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Construction of a Transaction Based Real Estate Index for the Paris Housing Market


Author Info

  • Maurer, Raimond

    (Lehrstuhl fuer Investment, Portfolio Management und Alterssicherung)

  • Pitzer, Martin

    (Goldman Sachs International, European Equities)

  • Sebastian, Steffen

    (Lehrstuhl für ABWL, Risikotheorie, Portfolio Management und Versicherungswirtschaft)


In this paper, we calculate a transaction based price index for apartments in Paris (France). The heterogeneous character of real estate is taken into account by using an econometric model. The functional form is specified by using a general Box/Cox-function. The data base covers about 65% of the housing market in 1990-1999. Correction for incomplete data leads to a sample of 84 686 transactions. This sample is by far the largest ever used in comparable studies, and is therefore internationally an unique data coverage for housing markets.

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Bibliographic Info

Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 01-17.

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Length: 25 pages
Date of creation: 16 Mar 2001
Date of revision:
Handle: RePEc:xrs:sfbmaa:01-17

Note: This paper has been developed at The Research Program for Real Estate Finance, a conjoint research program at the universities of Frankfurt/Main and Mannheim (Germany). Financial support by Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, iii Internationales Immobilien Institut, IVG Holding AG and Stiftung Rheinische Hypothekenbank is gratefully acknowledged. For further information see We thank Yan Wang, University of Mannheim for helpful research assistance. The authors alone are responsible for all statements and conclusions.
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Cited by:
  1. Baroni Michel & Barthélémy Fabrice & Mokrane Madhi, 2009. "A repeat sales index robust to small datasets," THEMA Working Papers 2009-16, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  2. Baroni, Michel & Barthélémy, Fabrice & Mokrane, Mahdi, 2004. "Physical Real Estate. A Paris Repeat Sales Residential Index," ERES eres2004_105, European Real Estate Society (ERES).
  3. Abderazak Bakhouche & Ludovic P.J. Thebault, 2011. "What Determines Cézanne’S Art Pricing? A Hedonic Regression Method," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 515-532, november.


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