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The House Price Gradient: Evidence from Italian Cities

Elisabetta Manzoli () and Sauro Mocetti ()
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Elisabetta Manzoli: Bank of Italy

Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, 2019, vol. 5, issue 2, No 5, 305 pages

Abstract: Abstract The paper examines the geographical variability in house prices, focusing on the gradient from the center to peripheral areas. Our results show large price differentials within the main urban areas, even larger than those observed between the Center-North and South of Italy. The higher real estate prices in the centers of urban areas are affected by centripetal pressures from the demand side, to which supply only partially adjusts. We find that better infrastructure and lower commuting times can, however, mitigate the centripetal pressure on the demand side and flatten the gradient. Finally, we also find a center-periphery gradient for incomes ; however the latter is less steep than that of house prices, thus indicating that the ratio between the value of houses and income is higher in the city center and lower in the periphery.

Keywords: House price; Center-periphery gradient; Agglomeration; Commuting time; Income (search for similar items in EconPapers)
JEL-codes: R30 R14 R41 (search for similar items in EconPapers)
Date: 2019
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Working Paper: The house price gradient: evidence from Italian cities (2016) Downloads
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DOI: 10.1007/s40797-019-00094-z

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