Working Paper Series, Department of Economics, Uppsala University
No 2002:2:
Prices and Constant Quality Price Indexes for Multi-Dwelling and Commercial Buildings in Sweden
Lennart Berg ()
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.
Keywords: House price; hedonic modelling; constant quality price index; spatial econometrics; (follow links to similar papers)
JEL-Codes: G12; R21; R31; (follow links to similar papers)
27 pages, October 15, 2001
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