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Prices and Constant Quality Price Indexes for Multi-Dwelling and Commercial Buildings in Sweden

Author

Listed:
  • Berg, Lennart

    (Department of Economics)

Abstract

The purpose of this paper is to estimate constant quality price trends and analysing factors determining market prices for MDCBs (multi-dwelling and commercial buildings) in Sweden. We use high quality data for housing and municipality attributes and our database consists of almost 8500 observations from the second half of 1995 to the end of 1998. Our econometric test indicates that standard housing and municipality attributes are important determinants to sales prices. We have also employed spatial econometric techniqes and have found that spatial specified regressions improved the explanatory power for the models. The estimated constant quality appreciation rates for all MDCBs differ significantly from those reported by Statistics Sweden. When the constant quality price trend is estimated on a yearly basis there are hardly any differences among the estimated parameters whether all MDCBs are in the sample or if the sample is split up into submarkets. However, estimating quarterly constant quality price trends gives another picture.

Suggested Citation

  • Berg, Lennart, 2001. "Prices and Constant Quality Price Indexes for Multi-Dwelling and Commercial Buildings in Sweden," Working Paper Series 2002:2, Uppsala University, Department of Economics.
    • Handle: RePEc:hhs:uunewp:2002_002
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    References listed on IDEAS

    as
    1. Agell, J. & Berg, L. & Edin, P.A., 1995. "Tax Reform, Consumption and Asset Structure," Papers 16, Uppsala - Working Paper Series.
    2. Englund, P. & Hendershott, P.H. & Turner, B., 1995. "The Tax Reform and the Housing Market," Papers 20, Uppsala - Working Paper Series.
    3. Englund, Peter & Quigley, John M. & Redfearn, Christian L., 1998. "Improved Price Indexes for Real Estate: Measuring the Course of Swedish Housing Prices," Journal of Urban Economics, Elsevier, vol. 44(2), pages 171-196, September.
    4. Patric H. Hendershott & Bengt Turner, 1999. "Estimating constant-quality capitalization rates and capitalization effects of below market financing," Journal of Property Research, Taylor & Francis Journals, vol. 16(2), pages 109-122, January.
    5. Berg, Lennart, 1994. "Household Savings and Debts: The Experience of the Nordic Countries," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 10(2), pages 42-53, Summer.
    6. Englund, Peter & Quigley, John M & Redfearn, Christian L, 1999. "The Choice of Methodology for Computing Housing Price Indexes: Comparisons of Temporal Aggregation and Sample Definition," The Journal of Real Estate Finance and Economics, Springer, vol. 19(2), pages 91-112, September.
    7. Englund, Peter, 1999. "The Swedish Banking Crisis: Roots and Consequences," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 15(3), pages 80-97, Autumn.
    8. Hoesli, Martin & Giaccotto, Carmelo & Favarger, Philippe, 1997. "Three New Real Estate Price Indices for Geneva, Switzerland," The Journal of Real Estate Finance and Economics, Springer, vol. 15(1), pages 93-109, July.
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    Cited by:

    1. Linda Gerkman, 2012. "Empirical spatial econometric modelling of small scale neighbourhood," Journal of Geographical Systems, Springer, vol. 14(3), pages 283-298, July.

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    More about this item

    Keywords

    House price; hedonic modelling; constant quality price index; spatial econometrics;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • 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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