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Local Public Expenditures and Housing Prices

  • Jaume García

    (Departament d'Economia i Empresa, Universitat Pompeu Fabra, Trias Farges 25-27, 08005 Barcelona, Spain, jaume.garcia@upf.edu)

  • Daniel Montolio

    (Departament d'Hisenda Pública and Institut d'Economia, Universitat de Barcelona, Av. Diagonal 690, Torre 4 Planta 2, 08034 Barcelona, Spain, montolio@ub.edu)

  • Josep Maria Raya

    (Departament d'Economia i Empresa, Universitat Pompeu Fabra, Trias Farges 25-27, 08005 Barcelona, Spain, josep.raya@upf.edu)

This paper estimates a hedonic price model which makes it possible to determine how the price of a unit varies with the set of attributes it possesses, in the Spanish housing market. Concretely, and by means of capitalisation, hedonic price models can be used as an instrument to capture how local public expenditures influence housing prices and, by extension, how homeowners can indirectly receive benefit from local public investment. Using individual data for dwellings from the city of Barcelona (Spain) for the period 1998—2001, it is found that local policies aimed at enhancing the quality of life or the location-specific characteristic of the city of Barcelona have a positive impact on housing values.

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File URL: http://usj.sagepub.com/content/47/7/1501.abstract
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Article provided by Urban Studies Journal Limited in its journal Urban Studies.

Volume (Year): 47 (2010)
Issue (Month): 7 (June)
Pages: 1501-1512

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Handle: RePEc:sae:urbstu:v:47:y:2010:i:7:p:1501-1512
Contact details of provider: Web page: http://www.gla.ac.uk/departments/urbanstudiesjournal

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