Eres : Digital Library : Works

Paper eres2008_269:
AN ALTERNATIVE METHOD TO ESTIMATE THE HOUSING PRICE EXPECTATIONS

id eres2008_269
authors Taltavull de La Paz, Paloma; Stanley McGreal
year 2008
title AN ALTERNATIVE METHOD TO ESTIMATE THE HOUSING PRICE EXPECTATIONS
source Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
summary Price expectation is one of the factors promoting speculation in housing markets. However, in the literature proxies are often used due to a lack of observations, with interest rates or lagged prices commonly used variables. Expectation is recognized as the determinant factor in explaining the increase of the non-fundamental component of housing prices compared to the more traditional drivers such as population, stock, income, wealth, interest rates and inflation. This paper proposes an alternative method to measure the house price expectations and one that more accurately reflects the market. The analysis utilises a valuation database of about 900,000 records for the Spanish housing market, each record contains information about the price that owners expect to obtain on selling their property. The methodology uses a hedonic model approach to separate that part of the price arising from housing heterogeneity and the general housing prices trend and isolat ing this from the expectations of the housing prices.
series ERES:conference
email paloma@ua.es
discussion No discussions. Post discussion ...
ratings
session G5
last changed 2008/11/26 14:05
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