Urban house prices: A tale of 48 cities

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Urban house prices: A tale of 48 cities

Economics: The Open-Access, Open-Assessment E-Journal. 2015. Vol. 9. P. 1–43.

Kholodilin K., Ulbricht D.

In this paper, the authors construct a unique data set of Internet offer prices for flats in 48 large European cities across 24 countries. The data collected between January and May 2012 from 33 websites, are drawn from Internet advertisements of dwellings. Using the resulting sample of more than 1,000,000 announcements, the authors compute the quality-adjusted city-specific house prices. Based on this information, they investigate the determinants of the apartment prices. Four factors are found to be relevant for the dwelling price level using Bayesian Model Averaging: Population density, mortgage per capita, income inequality, and unemployment rate. The results are robust to applying two alternative estimation techniques: OLS and quantile regression. Based on the auhors´ estimation results they are able to identify cities where the prices are overvalued. This is a useful indication of a build-up of house price bubbles.

A Two-Step Procedure for Estimating Spatial Error Quantile Regression Models

Semerikova E. V., Arbia G., Nastansky A., Networks and Spatial Economics 2025 P. 1–26

Conditional quantile regression models are complementary to the conditional median model in that they provide a complete representation of the conditional distribution of the response variable given the predictors and not only of their conditional mean. This is crucial in situations where the relationship between predictors and responses is not uniform across all levels, for ...

Added: June 14, 2025

Spatial and Temporal Diffusion of Property Prices and Sales across British Regions

Салов А. И., International Journal of Housing Markets and Analysis 2024 Vol. ahead-of-print No. ahead-of-print P. 1–...

This paper incorporates two empirical approaches to describe behaviour of property prices across British regions. The models are applied to two different datasets. The first empirical approach is to apply the price diffusion model proposed by Holly et al. (2011) to the UK HPI dataset. The second empirical approach is to apply a bivariate Global ...

Added: September 10, 2023

Measuring regional inequality by Internet car price advertisements: Evidence for Germany

Siliverstovs B., Kholodilin K., Economics Letters 2012 Vol. 116 No. 1036 P. 414–417

We suggest to use Internet car sale price advertisements for measuring economic inequality between and within German regions. Our estimates of regional income levels and Gini indices based on advertisements are highly, positively correlated with the official figures. This implies that the observed car prices can serve as a reasonably good proxy for income levels. ...

Added: February 1, 2019

Models for Predicting Prices in the Moscow Residential Real Estate Market

Mikheeva O. M., Salnikov V., Studies on Russian Economic Development 2018 Vol. 29 No. 1 P. 94–101

The paper presents the results of modeling the pricing mechanism in the residential real estate market (by using Moscow as an example). The key factors that influence the monthly and annual dynamics of real estate prices are revealed; their quantitative impact is assessed using regression analysis methods. The close dependence of the real estate price ...

Added: November 1, 2018

Markets Record High: The Case of Speculative Bubbles

Khon O. D., , in: GSOM Emerging Markets Conference 2016: Business and Government Perspectives. St. Petersburg : Graduate School of Management, St. Petersburg University.: Graduate School of Management, St. Petersburg University, 2016. P. 184–187.

Overvaluation on financial markets, high price volatility and quite rapid reduction of emerging markets towards an investment behavior field in terms of predictive estimation and forecast of further market changes. Hereby decision-making basis is a personal investment understanding and, due to favorable business climate, could build up the growth of irrational exuberance and speculative bubbles ...

Added: July 19, 2018

О взаимосвязи между стоимостью жилья и характеристиками близлежащих школ

Ozhegov E. M., Kosolapov N., Позолотина Ю. А., Прикладная эконометрика 2017 Т. 47 С. 28–48

In this paper we study the dependence between schools’ characteristics and housing prices of secondary residential property market in the city of Perm. We employ the data on list prices and school characteristics in 2014. The estimation of spatial autoregression model reveals the effect of school education quality characteristics on residential real estate prices. The ...

Added: September 27, 2017

Using Personal Car Register for Measuring Economic Inequality in Countries with a Large Share of Shadow Economy: Evidence for Latvia

Dombrovsky V., Kholodilin K., Siliverstovs B., Review of Income and Wealth 2014 Vol. 60 No. 4 P. 948–966

We suggest to use information from the state register of personal cars as an alternative indicator of economic inequality in countries with a large share of shadow economy. We illustrate our approach using the Latvian pool of personal cars. Our main finding is that the extent of household economic inequality in Latvia is much larger ...

Added: April 17, 2017

Noise expectations and house prices: The reaction of property prices to an airport expansion

Mense A., Kholodilin K., Annals of Regional Science 2014 Vol. 52 No. 3 P. 763–797

We examine the effects of an airport expansion on the prices of houses and apartments located under the planned flight paths. We focus on the role of expectations of aircraft noise during the expansion of Berlin-Brandenburg International Airport. The publication of the flight paths can be seen as an exogenous event. It provides local residents ...

Added: April 17, 2017