English, Article, Journal or magazine article edition: Construction of a Transaction-Based Real Estate Index for the Paris Housing Market Raimond Maurer; Martin Pitzer; Steffen Sebastian

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Bookmark: http://trove.nla.gov.au/version/1800
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Construction of a Transaction-Based Real Estate Index for the Paris Housing Market
Author
  • Raimond Maurer
  • Martin Pitzer
  • Steffen Sebastian
Physical Description
  • preprint
Notes
  • In this paper, we calculate a transaction–based price index for apartments in Paris (France). The heterogeneous character of real estate is taken into account using an hedonic model. The functional form is specified using a general Box–Cox function. The data basis covers 84 686 transactions of the housing market in 1990:01–1999:12, which is one of the largest samples ever used in comparable studies. Low correlations of the price index with stock and bond indices (first differences) indicate diversification benefits from the inclusion of real estate in a mixed asset portfolio.
  • Real estate investments - hedonic - index construction - Box–Cox transformation - diversification
  • RePEc:fra:franaf:68
Language
  • English
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