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The Impact of Macro Factors on Apartment Prices in Polish Counties: A Two-Stage Quantile Spatial Regression Approach

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  • Tomal Mateusz

    (Department of Economics for Real Estate and Investment Process, Cracow University of Economics)

Abstract

The aim of this study is to identify the economic, demographic, environmental and spatial determinants of residential property prices in Polish counties. Two-stage quantile spatial regression (2SQSR) is the main method of analysis. Additionally, two-stage least squares regression (2SLS) is used.The estimation results indicate that there are several significant determinants of residential property prices with observable quantile effects. In particular, the findings reveal a very interesting U-shaped pattern among quantile regression coefficients for variables describing unemployment rate, the standard of properties and county area. For the spatially lagged dependent variable, a linear pattern is observable.Generally, the findings of this study have notable implications for developing housing policies, both at the national and local levels.

Suggested Citation

  • Tomal Mateusz, 2019. "The Impact of Macro Factors on Apartment Prices in Polish Counties: A Two-Stage Quantile Spatial Regression Approach," Real Estate Management and Valuation, Sciendo, vol. 27(4), pages 1-14, December.
    • Handle: RePEc:vrs:remava:v:27:y:2019:i:4:p:1-14:n:1
    DOI: 10.2478/remav-2019-0031
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    More about this item

    Keywords

    spatial quantile regression; Polish counties; apartment prices; housing market in Poland;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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