Determinants of the House Price in Romania - How to Measure Houses Prices in a New EU State

Paul de Vries and Robbert Faber

ERES from European Real Estate Society (ERES)

Abstract: This paper examines the construction of real estate databases and the valuation of properties in Buz_u, Romania. One of the criteria for candidate states for EU mem-bership is a good working monitoring system for the land and real estate markets. The objective of this paper is the twofold. First, the development of a set of data-bases, procedures and guidelines that enables a valuation process on the Romanian real estate market and secondly, using those databases, to gain insight into the real market value of recently sold properties. We rely on observations from estate agents and banks starting in May 2007. Using hedonic regression, with house and location characteristics, we predict the house prices.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2009-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2009_272

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