<?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>S2448-718X2011000400813</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Determinantes del precio de viviendas en la región metropolitana de Chile]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sagner T.]]></surname>
<given-names><![CDATA[Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco Central de Chile  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2011</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2011</year>
</pub-date>
<volume>78</volume>
<numero>312</numero>
<fpage>813</fpage>
<lpage>839</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2011000400813&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2011000400813&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2011000400813&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo analiza econométricamente los factores que determinaron la dinámica de precios del sector residencial en la región metropolitana de Chile durante el periodo 1990-2007. Los resultados muestran que la antigüedad y superficie son determinantes estadísticamente significativos en la formación del precio; el acceso a estaciones del Metro tiende a capitalizarse de forma no lineal, y tanto el ingreso del hogar como el agregado son variables económicamente significativos. La descomposición de precios revela que entre 68 a 71% del monto es explicado por determinantes relacionados con los atributos de la propiedad, mientras que cerca de 68% del crecimiento observado entre 1990 y 2007 es consecuencia de determinantes macrofinancieros. Durante el periodo 2006-2007 la evolución de precios inmobiliarios no difiere de manera significativa de la predicha por el modelo. Los resultados encontrados son sólidos a estimaciones por tipo de vivienda y subperiodos muestrales.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[precio de viviendas]]></kwd>
<kwd lng="es"><![CDATA[precios hedónicos]]></kwd>
<kwd lng="es"><![CDATA[características observables y no observables]]></kwd>
<kwd lng="es"><![CDATA[capitalización de bienes públicos]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Capitalización heterogénea de un bien semipúblico: El Metro de Santiago]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Agostini]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Palmucci]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Cuadernos de Economía]]></source>
<year>2008</year>
<volume>45</volume>
<numero>131</numero>
<issue>131</issue>
<page-range>105-28</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ahearne]]></surname>
<given-names><![CDATA[A. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Ammer]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Doyle]]></surname>
<given-names><![CDATA[B. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Kole]]></surname>
<given-names><![CDATA[L. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Martin]]></surname>
<given-names><![CDATA[R. F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Monetary Policy and House Prices: A Cross-Country Study]]></source>
<year>2005</year>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alonso]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Location and Land Use: Toward a General Theory of Land Rent]]></source>
<year>1964</year>
<publisher-name><![CDATA[Harvard University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Estimation of Demand Parameters in Hedonic Price Models]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bartik]]></surname>
<given-names><![CDATA[T. J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1987</year>
<volume>95</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>81-88.</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Twin Peaks in Equity and Housing Prices?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Borio]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[McGuire]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[BIS Quarterly Review]]></source>
<year>2004</year>
<page-range>79-93</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Botric]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Kordej de Villa]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
</person-group>
<source><![CDATA[Determinants of Regional Housing Market in Croatia]]></source>
<year>2005</year>
<conf-name><![CDATA[ European Regional Science Association Conference]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bound]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Jaeger]]></surname>
<given-names><![CDATA[D. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Baker]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Cure Can Be Worse Than the Disease: A Cautionary Tale Regarding Instrumental Variables]]></source>
<year>1993</year>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bover]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Velilla]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Hedonic House Prices Without Characteristics: The Case of New Multiunit Housing]]></source>
<year>2002</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chumacero]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Gómez]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Paredes]]></surname>
<given-names><![CDATA[R. D.]]></given-names>
</name>
</person-group>
<source><![CDATA[I Would Walk 500 Miles (If It Paid)]]></source>
<year>2008</year>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Desormeaux]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Piguillem]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Precios hedónicos e índices de precios de viviendas]]></source>
<year>2003</year>
<publisher-name><![CDATA[Cámara Chilena de la Construcción]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Diewert]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Hedonic Regressions: A Consumer Theory Approach]]></source>
<year>2001</year>
<conf-name><![CDATA[ Scanner Data and Price Indexes]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Epple]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1987</year>
<volume>95</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>59-80</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Determinantes del precio de la vivienda en Santiago: Una estimación hedónica]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Figueroa]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Lever]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Estudios de Economía]]></source>
<year>1992</year>
<volume>19</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>67-84</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Freeman]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Hedonic Approach to Measuring Demand for Neighbournhood Characteristics]]></source>
<year>1979</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[The Economics of Neighbourhood]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Micro Estimates of Public Spending Demand Functions and Tests of the Tiebout and Median-Voter Hypotheses]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gramlich]]></surname>
<given-names><![CDATA[E. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rubinfeld]]></surname>
<given-names><![CDATA[D. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1982</year>
<volume>90</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>536-60</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hilbers]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Lei]]></surname>
<given-names><![CDATA[Q.]]></given-names>
</name>
<name>
<surname><![CDATA[Zacho]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Real Estate Market Developments and Financial Sector Soundness]]></source>
<year>2001</year>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Assessing High House Prices: Bubbles, Fundamentals and Misperceptions]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Himmelberg]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Mayer]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Sinai]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Economic Perspectives]]></source>
<year>2005</year>
<volume>19</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>67-92</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Determinants of Intercity Home Building Site Price Differences]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Manning]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Land Economics]]></source>
<year>1988</year>
<volume>64</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-14</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Transportation and Patterns of Urban Development]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mills]]></surname>
<given-names><![CDATA[E. S.]]></given-names>
</name>
</person-group>
<source><![CDATA[American Economic Review]]></source>
<year>1967</year>
<volume>57</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>197-210</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Muth]]></surname>
<given-names><![CDATA[R. F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Cities and Housing]]></source>
<year>1969</year>
<publisher-name><![CDATA[University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Evolución de los precios de viviendas en Chile]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Parrado]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Cox]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Fuenzalida]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Revista Economía Chilena]]></source>
<year>2009</year>
<volume>12</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>51-68</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Quiroga]]></surname>
<given-names><![CDATA[B. F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Precios hedónicos para valoración de atributos de viviendas sociales en la región metropolitana de Santiago]]></source>
<year>2005</year>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Determinants of Residential Property Values with Special Reference to Air Pollution]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ridker]]></surname>
<given-names><![CDATA[R. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Henning]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Review Economics Statistic]]></source>
<year>1967</year>
<volume>4</volume>
<page-range>246-57</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rosen]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1974</year>
<volume>82</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>34-55</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<article-title xml:lang=""><![CDATA[The Economics of the Local Public Sector]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rubinfeld]]></surname>
<given-names><![CDATA[D. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of Public Economics]]></source>
<year>1987</year>
<volume>II</volume>
<publisher-name><![CDATA[Elsevier Science Publishers]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Banking System, Real Estate Markets and Nonperforming Loans]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Chang]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Selvili]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
</person-group>
<source><![CDATA[International Real Estate Review]]></source>
<year>2003</year>
<volume>6</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>43-62</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Capitalization and the Theory of Local Public Finance]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yinger]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1982</year>
<volume>90</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>917-43</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhu]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Importance of Property Markets for Monetary Policy and Financial Stability]]></source>
<year>2003</year>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
