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Spatial approaches to hedonic modelling of housing market: Prague case
Lipán, Marek ; Křehlík, Tomáš (advisor) ; Troch, Tomáš (referee)
Having at hands instruments capable of effective housing appraisal can be essential not only for the real property evaluator in a bank, policy maker or real estate agent, but also for single individual seeking for an objective way to assess the tenure choice decisions. The housing market data are of a spatial nature. We address the spatial issues by implementing spatial modelling techniques into a hedonic price model. The main focus of the thesis is put on building a kriging model, which shows to be a powerful tool in explaining and predicting the prices of housing in the Prague at market. The kriging model comes out the best from the comparison of performance with the traditional spaceless hedonic pricing model as well as the common econometric spatial models. The usefulness of our kriging model is demonstrated in a possible application as the extension of the net present value model of the optimal tenure choice for a prospective first home owner. In a simplified economic scenario we found that the optimality of the tenure choice depends on the inflation, expected holding period as well as the precise location of the flat in the Prague.
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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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The influence of distance from the city center on apartments renting prices
Babjaková, Miriam ; Mirvald, Michal (advisor) ; Slaný, Martin (referee)
The thesis examines the influence of a distance of a real estate from the city centre, on renting price of apartments in cities Prague and Brno. In addition, the thesis also assesses influence of other characteristics on renting price of apartments in the given area. The study is based on rental offer of apartments published on a website sreality.cz in February 2017. The data set contains information regarding 73 apartments in Brno and 347 apartments in Prague. On the basis of the regression analysis, the negative influence of distance of a real estate from the city centre on renting price has been demonstrated in both cities. In both cases, the significant influence of building characteristic on the rental price of apartments was found. In Prague, the energy performance of buildings has the strongest influence on the rental price, while in Brno, the condition of the building influences the rental price the most.
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Spatial approaches to hedonic modelling of housing market: Prague case
Lipán, Marek ; Křehlík, Tomáš (advisor) ; Troch, Tomáš (referee)
Having at hands instruments capable of effective housing appraisal can be essential not only for the real property evaluator in a bank, policy maker or real estate agent, but also for single individual seeking for an objective way to assess the tenure choice decisions. The housing market data are of a spatial nature. We address the spatial issues by implementing spatial modelling techniques into a hedonic price model. The main focus of the thesis is put on building a kriging model, which shows to be a powerful tool in explaining and predicting the prices of housing in the Prague at market. The kriging model comes out the best from the comparison of performance with the traditional spaceless hedonic pricing model as well as the common econometric spatial models. The usefulness of our kriging model is demonstrated in a possible application as the extension of the net present value model of the optimal tenure choice for a prospective first home owner. In a simplified economic scenario we found that the optimality of the tenure choice depends on the inflation, expected holding period as well as the precise location of the flat in the Prague.
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Determinants of real estate prices in Czech Republic
Pojezdná, Marie ; Dlouhá, Zuzana (advisor) ; Chytilová, Helena (referee)
This thesis examinates factors which influence price of real estate on the market in Czech Republic; hedonic price model was used as examinating method. These factors are acknowledged as significant in model for Czech Republic: area, number of rooms, accessories (separate kitchen, garage), ground floor, construction material, reconstruction, distance from centre, public transportation, neighborhood and region. Region is the most significant factor in model for regions outside Prague, the most significant factor in model for Prague is distance from centre.
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Analysis of the influence of selected qualitative characteristics on price apartments in Prague in the period 2007 -2012
Vinterová, Michaela ; Koubek, Ivo (advisor) ; Pertold, Filip (referee)
The aim of this thesis is to examine the influence of selected characteristics of sold flats (2007-2012) in Prague on the selling price. The analysis is made on group of similar flats of size 3+1 and 3+kk. Data consist of 1185 observations. I am using the hedonic price method to investigate the influence of selected variables. The results indicate that with rise in availability by 1% the price of flat decrease by 0, 13%, with rise of its size the price rise by 0,92%. The price of flats rise by 13% when the cooperative ownership change to personal ownership The change of construction materials from panel to bricks rise the price of flat by 23%, the reconstruction of bathroom rise the price by 5,7%. Other finding is that overall reconstruction rises the price by 11%. Garage increase the price by 24%. Finally the hypothesis that flat in the ground floor is negatively viewed and the price of flat decrease by 2, 5%.
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The effect of air pollution on house prices in the Czech republic
Vlček, Martin ; Lahvička, Jiří (advisor) ; Chytilová, Helena (referee)
Analyzing a sample of 2 000 family houses located in six Czech cities (Prague, Brno, Ostrava, Liberec, Plzeň, Ústí nad Labem), the thesis discusses the relationship between the offer price of property and the concentration of PM10 in the air. The hedonic price model drawn up and assessed in the thesis has been extended by additional check variables which describe the other determinants of the price of a house. Based on this model, the thesis demonstrates that an increase in PM10 concentration by 1 mcg/m3 reduces the value of a house by 0.74 %. An inter-city comparison has shown that the concentration of PM10 in the air reduces the price of houses in Ostrava compared to Prague by 12.43 % and in Brno by 0.96 %. The differences in prices resulting from the PM10 pollution range from 0 to 5.3 % in Prague, from 0 to 17.73 % in Brno and from 0 to 22.75 % in Ostrava. Furthermore, the thesis has demonstrated that the price of a house decreases in proportion to the increasing distance from the center, while availability of a garage increases the price of a house. Prague as the capital city has confirmed its position as the most valuable location in the market.
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The noise impact on Prague market of dwelling: NSDI of road noise versus NSDI of tram noise
Šohajová, Renata ; Melichar, Jan (advisor) ; Máca, Vojtěch (referee)
This paper is studying an impact of price of noise on a market price of dwelling. I focus on a difference of impacts of road and tram traffic especially. I use a hedonic price model for Prague data. I illustrate a noise concept and its impact on people and society in theory because it encourages economics. I describe the hedonic price model and Noise Sensitivity Depreciation Index. I describe a descriptive analysis, regression analysis, modeling of hedonic price function of tram noise and road noise in practical part. I learn I can't compare hedonic models of tram noise and road noise because noise coefficients are not significant and they are bad oriented. Therefore I create the hedonic price model for night noise that was only one significant and negative.
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