More Reliable Land Price Index: Is There a Slope Effect?
Yi Huang () and
Geoffrey Hewings ()
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Yi Huang: Institute of Urban Development, Nanjing Audit University, Nanjing 211815, China
Geoffrey Hewings: Regional Economics Applications Laboratory (REAL), Departments of Economics, Agricultural & Consumer Economics, Geography & Regional Science, Urban & Regional Planning and the Institute of Government & Public Affairs, University of Illinois at Urbana-Champaign, Champaign, IL 61820, USA
Land, 2021, vol. 10, issue 3, 1-24
This paper focuses on the physical attributes of land that intrinsically limit land use and possibly affect land values. In particular, we investigate if the slope of a land does decrease its price and investigate the role of land slope in forming more reliable constant-quality land price indices and aggregate house price indices. We find that, while land slopes do decrease the land price per unit, they have a small effect on the quality-adjusted land price indices in selected neighborhoods in Auckland, New Zealand, where sloped terrain is common.
Keywords: land price index; land slope; slope discount; decomposition; builder’s model (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jlands:v:10:y:2021:i:3:p:261-:d:510729
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