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Hyun, D and Heinig, S (2022) Different preferences, but the same approach: the practice of the sales comparison in the Berlin housing rental and sale market. Journal of Housing and the Built Environment. ISSN 1383-2336
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Different preferences but the same approach the practice of the sale comparison in the Berlin housing and rental and sale market.pdf - Accepted Version Download (598kB) | Preview |
Abstract
While determining the value of various housing attributes can vary between sales and rental markets, market participants may use the sales comparison approach as a common strategy. Due to the intransparent and illiquid nature of the housing market, the method provides a simple way for market participants in the two different markets to agree on prices. We show that a strong dependence tendency of market participants on market price information is commonly observed in both the sales and the rental market. Using spatial econometrics for 17,500 apartment rents and sales data respectively in Berlin, Germany, we find that the dependence tendency in the rental market is significant, and it is comparable with that in the sales market. In particular, the results are robust within the restricted market setting of increased regulation for rent. These findings are robust over various spatial specifications.
| Item Type: | Article |
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| Additional Information: | This version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use, but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: https://doi.org/10.1007/s10901-022-09968-8 |
| Uncontrolled Keywords: | 1205 Urban and Regional Planning; Urban & Regional Planning |
| Subjects: | H Social Sciences > HF Commerce > HF5001 Business H Social Sciences > HF Commerce |
| Divisions: | Civil Engineering & Built Environment |
| Publisher: | Springer |
| SWORD Depositor: | A Symplectic |
| Date Deposited: | 01 Sep 2022 14:37 |
| Last Modified: | 30 Aug 2023 00:50 |
| DOI or ID number: | 10.1007/s10901-022-09968-8 |
| URI: | https://researchonline.ljmu.ac.uk/id/eprint/17473 |
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