Highlights ► Four types of hedonic models including spatial econometric models are specified. ► The objective is to estimate house price variations in metropolitan areas. ► How different transport characteristics affect the prices of real estate properties. ► The models which considered spatial dependence offer a greater fit.

    Abstract This article presents hedonic Multiple Linear Regression models (MLR), spatial autoregressive hedonic models (SAR), Spatial autoregressive hedonic in the Error term Models (SEMs) and spatial Durbin hedonic models (SDMs) to estimate house price variations in metropolitan areas as a result of changing environmental and accessibility conditions. The goodness of fit of the different models has been compared along with a series of hypotheses about the performance of the specifications considering spatial relationships between observations. The case study for such analysis was the urban area of Santander (Spain). The models which considered spatial dependence between observations offered a greater degree of fit in a scenario showing strong spatial correlation in MLR residuals. The SEM model combined with a Queen-Contiguity matrix provided a good fit to the data and at the same time presented significant parameters with theoretically coherent signs. This model estimated increases of 1.8% for each additional transit line present in the areas of housing, as well as a reduction of 1.1% in their prices for each additional minute in travelling time to the Central Business District. Closeness to the train stations, however, implied reductions in house prices.


    Access

    Check access

    Check availability in my library

    Order at Subito €


    Export, share and cite



    Title :

    Modelling transport and real-estate values interactions in urban systems


    Contributors:

    Published in:

    Publication date :

    2012-01-01


    Size :

    13 pages




    Type of media :

    Article (Journal)


    Type of material :

    Electronic Resource


    Language :

    English





    Highway Franchising and Real Estate Values

    Engel, Eduardo / National Bureau of Economic Research | TIBKAT | 2002

    Free access



    REAL ESTATE NAVIGATION SYSTEM FOR REAL ESTATE TRANSACTIONS

    SOMOZA CURTIS / SOMOZA KARIN M / SOMOZA ELEANOR | European Patent Office | 2024

    Free access