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...

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...

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 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...

There is likely to be considerable cross- and within-region variation in housing wealth. This paper examines how housing wealth has varied in the United Kingdom over the boom and bust period of 1983-93. It also analyzes, for the period 1989-93, the relationship between housing wealth, household...

The possible existence of investor clientele groups has received little attention in the real estate finance literature. In this paper we develop a clientele model, which in equilibrium produces a clustering of investors by tax characteristics. Low-tax-bracket investors are concentrated in...

[abstract missing - contribution appeared in the programme]