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A Spatial and Temporal Autoregressive Local Estimation for the Paris Housing Market

Ingrid Nappi-Choulet () and Tristan-Pierre Maury ()

No DR 09004, ESSEC Working Papers from ESSEC Research Center, ESSEC Business School

Abstract: This original study examines the potential of a spatiotemporal autoregressive Local (LSTAR) approach in modelling transaction prices for the housing market in inner Paris. We use a data set from the Paris Region notary office (“Chambre des notaires d’Île-de-France”) which consists of approximately 250,000 transactions units between the first quarter of 1990 and the end of 2005. We use the exact X -- Y coordinates and transaction date to spatially and temporally sort each transaction. We first choose to use the spatiotemporal autoregressive (STAR) approach proposed by Pace, Barry, Clapp and Rodriguez (1998). This method incorporates a spatiotemporal filtering process into the conventional hedonic function and attempts to correct for spatial and temporal correlative effects. We find significant estimates of spatial dependence effects. Moreover, using an original methodology, we find evidence of a strong presence of both spatial and temporal heterogeneity in the model. It suggests that spatial and temporal drifts in households socio-economic profiles and local housing market structure effects are certainly major determinants of the price level for the Paris Housing Market.

Keywords: Hedonic Prices; Heterogeneity; Paris Housing Market; STAR Model (search for similar items in EconPapers)
JEL-codes: C51 R33 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2009-07
New Economics Papers: this item is included in nep-ecm, nep-geo and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

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Related works:
Journal Article: A SPATIAL AND TEMPORAL AUTOREGRESSIVE LOCAL ESTIMATION FOR THE PARIS HOUSING MARKET (2011) Downloads
Working Paper: A Spatial and Temporal Autoregressive Local Estimation for the Paris Housing Market (2007) Downloads
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