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The effect of proximity and spatial dependence on the house price index for Dar es Salaam

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  • Frank Nyanda
Abstract
Purpose - This study aims to examine the effect of proximity and spatial dependence on the house price index for the nascent market Dar es Salaam, Tanzania. Despite the ongoing housing market transactions, there is no single house price index that takes into account proximity and spatial dependence. The proximity considerations in question are proximal to arterial roads, public hospitals, an airport and food markets. Previous studies on sub-Saharan Africa have focused on the ordinary least squares (OLS)-based hedonic model for the index and ignored spatial and proximity considerations. Design/methodology/approach - Using the OLS and spatial econometric approach, the paper tests for the significance of the two effects – proximity and spatial dependence in the hedonic price model with year dummy variables from 2010 to 2019. The paper then compares the three indices in the following configurations: without the two effects, with proximity factors only, and with both effects, i.e. proximity and spatial dependence. Findings - The inclusion of proximity factors and spatial dependence – spatial autocorrelation – seems to improve the hedonic price model but does not significantly improve the house price index. However, further research should be called for on account of the nascent nature of the market. Originality/value - The paper brings new knowledge by demonstrating that it may not be necessary to take into account proximity factors and spatial dependence for the Dar es Salaam house price index.

Suggested Citation

  • Frank Nyanda, 2023. "The effect of proximity and spatial dependence on the house price index for Dar es Salaam," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 17(4), pages 945-963, March.
    • Handle: RePEc:eme:ijhmap:ijhma-09-2022-0136
    DOI: 10.1108/IJHMA-09-2022-0136
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    More about this item

    Keywords

    House price index; Proximity; Spatial dependence; Spatial autocorrelation; R3; R31; R32;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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