Real estate market and the relevance of local features in a hedonic prices quantil-spatial analysis – the case of Belo Horizonte – Brazil
The main motivation of this paper is to identify how relevant the localization of a specific estate is in its market value. Furthermore, it aims to understand better how economic aspects influence and are influenced by urban space. In order to do so, a myriad of concepts is drawn from a variety of fields of science: from geography to architecture, from urbanism to economics, as well as methodologies, which are borrowed from statistics, econometrics and geoprocessing. The proposal of the paper follows the hedonic prices function literature, but suggests that a synthesis of the perception of urban amenities can be expressed by the element of the neighbourhood (as proposed by Lynch, 1997). A number of models are presented, tested and commented. The one with the best fit is the spatial error-lag (Anselin, 1988) specified with a ranking of neighbourhood income. A quantil analysis adds considerably to the understanding of the model.
|Date of creation:||Jul 2007|
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- Stephen Sheppard, 1998.
"Hedonic Analysis of Housing Markets,"
- Smirnov, Oleg & Anselin, Luc, 2001. "Fast maximum likelihood estimation of very large spatial autoregressive models: a characteristic polynomial approach," Computational Statistics & Data Analysis, Elsevier, vol. 35(3), pages 301-319, January.
- Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-22, Jan.-Marc.
- Koenker, Roger W & Bassett, Gilbert, Jr, 1978. "Regression Quantiles," Econometrica, Econometric Society, vol. 46(1), pages 33-50, January.
- Bruno Martins Hermann & Eduardo Amaral Haddad, 2003. "Mercado Imobiliário e Amenidades Urbanas: a View Through the Window," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] e17, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
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