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Determinants of the House Price in Romania - How to Measure Houses Prices in a New EU State

Author

Listed:
  • Paul de Vries
  • Robbert Faber

Abstract

This paper examines the construction of real estate databases and the valuation of properties in Buz_u, Romania. One of the criteria for candidate states for EU mem-bership is a good working monitoring system for the land and real estate markets. The objective of this paper is the twofold. First, the development of a set of data-bases, procedures and guidelines that enables a valuation process on the Romanian real estate market and secondly, using those databases, to gain insight into the real market value of recently sold properties. We rely on observations from estate agents and banks starting in May 2007. Using hedonic regression, with house and location characteristics, we predict the house prices.

Suggested Citation

  • Paul de Vries & Robbert Faber, 2009. "Determinants of the House Price in Romania - How to Measure Houses Prices in a New EU State," ERES eres2009_272, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2009_272
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2009-272
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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