Spatial effects in housing price models: do housing prices capitalize urban development policies in the agglomeration of Dijon (1999) ?

Catherine Baumont
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Catherine Baumont: LEG - Laboratoire d'Economie et de Gestion - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique

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Abstract: In this article we suppose that the integration of accessibility and neighborhood variables in hedonic housing models doesn't allow to take into account the spatial effects between the housing prices. Using a sample of 1520 transactions of apartments in the urban area of Dijon, we focus on two types of location variables : the distance to the CBD and the distance to several Disadvantaged Districts located in peripheral areas. We detect the presence of a spatial error autocorrelation in the hedonic model indicating that the valuation of the price of an apartment is locally influenced by the prices of the neighboring apartments. Then, we estimate a spatial error model which shows that the local effect is positive and significant and thatthe location variables remain significant : housing prices are positively influenced by the accessibility to the CBD but are negatively influenced by the proximity to a D-District.

Keywords: Urban development policies; Disadvantaged districts; Econométrie spatiale; Hedonic models; Housing prices; Spatial econometrics; Politiques urbaines; Modèles hédoniques; Prix immobiliers; Quartiers sensibles (search for similar items in EconPapers)
Date: 2004-05
Note: View the original document on HAL open archive server: https://hal.science/hal-01525664v1
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Citations: View citations in EconPapers (7)

Published in [Research Report] Laboratoire d'économie et de gestion (LEG). 2004, 26 p., figures, bibliographie

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