THE REAL ESTATE VALUATION OF THE URBAN PLAZAS

Benoit Faye and Eric Lefur

ERES from European Real Estate Society (ERES)

Abstract: Since the early 90s, European cities most affected by the crisis, sought to become attractive for residents, tourists and investors by launching extensive renovation programs. These have focused primarily on urban places due to their role as interconnection of transport networks and their ability to embed the history of the city. The planner must then consider the effect of these public investments on private property valuation. We are here assuming that the proximity of certain features of urban spaces affects property values. However, we must determine whether the effect of proximity on the price is linear or not and if this effect differs according to a typology of spaces. The significance of the statistical approach assumes to have a long observation period under duress of stability characteristics of the plazas. For the field study we chose the city of Bordeaux in France because of its history and the availability of real estate data long term. 54 plazas are included in the sample.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
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