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Spatial effects in housing price models. Do housing prices capitalize urban development policies in the agglomeration of Dijon (1999)?

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Author Info

  • BAUMONT, Catherine

    ()
    (LEG - CNRS UMR 5118 - MSH - Université de Bourgogne)

Abstract

In this article we suppose that the integration of accessibility and neighborhood variables in hedonic housing models doesn't allow to take into account the spatial effects between the housing prices. Using a sample of 1520 transactions of apartments in the urban area of Dijon, we focus on two types of location variables : the distance to the CBD and the distance to several Disadvantaged Districts located in peripheral areas. We detect the presence of a spatial error autocorrelation in the hedonic model indicating that the valuation of the price of an apartment is locally influenced by the prices of the neighboring apartments. Then, we estimate a spatial error model which shows that the local effect is positive and significant and that the location variables remain significant : housing prices are positively influenced by the accessibility to the CBD but are negatively influenced by the proximity to a D-District. / L'objectif de cet article est de montrer comment l'influence du voisinage peut être intégrée dans les modèles hédoniques de prix immobiliers. Deux approches complémentaires sont utilisées. Des variables explicatives d'accessibilité au CBD, d'appartenance aux quartiers sensibles et de proximité aux quartiers sensibles sont intégrées dans les spécifications hédoniques que nous estimons : les effets "globaux" de ces variables peuvent donc être appréciés. Nous estimons ces modèles hédoniques en tenant compte des effets de dépendance spatiale susceptibles d'exister entre les prix des propriétés voisines : un effet local de voisinage est alors supposé sous la forme d'une autocorrélation spatiale dans les modèles hédoniques estimés. Cette démarche est appliquée à un échantillon de 1520 transactions d'appartements sur la Communauté de l'Agglomération Dijonnaise en 1999 et permet de montrer qu'un effet de dépendance spatiale existe entre les prix immobiliers : le modèle hédonique approprié à estimer est un modèle spatial avec autocorrélation des erreurs. Cet effet spatial existe alors même que les variables explicatives d'accessibilité au CBD et de proximité avec les quartiers d'habitat social sont intégrées dans le modèle hédonique. Nous montrons que l'effet spatial local est positif et que les prix des appartements décroissent quand la distance au CBD augmente, que l'appartenance à un quartier d'habitat social déprécie ces prix et que la proximité à un tel quartier a également un effet négatif sur les valeurs des transactions.

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Bibliographic Info

Paper provided by LEG, Laboratoire d'Economie et de Gestion, CNRS, Université de Bourgogne in its series LEG - Document de travail - Economie with number 2004-04.

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Length: 26 pages
Date of creation: Apr 2004
Date of revision:
Handle: RePEc:lat:legeco:2004-04

Contact details of provider:
Postal: Pôle d'Economie et de Gestion - 2, bd Gabriel - BP 26611 - F-21066 Dijon cedex - France
Phone: 03 80 39 54 30
Fax: 03 80 39 54 43
Email:
Web page: http://www.leg.u-bourgogne.fr/
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Related research

Keywords: disadvantaged districts ; hedonic models ; housing prices ; spatial econometrics ; urban development policies ; modèles hédoniques ; économétrie spatiale ; prix immobiliers ; quartiers sensibles ; politiques urbaines;

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References

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  1. BAUMONT, Catherine & BOURDON, Françoise, 2002. "Centres secondaires et recomposition économique des espaces urbains.Le cas de la Communauté de l'Agglomération Dijonnaise (1990 ; 1999)," LATEC - Document de travail - Economie (1991-2003) 2002-04, LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS UMR 5118, Université de Bourgogne.
  2. Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
  3. Gillen, Kevin & Thibodeau, Thomas & Wachter, Susan, 2001. "Anisotropic Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 23(1), pages 5-30, July.
  4. Giuliano, Genevieve & Small, Kenneth A., 1991. "Subcenters in the Los Angeles region," Regional Science and Urban Economics, Elsevier, vol. 21(2), pages 163-182, July.
  5. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-75, June.
  6. Dubin, Robin A., 1992. "Spatial autocorrelation and neighborhood quality," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 433-452, September.
  7. Raymond J.G.M. Florax & Hendrik Folmer & Sergio J. Rey, 2002. "Specification Searches in Spatial Econometrics: The Relevance of Hendry's Methodology," Urban/Regional 0202001, EconWPA.
  8. Florax, Raymond & Folmer, Henk, 1992. "Specification and estimation of spatial linear regression models : Monte Carlo evaluation of pre-test estimators," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 405-432, September.
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Cited by:
  1. Terciane Sabadini Carvalho & Eduardo Almeida, 2011. "The Globalenvironmental Kuznets Curve And The Kyoto Protocol," Anais do XXXVII Encontro Nacional de Economia [Proceedings of the 37th Brazilian Economics Meeting] 183, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  2. Terciane Sabadini Carvalho & Eduardo Almeida, 2008. "A hipótese da Curva de Kuznets Ambiental Global: uma perspectiva econométrico-espacial," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807021032430, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].

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