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The Decomposition of a House Price index into Land and Structures Components: A Hedonic Regression Approach

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Author Info

  • de Haan, Jan
  • Diewert, Erwin
  • Hendriks, Rens

Abstract

The paper uses hedonic regression techniques in order to decompose the price of a house into land and structure components using readily available real estate sales data for a Dutch city. In order to get sensible results, it proved necessary to use a nonlinear regression model using data that covered multiple time periods. It also proved to be necessary to impose some monotonicity restrictions on the price of land and structures. The results of the additive model were compared with the results of a traditional logarithmic hedonic regression model.

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File URL: http://faculty.arts.ubc.ca/ediewert/dp1001.pdf
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Bibliographic Info

Paper provided by Vancouver School of Economics in its series Economics working papers with number erwin_diewert-2010-1.

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Length: 29 pages
Date of creation: 28 Jan 2010
Date of revision: 13 Jul 2010
Handle: RePEc:ubc:bricol:erwin_diewert-2010-1

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Web page: http://www.economics.ubc.ca/

Related research

Keywords: Property price indexes; hedonic regressions; repeat sales method; rolling year indexes; Fisher ideal indexes.;

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Cited by:
  1. Chihiron Shimizu & Kiyohiko G. Nishimura & Tsutomu Watanabe, 2010. "Housing Prices in Tokyo: A Comparison of Hedonic and Repeat Sales Measures," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 230(6), pages 792-813, December.
  2. Diewert, Erwin & Shimizu, Chihiro, 2013. "Residential Property Price Indexes for Tokyo," Economics working papers erwin_diewert-2013-16, Vancouver School of Economics, revised 11 Apr 2013.
  3. Diewert, W. Erwin & Nishimura , Kiyohiko & Shimizu, Chihiro & Watanabe, Tsutomu, 2014. "Residential Property Price Indexes for Japan: An Outline of the Japanese Official RPPI," Economics working papers erwin_diewert-2014-17, Vancouver School of Economics, revised 27 Mar 2014.

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