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Retrospective Analysis of the Dwelling Price by Means of STAR Models with Neighborhood Effects

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  • A. Beamonte
  • P. Gargallo
  • M.J. Salvador

Abstract

The need of retrospective predictions arises in situations such as litigations, inheritances or fiscal purposes to provide the fair market value of a dwelling of given characteristics and specific location. In this paper, a Bayesian method to carry out this retrospective analysis is proposed by using a Spatio-Temporal Autoregressive (STAR) model with neighborhood effects and heteroscedastic errors. Moreover, the developed methodology allows the construction of a retrospective price index that shows the evolution of the dwelling price level in a specific geographical area. The methodology is illustrated with an application to the real estate market in the Spanish city of Zaragoza.

Suggested Citation

  • A. Beamonte & P. Gargallo & M.J. Salvador, 2013. "Retrospective Analysis of the Dwelling Price by Means of STAR Models with Neighborhood Effects," Journal of Real Estate Research, Taylor & Francis Journals, vol. 35(2), pages 173-198, January.
    • Handle: RePEc:taf:rjerxx:v:35:y:2013:i:2:p:173-198
    DOI: 10.1080/10835547.2013.12091357
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