Spatial Hedonic Modeling of Housing Prices Using Auxiliary Maps

Bajat, Branislav; Kilibarda, Milorad; Pejović, Milutin; Petrović, Mileva Samardžić

doi:10.1007/978-3-642-37896-6_5

Cited by 5 publications

(3 citation statements)

References 26 publications

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“…Recently, many applications of hedonic price models have included spatial analysis in order to control for spatial dependence and heterogeneity (Bajat et al, 2018). The presence of autocorrelation and spatial heterogeneity profoundly affects the quality of econometric models (Baumont, 2009) Housing prices are vulnerable to spatial effects for several reasons.…”

Section: The Main Methods Of Constructing Rppismentioning

confidence: 99%

House price indexes: an empirical exercise using spatial data analysis.

Viegas

Marques

Batista

2023

Rev. Port. de Estud. Reg.

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The housing market occupies a central place within any society. Residential property represents the essential parts of most families’ wealth, as well as a substantial part of their monthly expenditure. It also represents a large fraction of private investment, generating significant earnings. However, and despite this importance, the compilation of reliable residential property price indexes (RPPI) is far from satisfactory in Portugal, revealing an important gap in the field of statistical information. The construction of a residential property price index (RPPI) poses particular problems arising from the inherent nature of the object concerned. Considering the gap in Portugal regarding the lack of a sufficiently enlarged database allowing the compilation of reliable RPPIs, this article seeks to contribute to this area, proposing a methodology applied to the urban area of Aveiro and Ílhavo by means of a spatial data analysis.

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Section: The Main Methods Of Constructing Rppismentioning

confidence: 99%

House price indexes: an empirical exercise using spatial data analysis.

Viegas

Marques

Batista

2023

Rev. Port. de Estud. Reg.

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“…One variant of the kriging method is regressionkriging (RK), which is a combination of econometric and geostatistical methods (Chica-Olmo, 1995;Dubin, 1992;Hengl, Heuvelink, & Rossiter, 2007). Some recent studies Jorge Chica-Olmo / Rafael Cano-Guervos / María-Despoina Moschovaki / Ivan Tamaris-Turizo have applied this methodology in the field of property valuation, particularly for house price valuations (Bajat, Kilibarda, Pejović, & Petrović, 2018;Chica-Olmo, Cano-Guervos, & Chica-Rivas, 2019). To estimate the rental prices of houses located at point 0 s , whose price is not known, the following best linear unbiased predictor can be used (Christensen, 1987):…”

Section: Methodsmentioning

confidence: 99%

What is the effect of location on rental housing prices in Athens?

Chica-Olmo

Cano-Guervos

Moschovaki

et al. 2021

RBGN

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Purpose -The aim of this study is to quantify the effect of location on rental housing prices in the city of Athens.Theoretical framework -The right to adequate housing is a fundamental human right defended by democratic societies. Therefore, it is of interest to examine housing tenures for both owned and rented accommodation.Design/methodology/approach -Geostatistical methods (regression-kriging) were used to obtain the results, which are represented on an isovalue map of rental housing prices displaying the minor and major effects of location by zone.Findings -This study highlights the impact of location on rental housing prices by showing how the rent of a standard dwelling in the city of Athens varies depending on its location. Research Practical & Social implications -The main social implications of this work is it helps investors determine where to direct investments and it assists public authorities in deciding where to focus urban management policies, in order to control the undesirable effects of an excessive rise in rents caused by tourism.Originality/value -The main originality of this paper lies in its isovalue map of rental housing prices for standard dwellings, which can also be interpreted as a locational isovalue map.

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“…A growing body of research has shown that controlling the location and spatial structure of housing is critical for interpreting house price differences and for obtaining accurate coefficient estimates in the hedonic house price model. However, space issues are not always fully addressed in hedonic applications [51]. The hedonic housing model typically imposes a constant price structure on the housing characteristics of the entire market area.…”

Section: Methodological Considerationsmentioning

confidence: 99%

The Effect of HOPSCA on Residential Property Values: Exploratory Findings from Wuhan, China

Qin

Liu

2019

Sustainability

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Mixed-use development is theoretically considered to enhance the residential value of an area. However, limited empirical research has focused on European and North American cities. HOPSCA is a real estate project that integrates hotels, offices, parks, shopping malls, conference centers, and apartments. As an important mixed-use development project in Chinese cities, HOPSCA is designed to improve the quality of urban life and to enhance the residential value of an area. Few studies have explicitly examined the effect of HOPSCA on residential property values, let alone linked this question to particular types of HOPSCA. To bridge this research gap, we selected Wuhan City in China as a case study to explore the effects of HOPSCA on residential property values. Specifically, we used the potential model to quantify the effects of HOPSCA and used the geographically weighted regression (GWR) method to estimate the relationship between HOPSCA variables and residential property values. The results are as follows: (1) the effects of HOPSCA on residential property values are statistically significant with positive and negative effects. The balanced-development HOPSCA generated the greatest effects, with the highest premium of 10.76% placed on residential properties. Moderate price premiums of 3.57% and 1.83% were generated under the influence of the commerce-oriented HOPSCA and housing-oriented HOPSCA, respectively. By contrast, the business-oriented HOPSCA exerted a negative effect on residential property (−2.43%). (2) Significant spatial heterogeneity exists on the effect of HOPSCA on residential property values. The results showed that the influence of different types of HOPSCA, viz. the higher the compatibility between the HOPSCA type and the socioeconomic context of Wuhan, the higher the premium captured by residential properties within the city areas. HOPSCA benefits the improvement of the quality of urban life, which promotes urban development. For policy makers and real estate developers, our findings suggest that matching the development types and the spatial layouts of HOPSCA with the regional socioeconomic contexts is critical for enhancing the value performance of such projects.

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Spatial Hedonic Modeling of Housing Prices Using Auxiliary Maps

Cited by 5 publications

References 26 publications

House price indexes: an empirical exercise using spatial data analysis.

House price indexes: an empirical exercise using spatial data analysis.

What is the effect of location on rental housing prices in Athens?

The Effect of HOPSCA on Residential Property Values: Exploratory Findings from Wuhan, China

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