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Determinants of Residential Property Prices in Russian Federation
Burešová, Kristina ; Kalabiška, Roman (advisor) ; Hlaváček, Michal (referee)
The thesis investigates the determinants of apartment prices in Russia. We examined the relationships between quarterly apartment prices in the primary and secondary markets and a wide range of explanatory variables using a het- erogeneous panel of 73 regions from 2005 Q1 to 2019 Q4. Because the variables were co-integrated, the long-run relationships were estimated using a panel dynamic OLS. The short-run dynamic was captured by the error correction model. Wages and construction costs were found to be the core determinants of apartment prices in both the primary and secondary markets. Construc- tion costs were dominant in the primary market and wages in the secondary market. Unemployment, age structure, migration, exchange rate index, and existing apartment area per capita were identified as additional price determi- nants. Negative error correction terms implied that, following a market shock, apartment prices would revert to their long-run equilibria. The sample was then divided into subsets containing wealthy and poor regions to test for ro- bustness. The regression results suggested di erent dynamics in the wealthy regions, but otherwise confirmed the results' robustness. Finally, subperiods were subjected to indicative analysis. However, no significant changes were observed following the 2008...
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Housing Prices in the Czech Republic and Slovakia: Regional Comparison
Cempírek, Petr ; Hlaváček, Michal (advisor) ; Žigraiová, Diana (referee)
The objective of the present Bachelor's thesis is to compare the behavior of housing prices in the Czech Republic and Slovakia using econometric analysis. First, the author presents the historical context and basic housing indicators. After verifying that variables in dataset are cointegrated, a panel DOLS es- timator for modelling housing prices is employed. The author uses quarterly regional data in order to analyze the response of basic housing price fundamen- tals in the two countries that formed one federation until 1992. By forming a short run equation with an error-correction term the author checks for the existence of long run housing price equilibrium and for the speed of price rever- sion to equilibrium in case it is misaligned. The author then focuses on housing price misalignments as well as their dynamics in the individual regions.
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Real estate price modelling with a focus on location attributes
Charvát, Ondřej ; Polák, Petr (advisor) ; Hejlová, Hana (referee)
The thesis introduces several methods of real estate price modelling suitable either for prediction of the housing prices or for exploring the relationships between the price and its determinants. We compared the conventional linear regression approach to the tree-based methods of machine learning. The comparison analysis on the dataset of 28 019 apartments in Prague suggests that regression trees (especially the Random forest) yield a higher accuracy in the price prediction. Another objective was to examine the effects of location attributes (especially its accessibility and environmental quality) on the prices of nearby apartments. To address the spatial interactions in the geographical data, we employed three spatially conscious models to achieve more reliable results. The local analysis performed with the geographically weighted regression confirmed the presence of spatial heterogeneity and described the price effects relative to the location. In some areas, an increase of 100 meters in distance from the nearest metro station and the nearest park are associated with a decrease in the apartment prices by 644 CZK/m2 and 916 CZK/m2 , respectively. These findings are especially important for the apartments near the stations of the new metro line, which is currently in construction.
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Evolution of housing prices and its determinants in CEE
Šedivý, Jakub ; Polák, Petr (advisor) ; Pečená, Magda (referee)
As housing is one of the important parts of gross domestic product and one of the most significant components of people's wealth it is vital to investigate the determinants of its prices. Therefore, we analyze housing prices in Central and Eastern European coun- tries using pooled mean group estimator and vector autoregressive models. The objective of this thesis is to find out whether the fundamentals of housing prices are comparable across different countries and how the shocks in the economy affect housing pricese. For our analysis we used housing prices per square metre, GDP per capita, unemployment rates, 5-year interest rates, harmonised indices of consumer prices and construction cost indices. The conclusions of using pooled mean group estimator suggest that GDP, un- employment, interest rate and HICP indeed significantly affect the housing prices. The results of empirical analysis of individual countries using vector autoregressive model con- clude that shocks in the determinants affect housing prices with lags of 2 to 3 quarters and that the individual countries are driven by slightly different fundamentals.
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Housing prices in Prague
Wagner, Michal ; Ouředníček, Martin (advisor) ; Lux, Martin (referee)
This master thesis deals with the analysis of housing prices in Prague. The main goal is to identify and explain the factors which have an influence on the prices of flats at the macro and micro level. Two spatial statistic methods, namely multiple linear regressions and geographically weighted regressions (GWR), are used in the first part of the thesis, which deals with the prices in Prague in general. The influence on the values of flats in Prague basic settlement units caused by several factors such as the distance from the Old Town Square, age of dwellings, the presence of migrants or air pollution was investigated using these two methods. The price map of the association of real estate agencies, the Czech Statistical Office and the Prague Institute of Planning and Development provided the data used in the presented research. Price profiles from the centre of Prague to the suburbs in various directions were also created and analyzed. Factors with an influence on housing prices at the micro level in a case study of the Prague cadastral territory of Modřany are described in the second part of the thesis. The analysis of new developer projects and older flats in panel houses investigates the influence on the housing prices caused by factors such as noise, physical condition of apartments and the quality of...
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Housing Prices in the Czech Republic and Slovakia: Regional Comparison
Cempírek, Petr ; Hlaváček, Michal (advisor) ; Žigraiová, Diana (referee)
The objective of the present Bachelor's thesis is to compare the behavior of housing prices in the Czech Republic and Slovakia using econometric analysis. First, the author presents the historical context and basic housing indicators. After verifying that variables in dataset are cointegrated, a panel DOLS es- timator for modelling housing prices is employed. The author uses quarterly regional data in order to analyze the response of basic housing price fundamen- tals in the two countries that formed one federation until 1992. By forming a short run equation with an error-correction term the author checks for the existence of long run housing price equilibrium and for the speed of price rever- sion to equilibrium in case it is misaligned. The author then focuses on housing price misalignments as well as their dynamics in the individual regions.
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