Real estate prices and land use regulations: Evidence from the Law of Heights in Bogotá

Diego Buitrago-Mora and Miquel-Àngel Garcia-López

Regional Science and Urban Economics, 2023, vol. 101, issue C

Abstract: Between 2015 and 2017, the Law of Heights (Policy-562) regulated areas of urban renewal in specific locations of Bogotá (Colombia). Using a novel dataset based on detailed information at the block level between 2008 and 2017, we study whether this policy affected real estate prices. Our empirical strategy compares the price per square meter before and after Policy-562 in treated blocks and in control blocks with similar pre-treatment traits. Results show that prices increased more in treated blocks than in the rest of the city. We also provide evidence that results are heterogeneous from a temporal, land use and strata point of view.

Keywords: Real estate prices; Land regulations (search for similar items in EconPapers)
JEL-codes: R14 R31 R58 (search for similar items in EconPapers)
Date: 2023
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Working Paper: Real estate prices and land use regulations: Evidence from the law of heights in Bogotá (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:regeco:v:101:y:2023:i:c:s0166046223000492

DOI: 10.1016/j.regsciurbeco.2023.103914

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