Economics Research

Factors affecting the price of housing in urban areas using panel data (during the 1370 to 1385)

Document Type : Research Paper

Authors

Heshmatolah Asgari 1
Isaac Almasi 2

1 Ph.D. in Economics, Faculty Member, University of Ilam

2 M.S. in Statistics, Faculty Member, University of Ilam

Abstract
Fluctuations of the housing prices during the past 15 years in the country and
provincial level, has been remarkable. In this paper, factors affecting housing price
level (long term) and its fluctuations (short term) in the provinces during the period
1370-1385(1991-2006) has been studied. For this purpose we used method of
panel data. The analysis shows that in short-term, factors of the housing price
fluctuations are: stock market price index, the general price level in the previous
period, the price of land, construction costs, oil prices, the amount of private sector
investment, household spending and interest rate on loan. Also in the long term,
factors of the housing price fluctuations are: housing prices in the previous period,
the number of households, stock market price index, household spending, the gold
prices, land and housing prices and so on. Other results in this paper show that in
determining housing prices and its variations the land price, the general price level
of the previous priod, interest rate on loan and oil prices had the greatest effect,
respectively.
 

Keywords

Housing Prices
Panel Data
Stock Market Index
Land
Profit Interest Rate

  • Receive Date 25 November 2008
  • Revise Date 12 February 2009
  • Accept Date 29 April 2009

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