<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2008000200403</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Capitalización anticipada del metro de Santiago en el precio de las viviendas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Agostini]]></surname>
<given-names><![CDATA[Claudio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Palmucci]]></surname>
<given-names><![CDATA[Gastón]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Alberto Hurtado Departamento de Economía ]]></institution>
<addr-line><![CDATA[ Santiago]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Tribunal de Defensa de la Libre Competencia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2008</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2008</year>
</pub-date>
<volume>75</volume>
<numero>298</numero>
<fpage>403</fpage>
<lpage>431</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2008000200403&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2008000200403&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2008000200403&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En general, las viviendas que por su ubicación muestran mejores accesos tienen un valor de mercado superior respecto a viviendas de características similares con peores accesos. Esta diferencia se debe a los menores costos de transporte hacia los principales mercados laborales y comerciales de una ciudad. Por esta razón las inversiones en infraestructura pública de transporte, como por ejemplo la construcción de una nueva línea de metro, se capitalizan total o parcialmente en el precio de los terrenos y de las viviendas. Este trabajo estudia empíricamente el grado de capitalización en el precio de las viviendas que tuvo la construcción de la nueva línea 4 del metro en la ciudad de Santiago. En particular, dado que la nueva línea entra en operación en diciembre de 2005, se estima el grado de capitalización anticipada en el precio de las viviendas ocurrido en el momento del anuncio de la construcción de la nueva línea 4 y en el momento del anuncio de la ingeniería básica que determinó la ubicación de las estaciones. Con una base de datos única, que contiene todas las transacciones de compra y venta de viviendas realizadas en el Gran Santiago entre diciembre de 2000 y marzo de 2004, los resultados muestran que el valor promedio de los departamentos aumentó entre 3.3 y 4.4% como consecuencia del anuncio de construcción y entre 4.5 y 5.7% después del conocimiento de la ubicación de las estaciones. Este aumento no se distribuye de manera uniforme, sino que depende de la distancia a la estación de metro más cercana. Un efecto indirecto de esta capitalización es que la recaudación del impuesto a las propiedades aumentaría si se reavalúan las propiedades de acuerdo con su aumento de valor. Este efecto no es despreciable en magnitud y podría representar al menos entre 14 y 20% de la inversión de la nueva línea de metro, lo cual abre una discusión interesante respecto a la manera de financiar la expansión de la red de metro.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: In general, the market price of a house with good access to the main labor and commercial markets in a city is higher than similar houses with worse access. The reason is that transportation costs are lower in the former compared with the latter. For this reason, investments in public transportation, like a new subway line, are capitalized on housing prices. In this work, we empirically estimate the degree of capitalization of the new line 4 of the Santiago subway in Chile. Specifically, we estimate the anticipated degree of capitalization after the construction of the new line was announced and after the exact location of the stations was known. Using a unique data set, which contains all housing transactions occurred in Santiago during the period between December 2000 and March 2004, we estimate the impact of the new line of the subway of housing prices. The results show an average increase between 3.3% and 4.4% after the construction announcement and an increase between 4.5% and 5.7% after the exact location of the stations was announced. This increase is not evenly spread, it depends negatively on the distance to the closest station. An indirect effect of the housing capitalization is that tax property revenues would increase if the tax authority reassess the property values accordingly. This effect is not negligible and could represent between 14% and 20% of the new subway line total investment, which opens an interesting discussion about the way in which expansion of the subway network could be financed.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[metro]]></kwd>
<kwd lng="es"><![CDATA[valor de departamentos]]></kwd>
<kwd lng="es"><![CDATA[capitalización anticipada]]></kwd>
</kwd-group>
</article-meta>
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