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Hedonic price model for Warsaw housing market

Author

Listed:
  • Monika Bazyl

    (Warsaw School of Economics)

Abstract
A hedonic price model has been constructed for Warsaw housing market using 2006 asking price data. Model parameters reveal a substantial influence of proximity to the metro station on flat prices. If there is a metro station within 1 km distance to a flat its price increases by 15% according to the estimated basic hedonic model. Also green areas have a positive impact on flat prices while industrial areas affect negatively flat prices. To account for spatial autocorrelation two types of spatial hedonic model were constructed: spatial autoregression model and spatial error model. Both proved that there is a significant spatial autocorrelation present in the basic hedonic model.

Suggested Citation

  • Monika Bazyl, 2009. "Hedonic price model for Warsaw housing market," Working Papers 42, Department of Applied Econometrics, Warsaw School of Economics.
    • Handle: RePEc:wse:wpaper:42
    as

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    File URL: http://kolegia.sgh.waw.pl/pl/KAE/struktura/IE/struktura/ZES/Documents/Working_Papers/aewp08-09.pdf
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    References listed on IDEAS

    as
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    6. McMillen, Daniel P & Thorsnes, Paul, 2003. "The Aroma of Tacoma: Time-Varying Average Derivatives and the Effect of a Superfund Site on House Prices," Journal of Business & Economic Statistics, American Statistical Association, vol. 21(2), pages 237-246, April.
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    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Marcin Torzewski, 2016. "The analysis of the impact of the Warsaw metro stations location on residential property prices in Ursynów district in Warsaw (Analiza wplywu lokalizacji stacji metra warszawskiego na ceny mieszkan na," Research Reports, University of Warsaw, Faculty of Management, vol. 1(20), pages 145-155.
    2. Nguyen Thi Hoai TRINH & Claudiu CICEA, 2021. "Green Space and Its Role to Improve Social and Economic Development for a Better Quality of Life," Management and Economics Review, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 6(1), pages 49-61, June.

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    More about this item

    Keywords

    hedonic price analysis; spatial model; housing; location;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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