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Estimation of Apartment Submarkets

Author

Listed:
  • James Berry

    () (University of Ulster–Jordanstown, Newtownabbey, Co. Antrim, BT37 0QB, Northern Ireland)

  • Stanley McGreal

    () (University of Ulster–Jordanstown, Newtownabbey, Co. Antrim, BT37 0QB, Northern Ireland)

  • Simon Stevenson

    () (University College Dublin, Dublin, Republic of Ireland)

  • James Young

    () (PRI, County Dublin, Republic of Ireland)

  • James Webb

    () (Cleveland State University, Cleveland, OH 44114)

Abstract

The analysis of apartment sub-markets and the modelling of such markets have attracted a considerable degree of attention recently. This study compares apartment submarkets within a major European city. The price behaviour of the Dublin, Ireland apartment market is tested using hedonic models and aggregate and disaggregate data. The results strongly indicate that the modelling of apartment markets at the disaggregate level does result in significant improvements in estimation in comparison to estimations undertaken at an aggregate level. This particular apartment market is especially interesting, due to the introduction of fiscal incentives in inner-city locations. In order to fully understand the Dublin apartment market requires an appreciation of the role played by tax breaks for owner-occupiers and investors in urban renewal locations. The results show that different submarkets responded differently. The central city apartment market [urban renewal locations] saw a short-term stabilization of prices in the months following the fiscal changes, with price increases accelerating again shortly afterwards.

Suggested Citation

  • James Berry & Stanley McGreal & Simon Stevenson & James Young & James Webb, 2003. "Estimation of Apartment Submarkets," Journal of Real Estate Research, American Real Estate Society, vol. 25(2), pages 159-170.
  • Handle: RePEc:jre:issued:v:25:n:2:2003:p:159-170
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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