Real estate market and the relevance of local features in a hedonic prices quantil-spatial analysis – the case of Belo Horizonte – Brazil
AbstractThe main motivation of this paper is to identify how relevant the localization of a specific estate is in its market value. Furthermore, it aims to understand better how economic aspects influence and are influenced by urban space. In order to do so, a myriad of concepts is drawn from a variety of fields of science: from geography to architecture, from urbanism to economics, as well as methodologies, which are borrowed from statistics, econometrics and geoprocessing. The proposal of the paper follows the hedonic prices function literature, but suggests that a synthesis of the perception of urban amenities can be expressed by the element of the neighbourhood (as proposed by Lynch, 1997). A number of models are presented, tested and commented. The one with the best fit is the spatial error-lag (Anselin, 1988) specified with a ranking of neighbourhood income. A quantil analysis adds considerably to the understanding of the model.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 7340.
Date of creation: Jul 2007
Date of revision:
real estate market; neighbourhoods; spatial econometrics; quantil analysis; Belo Horizonte;
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
- R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
- C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-03-01 (All new papers)
- NEP-GEO-2008-03-01 (Economic Geography)
- NEP-URE-2008-03-01 (Urban & Real Estate Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bruno Martins Hermann & Eduardo Amaral Haddad, 2003. "Mercado Imobiliário e Amenidades Urbanas: a View Through the Window," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] e17, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-22, Jan.-Marc.
- Sheppard, Stephen, 1999.
"Hedonic analysis of housing markets,"
Handbook of Regional and Urban Economics,
in: P. C. Cheshire & E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 3, chapter 41, pages 1595-1635
- Smirnov, Oleg & Anselin, Luc, 2001. "Fast maximum likelihood estimation of very large spatial autoregressive models: a characteristic polynomial approach," Computational Statistics & Data Analysis, Elsevier, vol. 35(3), pages 301-319, January.
- Koenker, Roger W & Bassett, Gilbert, Jr, 1978. "Regression Quantiles," Econometrica, Econometric Society, vol. 46(1), pages 33-50, January.
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