Hedonic price model for Warsaw housing market
Monika Bazyl ()
No 42, Working Papers from Department of Applied Econometrics, Warsaw School of Economics
A hedonic price model has been constructed for Warsaw housing market using 2006 asking price data. Model parameters reveal a substantial influence of proximity to the metro station on flat prices. If there is a metro station within 1 km distance to a flat its price increases by 15% according to the estimated basic hedonic model. Also green areas have a positive impact on flat prices while industrial areas affect negatively flat prices. To account for spatial autocorrelation two types of spatial hedonic model were constructed: spatial autoregression model and spatial error model. Both proved that there is a significant spatial autocorrelation present in the basic hedonic model.
Keywords: hedonic price analysis; spatial model; housing; location (search for similar items in EconPapers)
JEL-codes: C21 Q51 R21 (search for similar items in EconPapers)
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