Differences between characteristics on real states prices for sale and lease in the city of Vitoria (Espirito Santo)
Name: CLÁUDIO IMPERIAL LOPES
Publication date: 10/07/2015
Advisor:
Name |
Role |
|---|---|
| ALFREDO SARLO NETO | Advisor * |
Examining board:
| Name |
Role |
|---|---|
| ALFREDO SARLO NETO | Advisor * |
| CLÁUDIO MÁRCIO PEREIRA DA CUNHA | Internal Examiner * |
Summary: This dissertation studies the relevant features in the formation of sale and rental price, also
analyzing the differences between these attributes for apartments in the city of Vitória/ES,
filling a gap not yet developed, considering the possibility to compare rental and sale prices.
The theoretical construct was based in the hedonic pricing approach, applied in studies of
Waugh (1928) and Court (1939), but formally theoretically developed by Lancaster (1966)
and Rosen (1974), and applied and discussed by Palmquist (1984) and Sheppard (1999). The
literature review shows that there impacts related with physical aspects of the property, such
as anothers related with external features, such as violence, easy access, or the presence of
railway stations or markets nearby, among others. The sample came from a real estate supply
list in the Netimóveis site during the months of May and June 2014, with a number of 563
observations for sale and 185 for rent. Besides these two samples, analyzes were prepared
with respect to sub-samples that had the variable value of the condominium, seeking to
expand the explanatory variables collected. The analysis was made using descriptive statistics,
correlation between variables and multiple regressions, the latter being applied to the six
proposed models for each sample, then proposing a final model for sale and rent. Regarding
the assumptions used and applied in the models, some of which were used with a base
previous study, and others, like the morning sun, for example, they were presented as
proposals. About the results founded, many corroborated with previous studies, confirming
that variables such as area, parking spaces, balcony, walk and drive forward position,
swimming pool and located in affluent neighborhoods positively impact the price of real
estate, regardless of whether sale or rent. How different it was possible to identify the
variables presence of a lift, playground and value of the condominium participate positively
the selling price of explanation, while the presence of court, furniture and morning sun
positively explain the rent in the sample.
