Three New Real Estate Price Indices for Geneva, Switzerland

J. OF REAL ESTATE FINANCE AND ECONOMICS, Vol. 15 No. 1

Posted: 4 Jul 1997

See all articles by Martin Hoesli

Martin Hoesli

University of Geneva - Geneva School of Economics and Management (GSEM); Swiss Finance Institute; University of Geneva - Research Center for Statistics; University of Aberdeen - Business School

Carmelo Giaccotto

University of Connecticut - Department of Finance

Philippe Favarger

Federal Polytechnical University

Abstract

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

Hoesli, Martin Edward Ralph and Giaccotto, Carmelo and Favarger, Philippe, Three New Real Estate Price Indices for Geneva, Switzerland. J. OF REAL ESTATE FINANCE AND ECONOMICS, Vol. 15 No. 1. Available at SSRN: https://ssrn.com/abstract=9287

Martin Edward Ralph Hoesli

University of Geneva - Geneva School of Economics and Management (GSEM) ( email )

40 Boulevard du Pont d'Arve
Geneva 4, 1211
Switzerland
+41 22 379 8122 (Phone)
+41 22 379 8104 (Fax)

Swiss Finance Institute

c/o University of Geneva
40, Bd du Pont-d'Arve
CH-1211 Geneva 4
Switzerland

University of Geneva - Research Center for Statistics ( email )

Geneva
Switzerland

University of Aberdeen - Business School ( email )

Edward Wright Building
Dunbar Street
Aberdeen, Scotland AB24 3QY
United Kingdom
+41 22 379 8122 (Phone)
+41 22 379 8104 (Fax)

Carmelo Giaccotto (Contact Author)

University of Connecticut - Department of Finance ( email )

School of Business
2100 Hillside Road
Storrs, CT 06269
United States
202-486-4360 (Phone)
202-486-0349 (Fax)

Philippe Favarger

Federal Polytechnical University

Lausanne
Switzerland

Register to save articles to
your library

Register

Paper statistics

Abstract Views
1,234
PlumX Metrics