Three New Real Estate Price Indices for Geneva, Switzerland
J. OF REAL ESTATE FINANCE AND ECONOMICS, Vol. 15 No. 1
Posted: 4 Jul 1997
The purpose of this paper is to develop constant quality price indices for three categories of real estate: apartment building, vacant land, and condominiums for the city of Geneva, Switzerland. We use both the hedonic and repeat sales models to estimate the price level and, in turn, the rate of price change. The general pattern of each series suggests that real estate prices in Geneva were fairly stable throughout the 1970s, increased sharply during the 1980s, but gave back some of these gains in the early 1990s. Interestingly, the sharp rise in prices in the second half of the eighties is very similar to that found in some regions of the U.S. We also consider the problem - implicit in the repeat sales method, of revisions in previously estimated price indices as additional data become available in later years.
JEL Classification: R0
Suggested Citation: Suggested Citation