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Hedonic Regressions and the Decomposition of a House Price Index into Land and Structure Components

Walter Diewert (), Jan de Haan and Rens Hendriks

Econometric Reviews, 2015, vol. 34, issue 1-2, 106-126

Abstract: The paper uses hedonic regression techniques in order to decompose the price of a house into land and structure components using readily available real estate sales data for a small Dutch city. To get sensible results, it was useful to estimate a nonlinear model on data that cover multiple time periods. It also proved necessary to incorporate exogenous information on the rate of growth of construction costs in the Netherlands in order to obtain meaningful constant quality indexes for the price of land and structures separately.

Date: 2015
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Working Paper: Hedonic Regressions and the Decomposition of a House Price index into Land and Structure Components (2011) Downloads
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