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Determinantes del Precio de Viviendas en Chile

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  • Andrés Sagner

Abstract

This paper econometrically examines the factors determining the real estate price dynamics in Chile in the period 1990-2007. For such purpose, we use annual data of 419 homes located in the Metropolitan Area and acquired in that period. The results indicate that variables such as age and size are statistically significant determinants in the formation of property prices; access to the subway stations tends to capitalize in a non-linear manner; and both household income and aggregate income are statistically and economically significant. The price decomposition reveals that between 69% and 71% of the housing price level is explained by determinants related to attributes of the property, while about 70% of the observed growth in housing prices between 1990 and 2007 is the result of macro-financial determinants. During 2006 and 2007, the trend in prices is not significantly different from that predicted by the model. These results tend to be similar using alternative estimates by housing type and different sample sub-periods.

Suggested Citation

  • Andrés Sagner, 2009. "Determinantes del Precio de Viviendas en Chile," Working Papers Central Bank of Chile 549, Central Bank of Chile.
    • Handle: RePEc:chb:bcchwp:549
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    File URL: https://www.bcentral.cl/documents/33528/133326/DTBC_549.pdf
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    Cited by:

    1. Victor Iturra, 2018. "Amenity Decomposition: The Role Played by Firms and Workers in Explaining Spatial Wage Differences in Chile," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 109(4), pages 542-560, September.
    2. Carlos Madeira, 2019. "Computing population weights for the EFH survey," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 22(1), pages 004-026, April.
    3. Idrovo Aguirre, Byron & Lennon S., Joaquín, 2011. "Indice de Precios de Viviendas Nuevas para el Gran Santiago [Hedonic pricing models to calculate price indexes for new houses in the Santiago province]," MPRA Paper 31400, University Library of Munich, Germany, revised 28 Jan 2011.
    4. Hernán Enríquez Sierra & Carlos Barreto Nieto & Carolina Correa Caro & Jacobo Campo Robledo, 2013. "Precio del suelo y regalías en Colombia: un análisis espacial para los municipios productores de petróleo," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, June.
    5. Lozano Navarro, Francisco-Javier, 2015. "Elasticidad precio de la oferta inmobiliaria en el Gran Santiago [Housing supply elasticity in Greater Santiago]," MPRA Paper 65012, University Library of Munich, Germany.
    6. Carmen Silva & Camilo Vio, 2015. "Housing prices and macroeconomic factors: evidence from Chile," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 18(1), pages 4-24, April.
    7. Garry J. Schinasi, 2009. "Defining Financial Stability and a Framework for Safeguarding It," Working Papers Central Bank of Chile 550, Central Bank of Chile.

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