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Are There Non-economic Factors in Real-estate Pricing?

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  • Lincoln Brando
  • Claudio Henrique Barbedo

Abstract

This work aims to identify the existence of explanatory factors for real-estate pricing, focusing on homes in the Rio de Janeiro e São Paulo markets. We tried to model prices as a function of supply and demand factors, and then proceed to evaluate to what extent adding behavioral and economic factors helps improve explanation of price movements. The results suggest that home pricing is explained by variables not usually used in economic theory, such as the previous month's price, expectation measurement and stock exchange performance.

Suggested Citation

  • Lincoln Brando & Claudio Henrique Barbedo, 2016. "Are There Non-economic Factors in Real-estate Pricing?," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 20(1), pages 106-130.
    • Handle: RePEc:abg:anprac:v:20:y:2016:i:1:1162
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