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Analysis of Eefective Factors on Land Price, A Hedonic Approach

Bagheri, Amir Masoud | 2022

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 55689 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Fatemi Ardestani, Farshad
  7. Abstract:
  8. The importance of housing, as one of the most important consumable and investable household goods, is not hidden from anyone. The cost of housing (which can include the cost of renting a property, the cost of repaying a purchase loan, or the opportunity cost of its purchase capital) is a large part of the consumption basket expenses of households. Housing is considered the biggest asset of many Iranian households. As a result, access to an accurate prediction with the least error becomes doubly important for Iranian families. In addition to households, knowing the factors affecting the equilibrium price and estimation of housing valuation for governments (a useful tool for fair taxation) and urban policymakers (helping urban management in determining the importance and optimal supply of urban public services such as traffic, and public transport accessibility) is also important. Despite these importances, very few studies have been conducted to analyze the connection of the structural and geographical variables on housing prices in Iran (even in the world). For this reason, in this study, using hedonic modeling methods, and using a unique and large data set that we collected, we analyzed the factors affecting housing prices in Tehran.One of the notable points of our research is the use of transaction data in the city of Tehran and not only in certain areas. Another innovation of ours in this research, which has not been done in any of the previous researches, is the calculations related to finding the nearest place of each category of public places and finding their distance from each traded property for a sample distributed in the city of Tehran.Our investigation in this research shows that the transaction price of real estate in Tehran during the years 2009 to the end of 2017 depends on the structural and geographical variables of that property, in line with the theories of the urban economy. For example, by increasing the size of the building or decreasing its age, the transaction price of real estate in Tehran increases, and by increasing the distance from places where access and proximity are valuable (such as green spaces, commercial and shopping centers, subway stations, taxi terminals), the property price decreases and On the other hand, by moving away from places such as bus station, gas station, police station, the transaction price of the property increases. Also, the use of flexible quasi-parametric estimates, contrary to our initial expectation, did not improve the results of our parametric model
  9. Keywords:
  10. Ground ; Housing Price ; Nonparametric Method ; Semiparametric Method ; Hedonic Price Function ; Urban Economics ; Tehran ; Equilibrium Price

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