Record Details

Modeling House Pricing in the Real Estate Market of São Paulo City

Brazilian Review of Finance

View Archive Info
 
 
Field Value
 
Title Modeling House Pricing in the Real Estate Market of São Paulo City
Modelagem dos Preços de Imóveis Residenciais Paulistanos
 
Creator Alves, Denisard Cneio de Oliveira; University of São Paulo, FEA Department of Economics
Yoshino, Joe Akira; University of São Paulo, FEA Department of Economics
Pereda, Paula Carvalho; University of São Paulo, FEA Department of Economics
Amrein, Carla Jucá; University of São Paulo, FEA Department of Economics
 
Subject Asset pricing; Corporate Finance; Price Index
Pricing Real Estate in São Paulo - Brazil; Hedonic Model Applied for Asset Pricing; Pricing Rights to Built-Home
G12, R31, R33
Finanças; Asset pricing; real estate; hedonic
Precificação de Imóveis em São Paulo - Brasil; Modelo Hedônico aplicado na Precificação; CEPAC: Certificado de Potencial Adicional de Construção
G12
 
Description Hedonic modeling has become a benchmark for pricing real assets with several intrinsic characteristics. This work tests also others dimensions for asset pricing: the quality of life in the housing neighborhood and macroeconomic variables. The data is about the real estate market in São Paulo city from January 2001 to March 2008. The main results were: the longer the maturity of mortgage financing, the larger the housing price, but decreasing interest rate spread stimulate the real estate market, and the interactions between the dummy for the boom period and either housing characteristics or bank interest rates spread show that the hedonic model loses its relative importance for pricing, while market risk variables become much more relevant. Thus, these new findings suggests that for modeling a house price index it is not sufficient to consider only average prices or a hedonic approach, but both the market and credit risks as well.
Este trabalho analisa a formação dos preços dos imóveis da cidade de São Paulo e considerando em seu modelo hedônico, além das características intrínsecas, as características da vizinhança e o ambiente macroeconômico. O período analisado é de janeiro de 2001 a março de 2008. Os principais resultados foram: quanto mais longo for o período do financiamento imobiliário, maior será o preço do imóvel; a diminuição do spread dos juros bancários estimulam o mercado; e as interações entre a dummy de boom tanto com as características das moradias e com o spread de juros mostram que as variáveis de risco de mercado ganham importância relativa no modelo. Assim, as evidências sugerem que para a modelagem do indexador de preços de imóveis, os métodos usuais de médias simples, hedônico e vendas repetidas utilizados em diferentes países, são insuficientes. Precisam ser consideradas variáveis de risco de mercado e de crédito.
 
Publisher Link to the Brazilian Society of Finance
 
Contributor —
—
 
Date 2011-02-07
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Double blind reviewed articles
—
Avaliado por Pares
artigo empírico
 
Format application/pdf
application/pdf
 
Identifier http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/2899
 
Source Brazilian Review of Finance; Vol 9, No 2 (2011); 167-187
Revista Brasileira de Finanças; Vol 9, No 2 (2011); 167-187
1984-5146
1679-0731
 
Language eng
por
 
Relation http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/2899/2225
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/2899/2226
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2899/438
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2899/439
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2899/479
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2899/480
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2899/496
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2899/497
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2899/503
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2899/504