IDEAS home Printed from https://ideas.repec.org/a/mup/actaun/actaun_2018066040991.html
   My bibliography  Save this article

Determinants of Real Estate Prices in the Statutory City of Brno

Author

Listed:
  • Vlastimil Reichel

    (Masaryk University - Department of Economics, Lipová 41a, Brno, Czech Republic)

  • Petr Zimčík

    (Masaryk University - Department of Economics, Lipová 41a, Brno, Czech Republic)

Abstract

The real estate market demand for both-houses and flats has been growing recently. This trend is one of the factors, which are able to influence the price of real estate. Our paper introduces determinants of housing price and their influence on actual real estate prices in the statutory city of Brno. The aim of this paper is to present key determinants of house price and find the hedonic price model, which describes, how determinants affect house price best. Realized prices were analyzed for housing units located in different districts of Brno. Key determinants in this research are a year of sale, an area of flat in square meters, number of rooms, location in districts of Brno, type of masonry and reconstruction. The dataset covers the time period between years 2012 and 2015. Hedonic price model is estimated by the method of ordinary least square. Besides main aim, four assumptions were verified, which should determine the influence on the price of individual determinants in the statutory city of Brno.

Suggested Citation

  • Vlastimil Reichel & Petr Zimčík, 2018. "Determinants of Real Estate Prices in the Statutory City of Brno," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 66(4), pages 991-999.
    • Handle: RePEc:mup:actaun:actaun_2018066040991
    DOI: 10.11118/actaun201866040991
    as

    Download full text from publisher

    File URL: http://acta.mendelu.cz/doi/10.11118/actaun201866040991.html
    Download Restriction: free of charge
    File URL: http://acta.mendelu.cz/doi/10.11118/actaun201866040991.pdf
    Download Restriction: free of charge
    File URL: https://libkey.io/10.11118/actaun201866040991?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jan Čadil, 2009. "Housing price bubble analysis - case of the Czech republic," Prague Economic Papers, Prague University of Economics and Business, vol. 2009(1), pages 38-47.
    2. Marco Helbich & Wolfgang Brunauer & Eric Vaz & Peter Nijkamp, 2014. "Spatial Heterogeneity in Hedonic House Price Models: The Case of Austria," Urban Studies, Urban Studies Journal Limited, vol. 51(2), pages 390-411, February.
    3. David E. Clark & William E. Herrin, 2000. "The Impact of Public School Attributes on Home Sale Prices in California," Growth and Change, Wiley Blackwell, vol. 31(3), pages 385-407.
    4. repec:rre:publsh:v:39:y:2009:i:1:p:9-22 is not listed on IDEAS
    5. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    6. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    7. G. Donald Jud & Terry G. Seaks & Daniel T. Winkler, 1996. "Time on the Market: The Impact of Residential Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 447-458.
    8. G. Sirmans & Lynn MacDonald & David Macpherson & Emily Zietz, 2006. "The Value of Housing Characteristics: A Meta Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 33(3), pages 215-240, November.
    9. M. Fletcher & P. Gallimore & J. Mangan, 2000. "Heteroscedasticity in hedonic house price models," Journal of Property Research, Taylor & Francis Journals, vol. 17(2), pages 93-108, January.
    10. Çağlayan Ebru & Arikan Eban, 2011. "Determinants of house prices in Istanbul: a quantile regression approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 45(2), pages 305-317, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Damian Przekop, 2022. "Artificial Neural Networks vs Spatial Regression Approach in Property Valuation," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 14(2), pages 199-223, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Çağlayan Ebru & Arikan Eban, 2011. "Determinants of house prices in Istanbul: a quantile regression approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 45(2), pages 305-317, February.
    2. Alexandre Tangerini & Nils Soguel, 2005. "Evaluation monétaire de la qualité du paysage. Monetary valuation of the landscape quality," Urban/Regional 0507002, University Library of Munich, Germany.
    3. Alexandre Tangerini & Nils Soguel, 2005. "Evaluation monétaire de la qualité de paysage / Evaluation of the landscape quality," Urban/Regional 0507007, University Library of Munich, Germany.
    4. Mai, Nhat Chi, 2018. "도이모이 이후 베트남의 주거 이동, 선택, 가격 결정요인 연구: 호치민시 사례 중심으로," OSF Preprints 6kdfy, Center for Open Science.
    5. Hans Wolfgang Brachinger & Michael Beer & Olivier Schöni, 2018. "A formal framework for hedonic elementary price indices," AStA Advances in Statistical Analysis, Springer;German Statistical Society, vol. 102(1), pages 67-93, January.
    6. Nana Cui & Hengyu Gu & Tiyan Shen & Changchun Feng, 2018. "The Impact of Micro-Level Influencing Factors on Home Value: A Housing Price-Rent Comparison," Sustainability, MDPI, vol. 10(12), pages 1-23, November.
    7. Yadavalli, Anita P. & Florax, Raymond J.G.M., 2013. "The Effect of School Quality on House Prices: A Meta-Regression Analysis," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151291, Agricultural and Applied Economics Association.
    8. Sofia Vale & Felipa de Mello-Sampayo, 2021. "Effect of Hierarchical Parish System on Portuguese Housing Rents," Sustainability, MDPI, vol. 13(2), pages 1-17, January.
    9. David E. Clark, 2004. "Amenity Valuation, Incomplete Compensation and Migration," Working Papers and Research 0402, Marquette University, Center for Global and Economic Studies and Department of Economics.
    10. Matthew Gnagey & Therese Grijalva, 2018. "The impact of trails on property values: a spatial analysis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(1), pages 73-97, January.
    11. Alexander Razen & Wolfgang Brunauer & Nadja Klein & Thomas Kneib & Stefan Lang & Nikolaus Umlauf, 2014. "Statistical Risk Analysis for Real Estate Collateral Valuation using Bayesian Distributional and Quantile Regression," Working Papers 2014-12, Faculty of Economics and Statistics, Universität Innsbruck.
    12. repec:rre:publsh:v:38:y:2008:i:1:p:29-44 is not listed on IDEAS
    13. Potrawa, Tomasz & Tetereva, Anastasija, 2022. "How much is the view from the window worth? Machine learning-driven hedonic pricing model of the real estate market," Journal of Business Research, Elsevier, vol. 144(C), pages 50-65.
    14. Mai, Nhat Chi, 2018. "Residential Mobility, Housing Choice, and Price Determinants in Transitional Vietnam: The Case of Ho Chi Minh City," OSF Preprints j7wvh, Center for Open Science.
    15. Martin Bohl & Winfried Michels & Jens Oelgemöller, 2012. "Determinanten von Wohnimmobilienpreisen: Das Beispiel der Stadt Münster," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 32(2), pages 193-208, September.
    16. Zhang, Lei & Leonard, Tammy, 2014. "Neighborhood impact of foreclosure: A quantile regression approach," Regional Science and Urban Economics, Elsevier, vol. 48(C), pages 133-143.
    17. You Seok Chung & Ducksu Seo & Jaehwan Kim, 2018. "Price Determinants and GIS Analysis of the Housing Market in Vietnam: The Cases of Ho Chi Minh City and Hanoi," Sustainability, MDPI, vol. 10(12), pages 1-18, December.
    18. Mahdieh Yazdani, 2021. "House Price Determinants and Market Segmentation in Boulder, Colorado: A Hedonic Price Approach," Papers 2108.02442, arXiv.org.
    19. Rosane Hungria-Gunnelin, 2013. "Impact of Number of Bidders on Sale Price of Auctioned Condominium Apartments in Stockholm," International Real Estate Review, Global Social Science Institute, vol. 16(3), pages 274-295.
    20. Emil Mendoza & Fabian Dunker & Marco Reale, 2023. "Changes in Risk Appreciation, and Short Memory of House Buyers When the Market is Hot, a Case Study of Christchurch, New Zealand," Papers 2307.13232, arXiv.org.
    21. Yujiao Chen & Zhengbo Luo, 2022. "Hedonic Pricing of Houses in Megacities Pre- and Post-COVID-19: A Case Study of Shanghai, China," Sustainability, MDPI, vol. 14(17), pages 1-21, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mup:actaun:actaun_2018066040991. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ivo Andrle (email available below). General contact details of provider: https://mendelu.cz/en/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.