The role of space in urban housing market

Joao Lourenco Marques, Eduardo Anselmo De Castro, Arnab Bhattacharjee

    Research output: Chapter in Book/Report/Conference proceedingConference contribution

    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
    Title of host publicationERSA Conference Papers
    Subtitle of host publicationEuropean Regional Science Association
    Publication statusPublished - 2011
    Event51st European Congress of the Regional Science Association - Barcelona, Spain
    Duration: 30 Aug 20113 Sep 2011

    Conference

    Conference51st European Congress of the Regional Science Association
    CountrySpain
    CityBarcelona
    Period30/08/113/09/11

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