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Price and Income Elasticities of Demand for Housing Characteristics in the City of Barcelona

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  • Jaume Garcia
  • Josep Maria Raya

Abstract

Garcia J. and Raya J. M. Price and income elasticities of demand for housing characteristics in the city of Barcelona, Regional Studies. This paper estimates price and income elasticities of demand for housing characteristics using the information of properties appraised in the city of Barcelona (1998-2001). It employs a two-stage approach, estimating hedonic price equations for different districts in order to estimate subsequently the corresponding demand equations. The results allow an analysis to be made of the complementarity or substitutability relationships among the characteristics analysed, and also to catalogue these characteristics as goods. By knowing the price, cross and income elasticities of housing characteristics, policy recommendations can be made about the type of housing units that are the most desirable to be subsidized. [image omitted] Garcia J. et Raya J. M. Les elasticites par rapport au prix et au revenu de la demande de caracteristiques particulieres du logement a Barcelone, Regional Studies. A partir des donnees sur l'immobilier a Barcelone (de 1998 a 2001), cet article cherche a estimer les elasticites par rapport au prix et au revenu de la demande de caracteristiques particulieres du logement. On emploie une facon a deux temps qui estime des equations de prix hedonistes pour divers districts afin d'estimer par la suite les equations de demande correspondantes. Les resultats permettent d'analyser jusqu'a quel point les caracteristiques analysees sont complementaires et substituables, et de classer aussi ces caracteristiques comme biens. En connaissant le prix, les elasticites croisees et les elasticites par rapport au revenu des caracteristiques du logement, on peut faire des recommandations de politique quant aux unites de logement les plus susceptibles d'etre subventionnees. Modeles hedonistes Elasticites Demande de logement Garcia J. und Raya J. M. Preis- und Einkommenselastizitat der Nachfrage nach Wohnungsmerkmalen in der Stadt Barcelona, Regional Studies. In diesem Beitrag schatzen wir die Preis- und Einkommenselastizitat der Nachfrage nach Wohnungsmerkmalen mit Hilfe von Informationen uber die in der Stadt Barcelona im Zeitraum von 1998 bis 2001 bewerteten Merkmale. Zum Einsatz kommt ein zweistufiger Ansatz, bei dem zunachst die hedonischen Preisgleichungen fur verschiedene Bezirke geschatzt werden, um anschliessend die entsprechenden Nachfragegleichungen zu schatzen. Die Ergebnisse ermoglichen eine Analyse der Komplementaritats- und Ersetzbarkeitsbeziehungen zwischen den untersuchten Merkmalen; ebenso lassen sich diese Merkmale als Guter katalogisieren. Bei einer Kenntnis der Preis-, Kreuz- und Einkommenselastizitat von Wohnungsmerkmalen lassen sich Empfehlungen fur die Politik formulieren, was die Art der Wohnungseinheiten anbelangt, deren Subvention am wunschenswertesten ist. Hedonische Modelle Elastizitaten Wohnungsnachfrage Garcia J. y Raya J. M. Elasticidades de precios e ingresos en la demanda de caracteristicas de la vivienda en la ciudad de Barcelona, Regional Studies. En este articulo calculamos las elasticidades de precios e ingresos en la demanda de las caracteristicas de la vivienda usando informacion sobre las propiedades valoradas en la ciudad de Barcelona (1998-2001). Empleamos un enfoque bifasico, estimando las ecuaciones de precios hedonicos para los diferentes distritos a fin de calcular posteriormente las correspondientes ecuaciones de la demanda. Los resultados permiten un analisis de las relaciones de complementariedad o sustituibilidad entre las caracteristicas analizadas; tambien podemos catalogar estas caracteristicas como mercancias. Al conocer las elasticidades cruzadas, de precios y de ingresos de las caracteristicas de las viviendas, pueden realizarse recomendaciones politicas acerca del tipo de viviendas que se deberian subvencionar. Modelos hedonicos Elasticidades Demanda de viviendas

Suggested Citation

  • Jaume Garcia & Josep Maria Raya, 2011. "Price and Income Elasticities of Demand for Housing Characteristics in the City of Barcelona," Regional Studies, Taylor & Francis Journals, vol. 45(5), pages 597-608.
  • Handle: RePEc:taf:regstd:v:45:y:2011:i:5:p:597-608
    DOI: 10.1080/00343401003713381
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    Citations

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    Cited by:

    1. Ali Osman Solak & Burhan Kabadayi, 2016. "Bounds Testing Approaches to Housing Demand in Turkey: Is There a Real Estate Bubble?," International Journal of Economics and Financial Issues, Econjournals, vol. 6(3), pages 1132-1135.
    2. Tuba Bakıcı & Esteve Almirall & Jonathan Wareham, 2013. "A Smart City Initiative: the Case of Barcelona," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 4(2), pages 135-148, June.
    3. Carlos P. Barros & Luis A. Gil-Alana, 2013. "The Housing Markets in Spain and Portugal: Evidence of Persistence," Review of Economics & Finance, Better Advances Press, Canada, vol. 3, pages 19-32, November.
    4. Shr, Yau-Huo & Zipp, Katherine, 2016. "Valuing complementarity between environmental goods and housing attributes with the benefit function: An application to flood hazards," 2016 Annual Meeting, July 31-August 2, 2016, Boston, Massachusetts 235961, Agricultural and Applied Economics Association.
    5. Carlos Pestana Barros & Zhongfei Chen & Luis A. Gil-Alana, 2012. "Housing sales in urban Beijing," Applied Economics, Taylor & Francis Journals, vol. 44(34), pages 4495-4504, December.
    6. Thomschke, Lorenz, 2015. "Changes in the distribution of rental prices in Berlin," Regional Science and Urban Economics, Elsevier, vol. 51(C), pages 88-100.
    7. Bajo-Buenestado, Raúl, 2016. "Evidence of asymmetric behavioral responses to changes in gasoline prices and taxes for different fuel types," Energy Policy, Elsevier, vol. 96(C), pages 119-130.
    8. Carlos Pestana BARROS & Zhongfei CHEN & Luis A. GIL-ALANA, 2013. "Long Memory in the Housing Price Indices in China," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 3(7), pages 785-807, July.
    9. Luis A. Gil-Alana & Goodness C. Aye & Rangan Gupta, 2012. "Testing for Persistence with Breaks and Outliers in South African House Prices," Working Papers 201233, University of Pretoria, Department of Economics.

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    Keywords

    Hedonic models; Elasticities; Housing demand;

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