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Price Formation in Real Estate Markets
Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
2013 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This thesis includes an introductory chapter and four individual papers. The papers are held together by concepts associated with price formation in real estate markets, differentiated goods and the local character of land and housing markets. The first two papers focus on the markets for land and agricultural property and the two succeeding studies on housing markets. The first study examines regional variations of Swedish agricultural land prices. The associated empirical model follows the form of earlier literature in testing the influence of expected returns from the current agricultural use of land and the potential for non-agricultural use on prices. The use of market transacted land and the inclusion of decoupled income support to farmers, among a set of agricultural and non-agricultural factors, distinguishes this study from earlier empirical work.

The second paper relates to the first by its focus on decoupled income support, but here the analysis extends to the micro level and to the study of price formation in the market for agricultural property. The study applies a spatial multilevel model to study variations in price determinants across and within local and regional markets.

The third paper is devoted to the analysis of housing prices and their relation to open landscape amenities. The spatial analysis employs two geographical databases containing single-family home sales and preserved open spaces. In order to address the local character of urban housing markets and intraurban heterogeneity in amenity valuations the study applies a geographically weighted regression approach.

The last paper focuses on the market for second homes with a particular emphasis on urban-rural interrelations. The paper is motivated by a growing demand for natural amenities and by the awareness that urban areas are becoming increasingly attractive markets for second homes.

Place, publisher, year, edition, pages
Jönköping: Jönköping International Business School , 2013. , 179 p.
Series
JIBS Dissertation Series, ISSN 1403-0470 ; 088
National Category
Social Sciences
Identifiers
URN: urn:nbn:se:hj:diva-20736ISBN: 978-91-86345-41-9 (print)OAI: oai:DiVA.org:hj-20736DiVA: diva2:609031
Public defence
2013-03-22, B1014 at JIBS, Jönköping, 10:00
Opponent
Supervisors
Available from: 2013-03-04 Created: 2013-03-04 Last updated: 2015-08-27Bibliographically approved
List of papers
1. Location determinants of agricultural land prices
Open this publication in new window or tab >>Location determinants of agricultural land prices
2013 (English)In: Jahrbuch für Regional Wissenschaft, ISSN 0173-7600, E-ISSN 1613-9836, Vol. 33, no 1, 1-21 p.Article in journal (Refereed) Published
Abstract [en]

This paper analyses determinants of agricultural land prices in Sweden with a particular focus on location-specific factors. An asset-pricing model is used to decompose agricultural land prices into expected returns from land in its current agricultural use and expected returns from its potential use. The model is estimated in a cross regional context where explanatory factors relate to regional variations in land productivity, agricultural support payments and urbanising influences. Results indicate that both agricultural and non-agricultural factors are influential determinants to the price of agricultural land. Estimating marginal effects across the distribution of the dependent variable, non-agricultural factors are shown to be more important in regions that have high agricultural land prices, whereas, income support to farmers in the form of the decoupled single farm payment is shown to be most influential in regions with low agricultural land prices.

Abstract [de]

Dieses Papier analysiert Determinanten von agrarwirtschaftlichen Landpreisen mit einem besonderen Fokus auf standort-spezifischen Faktoren. Ein asset-pricing Modell wird verwendet um agrarwirtschaftliche Preise in erwartete Erträge von der tatsächlichen Nutzung und der potenziellen Nutzung zu zerlegen. Das Modell wird im inter-regionalen Kontext geschätzt mit erklärenden Faktoren hinsichtlich der regionalen Variationen von agrarwirtschaftlicher Landproduktivität, Subventionen und städtischen Regionen in Beziehung gesetzt werden. Die Resultate zeigen dass sowohl agrarwirtschaftliche wie auch nicht-agrarwirtschaftliche Faktoren entscheidende Determinanten fuer den Preis sind. Anhand der marginalen Effekten zeigt sich dass agrarwirtschaftliche Faktoren in Gemeinden mit hohen Preisen entscheidend sind, wogegen in Gemeinden mit niedrigen Preisen agrarwirtschaftliche Subventionen der wichtigste Einflussfaktor ist.

National Category
Economics
Identifiers
urn:nbn:se:hj:diva-20735 (URN)10.1007/s10037-012-0071-4 (DOI)
Note

Originally presented at Western Regional Science Association 50th Anniversary meeting, 27 February–2 Mars 2011.

Available from: 2013-03-04 Created: 2013-03-04 Last updated: 2017-12-06Bibliographically approved
2. Capitalisation of single farm payments on farm prices: a spatial multilevel analysis
Open this publication in new window or tab >>Capitalisation of single farm payments on farm prices: a spatial multilevel analysis
(English)Manuscript (preprint) (Other academic)
National Category
Social Sciences
Identifiers
urn:nbn:se:hj:diva-20732 (URN)
Available from: 2013-03-04 Created: 2013-03-04 Last updated: 2017-01-09Bibliographically approved
3. Natural amenities in urban space – A geographically weighted regression approach
Open this publication in new window or tab >>Natural amenities in urban space – A geographically weighted regression approach
2014 (English)In: Landscape and Urban Planning, ISSN 0169-2046, E-ISSN 1872-6062, Vol. 121, 45-54 p.Article in journal (Refereed) Published
Abstract [en]

Natural amenities play an important role in explaining intra-regional economic growth, because they increase the competition between places and the relative demand for housing. This paper shows that these relationships are strongly location-specific, such that the magnitude and the direction, of value assessments vary across the urban surface. The analysis in this study addresses spatial heterogeneity in the valuations of preserved open space amenities using Swedish house price data. The results show that marginal valuations of open space amenities are high in locations that are characterised by high population and housing densities and low or insignificant in areas where undeveloped lands are abundant, thus, supporting the hypothesis that a greater competition for those, locational attributes that are in high demand, yet locally scarce, results in higher marginal prices.

Keyword
Open space amenities, Local heterogeneity, Geographically weighted regression model
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-22411 (URN)10.1016/j.landurbplan.2013.08.017 (DOI)
Available from: 2013-10-15 Created: 2013-10-15 Last updated: 2017-12-06Bibliographically approved
4. The influence of urban and natural amenities on second home prices
Open this publication in new window or tab >>The influence of urban and natural amenities on second home prices
2015 (English)In: Journal of Housing and the Built Environment, ISSN 1566-4910, E-ISSN 1573-7772, Vol. 30, no 3, 427-450 p.Article in journal (Refereed) Published
Abstract [en]

This paper estimates a spatial hedonic model to examine the influence of urban and natural amenities on second home prices in south Sweden, incorporating local and regional heterogeneity. With the results obtained in this paper, several important relationships between amenities and second home prices are revealed and price formation in this particular study region is indicated to be strongly related to place-specific factors, regional context and amenities. Key findings show that natural amenities have a significant influence on pricing of second homes when located in regions classified as rural, whereas access to an attractive local house market is shown to be more important for prices of urban second homes.

Keyword
Hedonic pricing; Amenities; Spatial expansion
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-24747 (URN)10.1007/s10901-014-9421-6 (DOI)2-s2.0-84938850775 (Scopus ID)
Available from: 2014-09-16 Created: 2014-09-16 Last updated: 2017-12-05Bibliographically approved

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Citation style
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