By splitting the spatial effects into building and neighborhood effects, this paper develops a two order spatio-temporal autoregressive model to deal with both the spatio-temporal autocorrelations and the heteroscedasticity problem arising from the nature of multi-unit residential real estate...

This paper seeks to let data define urban housing market segments, replacing the conventional administrative or any pre-defined boundaries used in the previous housing submarket literature. We model housing transaction data using a conventional hedonic function. The hedonic residuals are used to...

This study examines the potential of a two-order spatiotemporal autoregressive model with a Bayesian heteroskedasticity robust procedure in modeling strata-titled Singapore office unit transaction prices and in constructing transaction-based disaggregate office price indexes. The model reduces...

Views, being a qualitative and subjective variable, are difficult to measure and quantify for valuation purposes. In order to quantify view in a variable, there is a need to reflect the influence of the height of surrounding buildings, the surrounding topography, and the height and orientation...

A proportional hazard model is employed to exploit micro relationships between household housing price expectation and probability to sell (the latter is inversely related to the property owning spells). The primary data source is from 14 yearsí Singapore condominium transaction data. A...

In this paper, a dynamic stock flow model is modified and applied to the Singapore private housing market. Two empirical models are then constructed, which offer an explanation for the dynamic patterns of both real private housing prices and new housing construction. In the long run, movements...

ERES:conference

A new housing choice forecasting model is developed here to answer a practical question: how to forecast housing demand at a disaggregate level. Being different from the previous housing choice models, this model is derived from housing sub-market structure based on a random utility approach....

This paper gives a definition of urban owner-occupier housing sub-market structure. A dynamic stock flow approach is applied to this structure to understand its short-term equilibrium properties and long-term dynamic process. The paper concludes by investigating the connections between urban...

It has been demonstrated that the real estate market disciplines irrational price premiums. However, the persistence of price premiums begs the question of what causes price premiums in the first place. This paper seeks to examine two explanations for price premiums—the conventional...