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Precios de inmuebles. Aproximaciones metodológicas y aplicación empírica

Author

Listed:
  • Jorge Ponce

    (Banco Central del Uruguay)

  • Magdalena Tubio

    (Banco Central del Uruguay)

Abstract

In this paper we summarize methodologies on house price indices with a particular focus on the construction of model from which it is possible to evaluate the deviation of current prices with market fundamentals. We also propose an empirical application of an hedonic price model to Uruguay using a novel and rich database. It allows the identification of heterogeneities in the house market in Montevideo, and the estimation of shadow prices to houses’ attributes among different segments. The use of this methodology helps improving the set of price indicators, and so the house market monitoring

Suggested Citation

  • Jorge Ponce & Magdalena Tubio, 2013. "Precios de inmuebles. Aproximaciones metodológicas y aplicación empírica," Documentos de trabajo 2013005, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2013005
    as

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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/5.2013.pdf
    File Function: First version, 2013
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    References listed on IDEAS

    as
    1. Fernando Borraz & Gerardo Licandro & Jorge Ponce, 2012. "Precios de viviendas. una metodología para evaluar desvíos respecto a sus fundamentos," Documentos de trabajo 2012016, Banco Central del Uruguay.
    2. 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.
    3. 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..
    4. Robert J. Hill, 2013. "Hedonic Price Indexes For Residential Housing: A Survey, Evaluation And Taxonomy," Journal of Economic Surveys, Wiley Blackwell, vol. 27(5), pages 879-914, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Pablo Picardo, 2019. "Predicción de precios de vivienda: Aprendizaje estadístico con datos de oferta y transacciones para la ciudad de Montevideo," Documentos de trabajo 2019002, Banco Central del Uruguay.
    2. Bucacos, Elizabeth, 2017. "Financial Conditions and Monetary Policy in Uruguay: An MS-VAR Approach," IDB Publications (Working Papers) 8275, Inter-American Development Bank.
    3. Elizabeth Bucacos, 2018. "Financial Conditions and Monetary Policy in Uruguay: An MS-VAR Approach," MIC 2018: Managing Global Diversities; Proceedings of the Joint International Conference, Bled, Slovenia, 30 May–2 June 2018,, University of Primorska Press.
    4. Jorge Ponce, 2015. "Fundamentals for the Price of Housing in Uruguay," Monetaria, Centro de Estudios Monetarios Latinoamericanos, CEMLA, vol. 0(2), pages 175-201, July-Dece.

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    More about this item

    Keywords

    Estate prices; hedonic models; financial stability; Uruguay;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • 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

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