Paris Repeat Sales Commercial Property Indices
||Barthélémy, Fabrice; Michel Baroni & Mahdi Mokrane
||Paris Repeat Sales Commercial Property Indices
||14th Annual European Real Estate Society Conference in London, UK
||In this paper we present the two repeat sales index methodologies developed by Case and Shiller 1987 (WRS) Baroni, Barthélémy and Mokrane 2005 (BBM). We then apply these methodologies to the Paris commercial property market. We use the CD-BIEN database that contains more than 10 000 repeat sales transactions for commercial property in the Paris area covering the 1973-2005 period. We extract from the BBM index the most important factors to explain the price evolution of commercial properties and compare the index to the more traditional WRS index. Moreover, those two repeat sales indices based on price returns are compared: to the Paris IPD index based on appraisal and to a hedonic index based on private variables and localisation variables. The analysis is made for Paris and for the different French 'departements' in the Paris area.
Post discussion ...
||Session I4: Repeat Sales Indices
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