Título Inglês:
Modeling house pricing in the real estate market of São Paulo City
Resumo:
Este trabalho analisa a formação dos preços dos imóveis da cidade de São Paulo e considerando em seu modelo hedônico, além das características intrínsecas, as características da vizinhança e o ambiente macroeconômico. O período analisado é de janeiro de 2001 a março de 2008. Os principais resultados foram: quanto mais longo for o período do financiamento imobiliário, maior será o preço do imóvel; a diminuição do spread dos juros bancários estimulam o mercado; e as interações entre a dummy de boom tanto com as características das moradias e com o spread de juros mostram que as variáveis de risco de mercado ganham importância relativa no modelo. Assim, as evidências sugerem que para a modelagem do indexador de preços de imóveis, os métodos usuais de médias simples, hedônico e vendas repetidas utilizados em diferentes países, são insuficientes. Precisam ser consideradas variáveis de risco de mercado e de crédito.
Resumo Inglês:
Hedonic modeling has become a benchmark for pricing real assets with several intrinsic characteristics. This work tests also others dimensions for asset pricing: the quality of life in the housing neighborhood and macroeconomic variables. The data is about the real estate market in São Paulo city from January 2001 to March 2008. The main results were: the longer the maturity of mortgage financing, the larger the housing price, but decreasing interest rate spread stimulate the real estate market, and the interactions between the dummy for the boom period and either housing characteristics or bank interest rates spread show that the hedonic model loses its relative importance for pricing, while market risk variables become much more relevant. Thus, these new findings suggests that for modeling a house price index it is not sufficient to consider only average prices or a hedonic approach, but both the market and credit risks as well.
Citação ABNT:
ALVES, D. C. O.; YOSHINO, J. A.; PEREDA, P. C.; AMREIN, C. J. Modelagem dos preços de imóveis residenciais paulistanos. Revista Brasileira de Finanças, v. 9, n. 2, art. 138, p. 167-187, 2011.
Citação APA:
Alves, D. C. O., Yoshino, J. A., Pereda, P. C., & Amrein, C. J. (2011). Modelagem dos preços de imóveis residenciais paulistanos. Revista Brasileira de Finanças, 9(2), 167-187.
Link Permanente:
https://www.spell.org.br/documentos/ver/4540/modelagem-dos-precos-de-imoveis-residenciais-paulistanos/i/pt-br
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