The Central Business District Proximity Effect on Housing Prices: a Bucharest Case Study

Ion Anghel, Costin Ciora and Elena Ionascu

ERES from European Real Estate Society (ERES)

Abstract: Urban economic theory predicts that house prices decline with distance from the central business district. Although the price premium in the housing market has been extensively researched, it remains unclear what the influence of central business district (CBD) has on housing prices. This paper aims to provide new insights into the impact of the CBD proximity to dwellings on house prices by focusing on the Bucharest residential market. Over the past few years, Bucharest’s office space market experienced significant growth, but with a greater concentration in certain city areas, affecting the entire real estate market surrounding the office centers. Using transaction data on the Bucharest residential market, this study explores, for the first time, the influence of proximity to the central business district on housing prices, quantifying the price premium and the difference in market time for residential apartments.

Keywords: central business district; housing market; pricing premium (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2024-01-01
New Economics Papers: this item is included in nep-inv and nep-ure
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