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The Impact of Urban Centralities on Housing Values

European Real Estate Society 20th Annual Conference 3rd-6th July 2013. The Impact of Urban Centralities on Housing Values. Aurélien DECAMPS BEM – KEDGE Business School aurelien.decamps@bem.edu Frédéric GASCHET, Guillaume POUYANNE, Stéphane VIROL GRETHA UMR CNRS 5113

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The Impact of Urban Centralities on Housing Values

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  1. European Real Estate Society 20th Annual Conference 3rd-6th July 2013 The Impact of Urban Centralities on Housing Values Aurélien DECAMPS BEM – KEDGE Business School aurelien.decamps@bem.edu Frédéric GASCHET, Guillaume POUYANNE, Stéphane VIROL GRETHA UMR CNRS 5113 University Montesquieu Bordeaux IV frederic.gaschet@u-bordeaux4.fr guillaume.pouyanne@u-bordeaux4.fr stephane.virol@u-bordeaux4.fr

  2. Presentation Background Data and Method Results Conclusion ERES Conference 2013

  3. Background ERES Conference 2013 • The « polycentric city » : • Emergence of subcenters (Giuliano and Small, 1991; Cervero and Wu, 1997; Bogart and Anderson, 2001) • Economicallyspecialized (Gaschet, 2001; Bingham and Kimble, 1995) • Two types of subcenters (Munizet al., 2009) : Suburbanization of jobs - Integration of remotemedium-sized city

  4. Background ERES Conference 2013 • Densitypolycentric gradients : • A growing impact of subcenters on : • Residentialdensity (McMillen and McDonald, 1998) • Job density (Small and Song, 1994) • The price gradient : • Back to the origins of urbaneconomics… • Job accessibilityiscapitalizedintoprices • Taking in accountamenities • The degree of substituability/complementarity of the subcentersunder question (Sivitanidou, 1997)

  5. Strong complementarity Medium Complementarity Strong Substituability CBD Subcenter Distance to the CBD Background Housing prices ERES Conference 2013 Price gradient regarding type of subcenters

  6. Data and Method ERES Conference 2013 • A step-by-stepapproach : 1. Identification of subcenters 2. Hedonic model of housingprices in a polycentric city 3. Test of complementaritybetweencenters • Data : • PERVAL database on real estate transactions (2000-2006) • French Institute of Statisitics : neighborhoodincomelevel (2000) • Corine Land Cover : main land uses (2000)  A veryrichdatabase

  7. Data and Method ERES Conference 2013 • 1. Identification of subcenters • Giuliano and Small (1991)’s criterion : job density and number of jobs :1 CBD, 9 subcenters

  8. Data and Method ERES Conference 2013 • 2. Hedonic model of housing prices in a polycentric city • Housingis a set of attributes • Intrinsic • Environment • Distance • CBD • Nearestsubcenter • «Implicitprices » of eachattribute • A log linear spécification (Box Cox)

  9. Monocentric Model Expectedsigns for intrisiccharacteristics Impact of local incomelevel (quantiles) No effect of land use exceptforest (naturalamenities) Expectedsigns for distance to CBD and coast A flattening of the CBD gradient between 2000 and 2006: the « sprawlingeffect »

  10. Polycentric Model • Land use more significant • Impact of distance to the CBD and twosubcenters • Merignac / Lac • Weaker impact of medium-sized cities • Arcachon: coastal amenities

  11. Test of Complementaritybetweensubcenters ERES Conference 2013 • The method of minimal distances (McMillen and McDonald, 1998) • Distance to the nearest job center, second nearest, third nearest… • Iterative introduction of these distances • Are housing prices better explained by the nearest (substituability), or the distance to several subcenters (complementarity) ?

  12. Conclusion ERES Conference 2013 • Structure of housingprices in a polycentric city • Employmentaccessibility and distance to subcenters • Amenities: • Socio-economic (local incomelevel) • Natural and coastalamenities (suburbs and Arcachon) • Historical and modern amenities (CBD) • Complementaritybetween CBD and subcentres vs. Proximity for integrated medium-sizedcities • Research perspective • Spatial econometrics and semi-parametricmethods to sharpenourresults • A comparison of housing and commercial prices

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