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Real estate prices and land use regulations: Evidence from the law of heights in Bogotá

Author

Listed:
  • Diego Buitrago-Mora

    (Universitat Autònoma de Barcelona)

  • Miquel-Àngel Garcia-López

    (Universitat de Barcelona & IEB)

Abstract

Between 2015 and 2017, the Law of Heights (Policy-562) regulated areas of urban renewal in specific locations of Bogotá (Colombia). Using a novel dataset based on detailed information at the block level between 2008 and 2017, we study whether this policy affected real estate prices. Our empirical strategy compares the price per square meter before and after Policy562 in treated blocks and in control blocks with similar pre-treatment traits. Results show that prices increased more in treated blocks than in the rest of the city. We also provide evidence that results are heterogeneous from a temporal, land use and strata point of view.

Suggested Citation

  • Diego Buitrago-Mora & Miquel-Àngel Garcia-López, 2023. "Real estate prices and land use regulations: Evidence from the law of heights in Bogotá," Working Papers 2023/05, Institut d'Economia de Barcelona (IEB).
    • Handle: RePEc:ieb:wpaper:doc2023-05
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    File URL: https://ieb.ub.edu/publication/2023-05-real-estate-prices-and-land-use-regulations-evidence-from-the-law-of-heights-in-bogota/
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    More about this item

    Keywords

    Real estate prices; land regulations;

    JEL classification:

    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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