Construction of a Spatial Housing Price Index by Estimating an Almost Ideal Demand System

Abstract

The aim of this paper is to build, for the first time, a spatial housing price index for the Chilean communities. The first step is to recover hedonic prices of three housing attributes by estimating a mixed index model using a generalised method of moments (GMM) procedure. Second, a censored almost ideal demand system is estimated to build expenditures for every community and to compare them among different spatial units, while maintaining a constant utility level. Using micro data from the 2009 CASEN survey, we show that there are important differences in the expenditure of a consumer in Santiago to access the same level of welfare in another community in the country and there are important differences in housing prices among Chilean communities

Evaluating the Effects of Landscape on Housing Prices in Urban China

“…) for investigating the spatial variation and heterogeneity exhibited by relationships among dependent variables and independent variables. It is reasonable that not all the individuals in different samples demand the same housing characteristics (Iturra & Paredes ), GWR applied to housing prices belongs under the framework of the HPM and is used to study the spatial heterogeneity of housing prices due to its merits. This paper applies GWR to explore spatial variations in housing prices and analyse the effects of attributes on housing prices.…”

How does air pollution affect housing rental prices in Chile? An economic assessment of PM2.5 concentration across Chilean communes

“…Finally, since Chilean communes exhibit marked differences in housing rental prices (Iturra and Paredes, 2014), it would also be worthwhile to examine the spatial distribution of the MWTP, in addition to considering its distribution across housing rental prices. As shown in figure A2 in the online appendix, although northern communes are not as polluted as southern communes, their MWTPs are significantly larger, while central communes, especially in the Metropolitan Region, display high MWTPs.…”

Determinantes urbanos del precio de la vivienda en Chile: una exploración estadística

“…En 2009, Sagner identifica como variables fundamentales, la antigüedad de la vivienda y su superficie. Paredes e Iturra (2014), entre tanto, señalan que se trata del precio de arriendo, la cantidad de dormitorios y baños, el índice global de calidad de la vivienda, los metros cuadrados, como también la escolaridad, la edad y el género de los habitantes de la vivienda (Iturra y Paredes, 2014). Según Quiroga (2013), existen variables menos jerárquicas de la vivienda, como el número de baños o de propietarios que viven en su propia vivienda, las cuales inciden sobre el precio de un barrio.…”

“…Concretamente, este artículo explora el precio de la vivienda en relación con el Sistema de Indicadores de Estándares y Desarrollo Urbano del Consejo Nacional de Desarrollo Urbano (SIEDU). Diversos estudios han analizado la formación del precio de la vivienda chilena a partir de sus elementos construidos (Figueroa y Lever, 1992), cualidades tipológicas (Sagner, 2009), potencial económico de atributos (Iturra y Paredes, 2014;Quiroga, 2013), tasas de interés (Parrado, Cox y Fuenzalida, 2009) o el índice de precios de la construcción (Silva y Vio, 2015). No obstante, dichos trabajos no tuvieron acceso al recientemente lanzado SIEDU, a diferencia del aquí expuesto, que utiliza principalmente elementos urbanísticos.…”