Journal
JOURNAL OF PROPERTY RESEARCH
Volume 34, Issue 4, Pages 269-284Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/09599916.2017.1400575
Keywords
Spatial econometric; weight matrices; hedonic method; price determination; housing prices
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In this paper, we try to identify the price determinants in the biggest real estate market of Greece, the metropolitan area of Athens. For that purpose, various spatial econometric models are used to explore their prediction ability and we are displaying the variations in property prices for the wider area of Athens. These models have been compared based on different criteria such as model fit, the Akaike information criterion and variance of the residuals. Our results indicate that, in our case, the spatial general model is the most appropriate simultaneous autoregressive model when dealing with spatially autocorrelated prices of housing properties data, in terms of our selection criteria.
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