Determinants of the house prices in Romania

How to measure house prices in a new EU state

Conference paper (2009)
Department
Sectie VWM (OTB Research Institute) (TU Delft)
Copyright: Faber, R.
More Info
expand_more

Published Date

01-07-2009

Reuse Rights

Other than for strictly personal use, it is not permitted to download, forward or distribute the text or part of it, without the consent of the author(s) and/or copyright holder(s), unless the work is under an open content license such as Creative Commons.

Source:

ERES 2009: European Real Estate Society Conference, Stockholm, Sweden, 24-27 June 2009

Faculty

OTB Research Institute

Department

Sectie VWM

Abstract

This paper examines the construction of real estate databases and the valuation of properties in Buz?u, Romania. One of the criteria for candidate states for EU membership is an effective monitoring system for the land and real estate markets. The objective of this paper is twofold. First, the development of a set of databases, procedures and guidelines that enables a valuation process on the Romanian real estate market and secondly, using those databases, to gain insight into the real market value of recently sold properties. We use the observations of estate agents and banks starting in May 2007. Using hedonic regression, with house and neighbourhood characteristics, we estimate the house prices.