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Geographical Diversification Through Spatial Autocorrelation Analysis Of Paris Residential Market

dc.contributor.authorSimon, Arnaud
dc.contributor.authorSrikhum, Piyawan
dc.date.accessioned2012-02-13T10:34:08Z
dc.date.available2012-02-13T10:34:08Z
dc.date.issued2010
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/8125
dc.language.isoenen
dc.subjectgeographical diversificationen
dc.subjectspatial autocorrelationen
dc.subjectmarket segmentationen
dc.subjectreal estate portfolioen
dc.subject.ddc338en
dc.subject.classificationjelR31en
dc.titleGeographical Diversification Through Spatial Autocorrelation Analysis Of Paris Residential Marketen
dc.typeCommunication / Conférence
dc.description.abstractenThe development of information and communication technologies (Internet, databases...) reduces the barriers of investment. Consequently, investors now have a wealth of opportunities available for diversifying their real estate portfolio geographically. However, neighborhoods residential properties tend to have similar price evolution because they have the same structural characteristics and share location amenities. The previous studies often confirm a degree of spatial autocorrelation (positive or very positive autocorrelation) between neighboring properties. Hence, the real estate diversification between predefined regions, based on administrative boundary (arrondissement) is rarely optimal. Differences from the administrative segmentation, this study analyzes the relevance of a new segmentation of Paris housing markets that could improve the geographical diversification performance. By applying the spatial econometrics techniques based on the notary’s data of 35206 apartments’ transaction in Paris in 2007, we attempt to use residual spatial autocorrelation information to redefine new market segmentation. This geographical boundary allows the properties to determine their submarket structure and to eliminate the spatial autocorrelation problem between submarket. We find a low spatial autocorrelation of properties belonging to different submarkets. According to this study, the diversified portfolios based on this structure show probably more efficient than the previous literatures established on the traditional administrative segmentation.en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelEconomie industrielleen
dc.relation.conftitle17th Annual ERES Conferenceen
dc.relation.confdate2010-06
dc.relation.confcityMilanen
dc.relation.confcountryItalieen


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