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La Rénovation de la Goutte d’Or est elle un succès ? Un Diagnostic à l’Aide d’Indices de Prix Immobilier

  • F. Barthélémy
  • A. Michelangeli
  • A. Trannoy

[eng] The renovation of La Goutte d’Or, a district near Montmartre (Paris), started in 1985 and continues to this day. Our paper uses the residential housing market as an instrument to evaluate the renovation. We draw on a rich and detailed database on transaction prices, comprising more than 380,000 observations over the period 1981-2001. We can thus study the dynamics of the residential housing market by estimating hedonic price indexes for all of Paris, for the districts under renovation, and for a “ control ” district. At the district level, we detect a short-term but apparently unsustainable effect of the renovation. At the individual housing level , we provide empirical evidence that the negative externality generated by La Goutte d’Or has been weakening since the start of the project. [fre] L’opération de rénovation urbaine concernant le quartier de la Goutte d’Or dans le 18ème arrondissement de Paris a débuté en 1985 et se poursuit jusqu’à nos jours. Nous nous intéressons à l’évaluation d ’ une telle opération par le marché du logement. À cette fin, nous utilisons une base de données sur les prix de transaction (380 000 observations sur la période 1981-2001) qui nous permet d’étudier la dynamique de ce marché à travers l’estimation d’indices de prix hédoniques pour Paris, pour les quartiers concernés par la rénovation, et pour un quartier dit de contrôle. À l’échelon d’un quartier, un effet de court terme peut être détecté, mais cet effet ne semble pas durable. Au niveau plus fin de l’infra-quartier, il apparaît également que la rénovation a eu pour effet d’atténuer le caractère d’externalité négative que présentait la zone par rapport aux logements situés dans un voisinage immédiat.

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Paper provided by THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise in its series THEMA Working Papers with number 2004-10.

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Date of creation: 2004
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Handle: RePEc:ema:worpap:2004-10
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  1. Romain Paris, 2003. "Essai de mesure des effets externes engendrés par une opération d'aménagement à travers une fonction hédonique des prix fonciers," Revue d'économie régionale et urbaine, Armand Colin, vol. 0(4), pages 671-689.
  2. Scotchmer, Suzanne, 1986. "The short-run and long-run benefits of environmental improvement," Journal of Public Economics, Elsevier, vol. 30(1), pages 61-81, June.
  3. Theodore M. Crone & Richard P. Voith, 1992. "Estimating house price appreciation: a comparison of methods," Working Papers 92-21, Federal Reserve Bank of Philadelphia.
  4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  5. Martin Hoesli & Bernard Thion & Craig Watkins, 1997. "A hedonic investigation of the rental value of apartments in central Bordeaux," Journal of Property Research, Taylor & Francis Journals, vol. 14(1), pages 15-26, January.
  6. Kanemoto, Yoshitsugu, 1988. "Hedonic Prices and the Benefits of Public Projects," Econometrica, Econometric Society, vol. 56(4), pages 981-89, July.
  7. Scotchmer, Suzanne, 1985. "Hedonic prices and cost/benefit analysis," Journal of Economic Theory, Elsevier, vol. 37(1), pages 55-75, October.
  8. Jonathan H. Mark & Michael A. Goldberg, 1984. "Alternative Housing Price Indices: An Evaluation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(1), pages 30-49.
  9. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
  10. Francis Calcoen & Didier Cornuel & Hervé Leleu, 2003. "Caractéristiques hédoniques et changement environnemental : la couverture de l'autoroute A1," Revue d'économie régionale et urbaine, Armand Colin, vol. 0(4), pages 597-621.
  11. Meese, Richard A. & Wallace, Nancy E., 1998. "Dwelling Price Dynamics in Paris, France," Berkeley Program on Housing and Urban Policy, Working Paper Series qt62m2s40t, Berkeley Program on Housing and Urban Policy.
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