The relative importance of structural and locational effects on apartment price variations in a medium-sized German city
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- 作者：Norbert Hiller (1)
1. Institute of Spatial and Housing Economics ; University of Muenster ; Am Stadtgraben 9 ; 48143 ; Muenster ; Germany - 关键词：Relative importance ; Amenities ; Hedonic method ; Real estate and urban economics ; Factor analysis ; Relative Bedeutung ; Annehmlichkeiten ; Hedonische Methode ; Immobilien ; und Stadt枚konomik ; Faktorenanalyse
- 刊名：Review of Regional Research
- 出版年：2015
- 出版时间：February 2015
- 年：2015
- 卷：35
- 期：1
- 页码：73-102
- 全文大小：1,021 KB
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- 出版者：Springer Berlin Heidelberg
- ISSN：1613-9836
文摘
Beside the specific object attributes, it is often stated that location is the fundamental determinant for real estate prices. But how important is location regarding to other price determinants like size or age of an apartment in a relative point of view? Our results suggest that the relative importance of location parameters depends on the specification of a hedonic model. Locational effects do not capture the essence of an apartment value in every case. It has little impact on price and strong impact on price per sqm variations. Hence the role of location depends on the model specification.