Local Public Expenditures and Housing Prices

Jaume García, Daniel Montolio and Josep Maria Raya
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Jaume García: Departament d'Economia i Empresa, Universitat Pompeu Fabra, Trias Farges 25-27, 08005 Barcelona, Spain, jaume.garcia@upf.edu
Josep Maria Raya: Departament d'Economia i Empresa, Universitat Pompeu Fabra, Trias Farges 25-27, 08005 Barcelona, Spain, josep.raya@upf.edu
Authors registered in the RePEc Author Service: Jaume Garcia Villar

Urban Studies, 2010, vol. 47, issue 7, 1501-1512

Abstract: This paper estimates a hedonic price model which makes it possible to determine how the price of a unit varies with the set of attributes it possesses, in the Spanish housing market. Concretely, and by means of capitalisation, hedonic price models can be used as an instrument to capture how local public expenditures influence housing prices and, by extension, how homeowners can indirectly receive benefit from local public investment. Using individual data for dwellings from the city of Barcelona (Spain) for the period 1998—2001, it is found that local policies aimed at enhancing the quality of life or the location-specific characteristic of the city of Barcelona have a positive impact on housing values.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:47:y:2010:i:7:p:1501-1512

DOI: 10.1177/0042098009356120

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