Estimating Housing Prices: A Proposal with Spatially Correlated Data

Jose Montero and Beatriz Larraz ()

International Advances in Economic Research, 2010, vol. 16, issue 1, 39-51

Abstract: The price of housing per square meter and the trend observed over the last few years is one of the issues that most concerns Spanish citizens and subsequently their political and economic representatives. However, in spite of the importance of space in the real estate market, official averages do not take into account the spatial correlation of housing prices. In order to solve this handicap, we propose the kriging the mean method to estimate mean housing prices. This method provides the best unbiased linear estimation taking into account spatially correlated data. Copyright International Atlantic Economic Society 2010

Keywords: Kriging the mean estimator; Covariogram; Spatial correlation; Housing prices; C13; C21; R31 (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1007/s11294-009-9244-5

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