| Autor: |
Marta Widłak, Emilia Tomczyk |
| Rok vydání: |
2010 |
| Předmět: |
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| Zdroj: |
Journal of European Real Estate Research. 3:203-227 |
| ISSN: |
1753-9269 |
| DOI: |
10.1108/17539261011094722 |
| Popis: |
PurposeThe aim of this paper is to present estimation results of hedonic price models as well as housing price indices for the Warsaw secondary market.Design/methodology/approachThree direct methods of constructing a hedonic price index and four indices that allow for quality adjustment are presented. The paper also discusses theoretical issues related to the estimation and interpretation of hedonic models.FindingsIt is shown that the imputation and the time dummy variable indices are subject to less variation than the characteristic price index. It is also shown that in comparison to the mean and the median, hedonic indices are less variable, which can be interpreted as partial control for quality changes in dwellings sold.Practical implicationsAs this research project represents one of the first attempts of hedonic modelling applied to the Polish housing market, its results may be employed by appraisers to gain insight into behaviour of the Warsaw housing market. Practical implications focus on reliable measurement of house price dynamics in Poland. This paper supplies an appropriate methodology for addressing this question and offers empirical solutions.Originality/valueEmployment of hedonic models for construction of quality‐adjusted housing price indices has not yet been explored in Poland. The theoretical and practical aspects of hedonic indices presented in the paper open promising directions for the development of Polish statistics of real estate prices. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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