method," FAME Research Paper Series rp119, International Center for Financial Asset Management and Engineering.
  3. John M. Clapp, 2004. "A Semiparametric Method for Estimating Local House Price Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(1), pages 127-160, 03.
  4. Marko Kryvobokov & Mats Wilhelmsson, 2007. "Analysing location attributes with a hedonic model for apartment prices in Donetsk, Ukraine," International Journal of Strategic Property Management, Taylor & Francis Journals, vol. 11(3), pages 157-178, June.
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