Property Price Separation between Land and Building Components

Ünsal Özdilek

Journal of Real Estate Research, 2016, vol. 38, issue 2, 205-228

Abstract: Observed sales prices are direct references for the market value of properties, but they do not provide information about the separate values of land and building. There are different theories and methods, each one being limited in practice. In this paper, I present the troublesome issue of price separation and propose a practical alternative, using detailed data from Montreal, Canada. The empirical results support the separability thesis in practice for the cases of residential properties.

Date: 2016
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DOI: 10.1080/10835547.2016.12091443

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