Hedonic price model for Warsaw housing market
AbstractA hedonic price model has been constructed for Warsaw housing market using 2006 asking price data. Model parameters reveal a substantial influence of proximity to the metro station on flat prices. If there is a metro station within 1 km distance to a flat its price increases by 15% according to the estimated basic hedonic model. Also green areas have a positive impact on flat prices while industrial areas affect negatively flat prices. To account for spatial autocorrelation two types of spatial hedonic model were constructed: spatial autoregression model and spatial error model. Both proved that there is a significant spatial autocorrelation present in the basic hedonic model.
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Bibliographic InfoPaper provided by Department of Applied Econometrics, Warsaw School of Economics in its series Working Papers with number 42.
Length: 17 pages
Date of creation: 30 Dec 2009
Date of revision:
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hedonic price analysis; spatial model; housing; location;
Find related papers by JEL classification:
- C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
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