Resumen

SAGNER T., Andrés. Determinantes del precio de viviendas en la región metropolitana de Chile. El trimestre econ [online]. 2011, vol.78, n.312, pp.813-839. ISSN 2448-718X.

This paper econometrically analyses the factors that determined the dynamics of real estate price in the Metropolitan Area of Chile during the period 1990-2007. The results show that variables such as age and size are statistically significant determinants of property prices; access to Metro stations tends to capitalize on a non-linear manner; and both household income and aggregate income are economically significant. The price decomposition reveals that between 68% and 71% of price level is explained by determinants related to attributes of the dwelling, while about 68% of the observed price growth during 1990 and 2007 is result of macro-financial determinants. During 2006 and 2007, the evolution of housing prices is not significantly different from that predicted by the model. These results are robust to alternative estimates by housing type and different sample sub periods.

Palabras llave : precio de viviendas; precios hedónicos; características observables y no observables; capitalización de bienes públicos.

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