Determinantes del precio de la vivienda nueva No VIS en Medellín: un modelo estructural

John García (), Sebastían Díaz (), Juan Carlos Upegui () and Hermilson Velásquez ()

Revista Cuadernos de Economia, 2019, vol. 38, issue 76, 109-136

Abstract: Esta investigación busca a través de un modelo estructural, identificar los determinantes del precio de la vivienda nueva No VIS en Medellín, con el fin de explicar la formación de precios desde la organización industrial del sector. Los resultados indican que el empleo, el crecimiento económico y las políticas públicas (subsidios) influyen directamente –la inflación tiene injerencia negativa– sobre las condiciones del mercado de vivienda (CMV); simultáneamente, las CMV afectan la oferta y la demanda, fuerzas que, a su vez, inciden en la formación de los precios de mercado. Además identifica la incidencia de las políticas públicas en el aumento de los precios. ***** We employ a multi-equation structural model of the housing market to analyze the determinants of new housing prices in Medellin during 2009-2014. The model includes observed variables and unobserved variables, such as costs that are not included in the housing cost index, but that still affect prices. In the analysis, we employ an industrial organization framework to examine the interaction between microeconomic and macroeconomic variables. The results indicate that employment, economic growth, and public policies (subsidies) affect real housing prices positively, while inflation affects real prices negatively. In addition to the variables typically included in the analysis in prior research, we include several determinants of housing supply, including construction costs, and two market interest rates.

Keywords: Precio de la vivienda nueva; modelos estructurales; organización industrial; Medellín-Colombia; New housing prices in Medellin; multi-equation structural model; industrial organization. (search for similar items in EconPapers)
JEL-codes: D43 L16 L74 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (1)

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Working Paper: Determinantes del precio de la vivienda nueva No VIS en Medellín: un modelo estructural (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:col:000093:017473

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