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Title:Internet offer prices for flats and their determinants: A cross section of large European cities PDF Logo
Authors:Kholodilin, Konstantin A.
Issue Date:2012
Series/Report no.:Discussion Papers, German Institute for Economic Research, DIW Berlin 1212
Abstract:In this paper, we construct a data set of Internet offer prices for flats in 48 large European cities from 24 countries. The data are collected in January - April 2012 from 33 websites, where the advertisements of flats for sale are placed. Using these data we investigate the determinants of the flat prices. Four factors are found to be relevant for the flats' price level: income per capita, population density, unemployment rate, and Gini index. The results are robust both to excluding variables and to applying two alternative estimation techniques: OLS and quantile regression. Based on our estimation results we are able to identify the cities, where the prices are overvalued, and those, where the prices are undervalued. This is a useful information that allows analyzing and comparing the housing markets in large European cities.
Subjects:Internet ads
flats' prices
large European cities
fundamental prices
JEL:C21
R31
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des DIW
DIW-Diskussionspapiere

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