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Micro-geographic property price and rent indices

Ahlfeldt, Gabriel M. ORCID: 0000-0001-5664-3230, Heblich, Stephan and Seidel, Tobias (2021) Micro-geographic property price and rent indices. CEP Discussion Papers (1782). Centre for Economic Performance, LSE, London, UK.

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Abstract

We develop a programming algorithm that predicts a balanced-panel mix-adjusted house price index for arbitrary spatial units from repeated cross-sections of geocoded micro data. The algorithm combines parametric and non-parametric estimation techniques to provide a tight local fit where the underlying micro data are abundant and reliable extrapolations where data are sparse. To illustrate the functionality, we generate a panel of German property prices and rents that is unprecedented in its spatial coverage and detail. This novel data set uncovers a battery of stylized facts that motivate further research, e.g. on the density bias of price-to-rent ratios in levels and trends, within and between cities. Our method lends itself to the creation of comparable neighborhood-level qualified price and rent indices for residential and commercial property.

Item Type: Monograph (Discussion Paper)
Official URL: https://cep.lse.ac.uk/_new/publications/discussion...
Additional Information: © 2021 The Authors
Divisions: Centre for Economic Performance
Geography & Environment
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HB Economic Theory
JEL classification: R - Urban, Rural, and Regional Economics > R1 - General Regional Economics > R10 - General
Date Deposited: 04 Mar 2022 10:42
Last Modified: 05 Mar 2022 00:03
URI: http://eprints.lse.ac.uk/id/eprint/113922

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