The Impact of Macro Factors on Apartment Prices in Polish Counties: A Two-Stage Quantile Spatial Regression Approach

Mateusz Tomal

Real Estate Management and Valuation, 2019, vol. 27, issue 4, 1-14

Abstract: The aim of this study is to identify the economic, demographic, environmental and spatial determinants of residential property prices in Polish counties. Two-stage quantile spatial regression (2SQSR) is the main method of analysis. Additionally, two-stage least squares regression (2SLS) is used.The estimation results indicate that there are several significant determinants of residential property prices with observable quantile effects. In particular, the findings reveal a very interesting U-shaped pattern among quantile regression coefficients for variables describing unemployment rate, the standard of properties and county area. For the spatially lagged dependent variable, a linear pattern is observable.Generally, the findings of this study have notable implications for developing housing policies, both at the national and local levels.

Keywords: spatial quantile regression; Polish counties; apartment prices; housing market in Poland (search for similar items in EconPapers)
JEL-codes: R21 R31 R32 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:vrs:remava:v:27:y:2019:i:4:p:1-14:n:1

DOI: 10.2478/remav-2019-0031

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