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Are Valuations Representative of Housing Prices in the Market?: Evidence from the Spanish Market

Paloma Taltavull de La Paz () and Stanley McGreal

ERES from European Real Estate Society (ERES)

Abstract: This paper is concerned with the variation between house price and valuation in Spain. Spanish regulation requires valuation companies to estimate price-trends in order to avoid speculation and adjust values to the real price. As this information is not widely available, companies have to build their own data series. This paper uses information from valuations of houses by TABIMED, a medium-high sized Spanish valuation company. The analysis is based on valuation evidence from 2005 and the first half of 2006 compared with the official transaction database to estimate the extent to which valuations are representative of prices. Analysis is at the city level to allow a more detailed assessment of the main housing characteristics that affect price and transactions. A pseudo-panel is constructed to explore the relationships between housing features, transactions and prices providing a tool to identify those locations where valuations provide a representative sample to estimate prices and housing features.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2007-01-01
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Handle: RePEc:arz:wpaper:eres2007_314