Effect of shopping centers on housing prices: the case of Medellín
Abstract
Housing prices are determined not only by the intrinsic factors of the property itself but also by the extrinsic factors of the environment. This study evaluates the impact of the proximity of shopping centers on the price of real estate property in Medellín. Hedonic models are estimated using spatial econometrics and the area of influence (buffer) of shopping centers is determined. The results show that when a dwelling is located up to 0.5 km from a shopping mall, its value can increase between 3.59% and 7.39%. The analysis of this kind of externalities is relevant not only because it is an input for territorial planning but also for the decisions of real estate market actors such as builders and citizens.
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