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Spatial Estimation of Housing Prices and Locational Rents

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  • Jorge Chica Olmo

    (Department of Applied Economics of the University of Granada, Faculty of Business and Economic Sciences, Campus Universitario de Cartuja, s/n. 18011, Granada, Spain)

Abstract

This work stems from the widely accepted hypothesis that housing price is determined by two types of characteristic: structural and locational. Under this hypothesis, a methodology is presented for the spatial estimation of housing prices and locational rents: the Iterative Residual Kriging (IRK) method. The methodological aspects are complemented by the presentation of an application of this methodology to the case of housing in Granada, Spain.

Suggested Citation

  • Jorge Chica Olmo, 1995. "Spatial Estimation of Housing Prices and Locational Rents," Urban Studies, Urban Studies Journal Limited, vol. 32(8), pages 1331-1344, August.
    • Handle: RePEc:sae:urbstu:v:32:y:1995:i:8:p:1331-1344
    DOI: 10.1080/00420989550012492
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    References listed on IDEAS

    as
    1. Jackson, Jerry R., 1979. "Intraurban variation in the price of housing," Journal of Urban Economics, Elsevier, vol. 6(4), pages 464-479, October.
    2. Dubin, Robin A., 1992. "Spatial autocorrelation and neighborhood quality," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 433-452, September.
    3. Can, Ayse, 1992. "Specification and estimation of hedonic housing price models," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 453-474, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Jos魍ar𨁍ontero-Lorenzo & Beatriz Larraz-Iribas, 2012. "Space-time approach to commercial property prices valuation," Applied Economics, Taylor & Francis Journals, vol. 44(28), pages 3705-3715, October.
    2. Jorge Chica-Olmo, 2007. "Prediction of Housing Location Price by a Multivariate Spatial Method: Cokriging," Journal of Real Estate Research, American Real Estate Society, vol. 29(1), pages 95-114.
    3. Beatriz Larraz, 2011. "An Expert System for Online Residential Properties Valuation," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 69-82, April.
    4. Seong-Hoon Cho & Dayton Lambert & Seung Kim & Roland Roberts & William Park, 2011. "Relationship between value of open space and distance from housing locations within a community," Journal of Geographical Systems, Springer, vol. 13(4), pages 393-414, December.
    5. Tomás Cox & Ricardo Hurtubia, 2021. "Latent Segmentation of Urban Space through Residential Location Choice," Networks and Spatial Economics, Springer, vol. 21(1), pages 199-228, March.
    6. Chica-Olmo, Jorge & Cano-Guervos, Rafael, 2020. "Does my house have a premium or discount in relation to my neighbors? A regression-kriging approach," Socio-Economic Planning Sciences, Elsevier, vol. 72(C).
    7. David C. Wheeler & Antonio Páez & Jamie Spinney & Lance A. Waller, 2014. "A Bayesian approach to hedonic price analysis," Papers in Regional Science, Wiley Blackwell, vol. 93(3), pages 663-683, August.
    8. Jamie Spinney & Pavlos Kanaroglou & Darren Scott, 2011. "Exploring Spatial Dynamics with Land Price Indexes," Urban Studies, Urban Studies Journal Limited, vol. 48(4), pages 719-735, March.
    9. William Cheung & Lewen Guo & Yuichiro Kawaguchi, 2021. "Automated valuation model for residential rental markets: evidence from Japan," Journal of Spatial Econometrics, Springer, vol. 2(1), pages 1-34, December.
    10. Jorge Chica-Olmo & Rafael Cano-Guervos & Mario Chica-Rivas, 2019. "Estimation of Housing Price Variations Using Spatio-Temporal Data," Sustainability, MDPI, vol. 11(6), pages 1-21, March.
    11. Antonio Páez & Fei Long & Steven Farber, 2008. "Moving Window Approaches for Hedonic Price Estimation: An Empirical Comparison of Modelling Techniques," Urban Studies, Urban Studies Journal Limited, vol. 45(8), pages 1565-1581, July.
    12. José-María Montero & Román Mínguez & Gema Fernández-Avilés, 2018. "Housing price prediction: parametric versus semi-parametric spatial hedonic models," Journal of Geographical Systems, Springer, vol. 20(1), pages 27-55, January.
    13. Antonio Paez & Takashi Uchida & Kazuaki Miyamoto, 2001. "Spatial Association and Heterogeneity Issues in Land Price Models," Urban Studies, Urban Studies Journal Limited, vol. 38(9), pages 1493-1508, August.
    14. Zuo Zhang & Xinhai Lu & Min Zhou & Yan Song & Xiang Luo & Bing Kuang, 2019. "Complex Spatial Morphology of Urban Housing Price Based on Digital Elevation Model: A Case Study of Wuhan City, China," Sustainability, MDPI, vol. 11(2), pages 1-17, January.
    15. Chica-Olmo, Jorge & Rodríguez-López, Carlos & Chillón, Palma, 2018. "Effect of distance from home to school and spatial dependence between homes on mode of commuting to school," Journal of Transport Geography, Elsevier, vol. 72(C), pages 1-12.
    16. Julie Le Gallo, 2000. "Spatial econometrics (2, Spatial heterogeneity) [Econométrie spatiale (2, Hétérogénéité spatiale)]," Working Papers hal-01526969, HAL.
    17. repec:rre:publsh:v:38:y:2008:i:2:p:195-209 is not listed on IDEAS

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