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Estimación de índice de precios de inmuebles en Uruguay

Author

Listed:
  • Maria Victoria Landaberry

    (Banco Central del Uruguay)

  • Magdalena Tubio

    (Banco Central del Uruguay)

Abstract

In this paper we propose a set of price indexes to monitor the housing market in Uruguay, including de use of hedonic model approach. We did not find any significant increase in housing prices in the analyzed segments. For the case of Montevideo we use the hedonic approach which allows controlling for quality changes in the evolution of market prices; it identifies heterogeneities in the market and provides the estimation of shadow prices to houses’ attributes among different segments. For the remaining covered areas we propose an adjusted mean index for benchmark prices. The use of this methodology helps improving the set of price indicators and provides a framework to evaluate the deviation of current prices with market fundamentals.

Suggested Citation

  • Maria Victoria Landaberry & Magdalena Tubio, 2015. "Estimación de índice de precios de inmuebles en Uruguay," Documentos de trabajo 2015011, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2015011
    as

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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/11.2015.pdf
    File Function: First version, 2015
    Download Restriction: no
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    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. 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.

    More about this item

    Keywords

    Housing 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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