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Determinantes del precio de viviendas en la región metropolitana de Chile

Listed author(s):
  • Sagner T., Andrés

    (Banco Central de Chile)

This paper econometrically analyses the factors that determined the dynamics of real estate price in the Metropolitan Area of Chile during the period 1990-2007. The results show that variables such as age and size are statistically significant determinants of property prices; access to Metro stations tends to capitalize on a non-linear manner; and both household income and aggregate income are economically significant. The price decomposition reveals that between 68% and 71% of price level is explained by determinants related to attributes of the dwelling, while about 68% of the observed price growth during 1990 and 2007 is result of macro-financial determinants. During 2006 and 2007, the evolution of housing prices is not significantly different from that predicted by the model. These results are robust to alternative estimates by housing type and different sample sub periods.// Este artículo analiza econométricamente los factores que determinaron la dinámica de precios del sector residencial en la región metropolitana de Chile durante el periodo 1990-2007. Los resultados muestran que la antigüedad y superficie son determinantes estadísticamente significativos en la formación del precio; el acceso a estaciones del Metro tiende a capitalizarse de forma no lineal, y tanto el ingreso del hogar como el agregado son variables económicamente significativas. La descomposición de precios revela que entre 68 a 71% del monto es explicado por determinantes relacionados con los atributos de la propiedad, mientras que cerca de 68% del crecimiento observado entre 1990 y 2007 es consecuencia de determinantes macrofinancieros. Durante el periodo 2006-2007 la evolución de precios inmobiliarios no difiere de manera significativa de la predicha por el modelo. Los resultados encontrados son robustos a estimaciones por tipo de vivienda y subperiodos muestrales.

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Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXVIII (4) (2011)
Issue (Month): 312 (octubre-diciembre)
Pages: 813-839

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Handle: RePEc:elt:journl:v:78:y:2011:i:312:p:813-839
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