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Precios hedónicos de la vivienda sin características: el caso de las promociones de viviendas nuevas

Author

Listed:
  • Olympia Bover
  • Pilar Velilla

Abstract

In this Paper we propose an alternative to traditional hedonics for estimating new multiunit housing inflation, adjusting for quality changes. By relying on the within-site variation we control in a very general way for unobserved housing characteristics using site-specific effects. Precise location, transport, traffic, closeness to services, or construction quality are some of the unobserved but typically relevant housing characteristics that may bias estimated house price inflation, even when using hedonic methods. We also estimate standard hedonic equations and compare the results to those obtained with the alternative hedonic equations with site dummies. Our dataset is fairly rich in observable housing characteristics but, nevertheless, the quality-adjusted house price evolution is quite different in some cases. The data cover the construction of new housing in some of the large Spanish cities and in the smaller towns on the outskirts of the capital during part of the 1990s.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Olympia Bover & Pilar Velilla, 2001. "Precios hedónicos de la vivienda sin características: el caso de las promociones de viviendas nuevas," Estudios Económicos, Banco de España;Estudios Económicos Homepage, number 73, November.
  • Handle: RePEc:bde:esteco:73
    Note: 44 pages - Publicada una edición en inglés con el mismo número
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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/EstudiosEconomicos/Fic/azul73.pdf
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    Citations

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    Cited by:

    1. Julio Escobar & Carlos Huertas & Dora Alicia Mora & José Vicente Romero, 2006. "Indice De Precios De La Vivienda Usada En Colombia -Ipvu-Método De Ventas Repetidas," BORRADORES DE ECONOMIA 002837, BANCO DE LA REPÚBLICA.
    2. Julio Escobar Potes & José Vicente Romero, 2003. ""Métodos de construcción de índices de precios de vivienda” teoría y experiencia internacional," Ensayos Sobre Economía Regional (ESER) 003211, Banco de la República - Economía Regional.
    3. Alegre, Joaquín & Sard, Maria, 2015. "When demand drops and prices rise. Tourist packages in the Balearic Islands during the economic crisis," Tourism Management, Elsevier, vol. 46(C), pages 375-385.

    More about this item

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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