Abstract

http://ssrn.com/abstract=1675432
 
 

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Testing House Price Index in the Brazilian Real Estate Market


Denisard Alves


FEA-USP

Joe Akira Yoshino


University of Sao Paulo (USP) - Department of Economics

Paula Pereda


FEA USP

Carla Amrein


FEA USP

July 11, 2010


Abstract:     
In this paper, we evaluate the impacts of capital markets in housing prices of São Paulo City, which is the largest municipality in Brazil. The analysis covers the period from January 2001 to March 2008 and the method applied was based on the model of hedonic pricing. As expected, the conditions of housing financing showed positive correlation with property prices, while banking spreads showed the opposite effect. Some interesting results were obtained through the interaction between the stock market boom in Brazil and characteristics of the houses in the sample. It was found that in periods of positive performance at stock markets, many of the house’s characteristics loose importance in pricing, while the financing conditions become more important.

Number of Pages in PDF File: 12

Keywords: Hedonic Pricing Model, Stock Market, Real Estate Market

JEL Classification: C43, G12, O18

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Date posted: September 11, 2010 ; Last revised: September 15, 2010

Suggested Citation

Alves, Denisard and Yoshino, Joe Akira and Pereda, Paula and Amrein, Carla, Testing House Price Index in the Brazilian Real Estate Market (July 11, 2010). Available at SSRN: http://ssrn.com/abstract=1675432 or http://dx.doi.org/10.2139/ssrn.1675432

Contact Information

Denisard Alves
FEA-USP ( email )
Av. Prof. Luciano Gualberto 908
Sao Paulo SP, 05508-900
Brazil
Joe Akira Yoshino (Contact Author)
University of Sao Paulo (USP) - Department of Economics ( email )
Av. Prof. Luciano Gualberto 908
Sao Paulo SP, 05508-900
Brazil
HOME PAGE: http://www.usp.br/feaecon/perfil.php?i=10&u=57
Paula Pereda
FEA USP ( email )
São Paulo
Brazil
Carla Amrein
FEA USP ( email )
São Paulo
Brazil
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