The role of space in urban housing market

Joao Lourenco Marques, Eduardo Anselmo De Castro, Arnab Bhattacharjee

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    Abstract

    This presentation emphasizes the quantitative analysis of space in relation to hedonic housing price models. Three aspects of space will be highlighted: i) spatial heterogeneity (spatial patterns): hedonic housing amenities may be valued differently in different locations which are related to specific housing sub-markets; ii) spatial dependence (spillovers): the degree by which price increases (or decreases) in a given sub-market is influenced by other sub-markets, or by another property within the same sub-market. iii) spatial scale: the study of heterogeneity and spillovers crucially depends on the level of geographical scale at which submarkets are defined. In the literature the difficulty of defining sub-markets and understanding the relationship between them is broadly identified, and appropriate methods for defining housing markets are also presented. However, there is not a consensus on which methodologies should be used. As a contribution to understand spatial structure (heterogeneity and spillovers) in urban spaces some empirical results will be presented. A new methodology to analyse spatial spillovers [rather than an ex ante definition of a spatial weight matrix (W)] will be developed. This procedure based on non-parametric approach will be applied to a rich database. An interesting outcome of this methodology is possibility of finding meaningful values of negative interaction.
    Original languageEnglish
    Number of pages17
    Publication statusPublished - 2011
    Event51st European Congress of the Regional Science Association - Barcelona, Spain
    Duration: 30 Aug 20113 Sep 2011
    http://www.ersa.org/events/past-congresses/2011-new-challenges-for-european/

    Conference

    Conference51st European Congress of the Regional Science Association
    Abbreviated titleERSA 2011
    CountrySpain
    CityBarcelona
    Period30/08/113/09/11
    Internet address

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    Marques, J. L., De Castro, E. A., & Bhattacharjee, A. (2011). The role of space in urban housing market. Paper presented at 51st European Congress of the Regional Science Association, Barcelona, Spain. http://ideas.repec.org/p/wiw/wiwrsa/ersa11p1420.html