Marginal prices of improvements made to blocks of flats: empirical evidence from Romania
This paper examines a specific segment of the housing markets from Central and Eastern European countries, namely the stock of flats in the urban area. With focus on Romania, we emphasize the improvements made by owners and authorities, aimed to enhance the quality of life and the maintenance of old...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Vilnius Gediminas Technical University
2016-06-01
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| Series: | International Journal of Strategic Property Management |
| Subjects: | |
| Online Access: | https://journals.vgtu.lt/index.php/IJSPM/article/view/2079 |
| _version_ | 1818379877819088896 |
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| author | Adela Deaconu Dorina Lazar Anuta Buiga Gheorghe Fatacean |
| author_facet | Adela Deaconu Dorina Lazar Anuta Buiga Gheorghe Fatacean |
| author_sort | Adela Deaconu |
| collection | DOAJ |
| description | This paper examines a specific segment of the housing markets from Central and Eastern European countries, namely the stock of flats in the urban area. With focus on Romania, we emphasize the improvements made by owners and authorities, aimed to enhance the quality of life and the maintenance of old blocks of flats; are highlighted some aspects regarding the cost of these improvements. In addition, the empirical section investigates whether and to what extent the improvements made to the flats and buildings have a significant effect on sale prices and rental prices. The marginal prices of these attributes are provided by hedonic pricing models, estimated in a generalized linear model framework; gamma and log-linear regression models perform in a similar way in terms of fit and prediction accuracy. The physical condition of the building and finishing works inside the flats, as variables of interest in our models, have a significant effect on sale and rental prices, but with different intensity. A common set of significant attributes, in the hedonic models for both sale and rental price, is suggested. |
| first_indexed | 2024-12-14T02:09:46Z |
| format | Article |
| id | doaj.art-17f5affc17d74bf3b6785fbeee352260 |
| institution | Directory Open Access Journal |
| issn | 1648-715X 1648-9179 |
| language | English |
| last_indexed | 2024-12-14T02:09:46Z |
| publishDate | 2016-06-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | International Journal of Strategic Property Management |
| spelling | doaj.art-17f5affc17d74bf3b6785fbeee3522602022-12-21T23:20:47ZengVilnius Gediminas Technical UniversityInternational Journal of Strategic Property Management1648-715X1648-91792016-06-0120210.3846/1648715X.2015.1121415Marginal prices of improvements made to blocks of flats: empirical evidence from RomaniaAdela Deaconu0Dorina Lazar1Anuta Buiga2Gheorghe Fatacean3Department of Accounting and Audit, Faculty of Economics and Business Administration, Babes- Bolyai University, Cluj-Napoca, RomaniaDepartment of Statistics, Forecasting, Mathematics, Faculty of Economics and Business Administration, Babes-Bolyai University, Teodor Mihali 58-60, 400591 Cluj-Napoca, RomaniaDepartment of Statistics, Forecasting, Mathematics, Faculty of Economics and Business Administration, Babes-Bolyai University, Teodor Mihali 58-60, 400591 Cluj-Napoca, RomaniaDepartment of Accounting and Audit, Faculty of Economics and Business Administration, Babes- Bolyai University, Cluj-Napoca, RomaniaThis paper examines a specific segment of the housing markets from Central and Eastern European countries, namely the stock of flats in the urban area. With focus on Romania, we emphasize the improvements made by owners and authorities, aimed to enhance the quality of life and the maintenance of old blocks of flats; are highlighted some aspects regarding the cost of these improvements. In addition, the empirical section investigates whether and to what extent the improvements made to the flats and buildings have a significant effect on sale prices and rental prices. The marginal prices of these attributes are provided by hedonic pricing models, estimated in a generalized linear model framework; gamma and log-linear regression models perform in a similar way in terms of fit and prediction accuracy. The physical condition of the building and finishing works inside the flats, as variables of interest in our models, have a significant effect on sale and rental prices, but with different intensity. A common set of significant attributes, in the hedonic models for both sale and rental price, is suggested.https://journals.vgtu.lt/index.php/IJSPM/article/view/2079Hedonic modelFlatSale priceRental priceImprovements attributes,Generalized linear model |
| spellingShingle | Adela Deaconu Dorina Lazar Anuta Buiga Gheorghe Fatacean Marginal prices of improvements made to blocks of flats: empirical evidence from Romania International Journal of Strategic Property Management Hedonic model Flat Sale price Rental price Improvements attributes, Generalized linear model |
| title | Marginal prices of improvements made to blocks of flats: empirical evidence from Romania |
| title_full | Marginal prices of improvements made to blocks of flats: empirical evidence from Romania |
| title_fullStr | Marginal prices of improvements made to blocks of flats: empirical evidence from Romania |
| title_full_unstemmed | Marginal prices of improvements made to blocks of flats: empirical evidence from Romania |
| title_short | Marginal prices of improvements made to blocks of flats: empirical evidence from Romania |
| title_sort | marginal prices of improvements made to blocks of flats empirical evidence from romania |
| topic | Hedonic model Flat Sale price Rental price Improvements attributes, Generalized linear model |
| url | https://journals.vgtu.lt/index.php/IJSPM/article/view/2079 |
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