Testing Housing Price Drivers in Santiago de Chile: A Hedonic Price Approach

Q2 Social Sciences

Critical Housing Analysis Pub Date : 2023-12-01 DOI:10.13060/23362839.2023.10.2.558

F. Vergara-Perucich

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Abstract

Hedonic modelling is an empirical analysis technique that is widely used to review the housing market and unpack the main determinants of price. A correct determination of housing price drivers allows a weighted prediction of the value of each dwelling for sale or rent. This paper reviews the fundamental determinants of housing prices that have been published in the literature to see which ones have a better predictive fit for the case of the housing market in the city of Santiago, Chile. From a record of 456,000 property transactions, a dataset composed of 11 explanatory variables is elaborated. Through a semi-logarithmic regression, 4 variables that contribute to explaining the formation of housing prices in Santiago, Chile, are identified. The results indicate that the socioeconomic characterisation of urban areas where housing is traded, the price of copper on the London Metal Exchange, the mortgage interest rate, the age of residential buildings are the main drivers for the main drivers of prices in Santiago. Given the crisis of access to housing in Chile, the article provides relevant information for decision-makers in housing policy.

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测试智利圣地亚哥的住房价格驱动因素：对冲价格法

享乐模型是一种实证分析技术，广泛用于审查房地产市场，并揭示价格的主要决定因素。对房价驱动因素的正确判断，可以对每套待售或出租住宅的价值进行加权预测。本文回顾了已在文献中发表的房价的基本决定因素，以了解哪些因素对智利圣地亚哥市住房市场的情况有更好的预测。从45.6万笔房地产交易的记录中，阐述了一个由11个解释变量组成的数据集。通过半对数回归，确定了有助于解释智利圣地亚哥房价形成的4个变量。结果表明，住房交易城市地区的社会经济特征、伦敦金属交易所的铜价、抵押贷款利率、住宅建筑的年龄是圣地亚哥价格主要驱动因素的主要驱动因素。鉴于智利的住房危机，本文为住房政策的决策者提供了相关信息。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Critical Housing Analysis Social Sciences-Sociology and Political Science

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Critical Housing Analysis is a peer-reviewed academic journal focusing on critical and innovative housing research. The journal was launched in January 2014 and publishes two online issues annually. Critical Housing Analysis is published by the Institute of Sociology of the Czech Academy of Sciences. Critical Housing Analysis aims to provide on-line discussion space for researchers who come up with innovative, critical and challenging ideas and approaches in housing-related research. The unique function of this journal is to facilitate rapid feedback on critical and innovative ideas and methods developed by housing researchers around the world. We are especially keen to publish papers that provide: 1.Innovations in methods, theories and practices used in housing-related research. We especially welcome papers applying original research strategies (such as, mixed and interdisciplinary methods) and international comparisons with a strong sense for contextual and institutional differences. Papers should provide new and fresh research perspectives allowing a deeper understanding of housing markets, policies and systems. Innovations need to be justified but they could be “work in progress”, i.e. their findings may not yet have been fully verified. 2.Critiques of assumptions, methods and theories used in housing-related research. Such critical evaluations must be well-founded (empirically or by consistently logical argument) and convincing. However, there is no particular need to provide a solution to the problems that have been identified. 3.Critiques of applied housing practices and policies in particular cultural and institutional contexts, especially for those countries that are less represented in mainstream housing policy discourse. The critical assessment of policies must be analytical, should propose new perspectives and lead to wider policy implications.