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Virtual Real Estate Seminar: Gabriel M. Ahlfeldt “Micro-geographic property price and rent indices”
Gabriel M. Ahlfeldt, Stephan Heblich and Tobias Seidel: Micro-geographic property price and rent indices

We develop a programming algorithm that predicts a balanced-panel mix-adjusted house price index for arbitrary spatial units from repeated cross-sections of geocoded micro data. The algorithm combines parametric and non-parametric estimation techniques to provide a tight local fit where the underlying micro data are abundant and reliable extrapolations where data are sparse. To illustrate the functionality, we generate a panel of German property prices and rents that is unprecedented in its spatial coverage and detail. This novel data set uncovers a battery of stylized facts that motivate further research, e.g. on the density bias of price-to-rent ratios in levels and trends, within and between cities. Our method lends itself to the creation of comparable neighborhood-level qualified rent indices (Mietspiegel) across Germany.

PAPER: http://personal.lse.ac.uk/ahlfeldg/WP/GA_SH_TS_-_HPI.pdf

Mar 23, 2022 04:00 PM in London

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