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Spatial heterogeneity of housing prices in formal and informal settlements: A GWR hedonic model for segmented markets in Cali
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Vivas Pacheco, Harvy
Franco Calderón, Ángela María
Fecha
2021-06-01
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Universidad del Rosario
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Resumen
This paper studies the factors associated with differential prices in segmented housing markets. Despite the breadth of the literature addressing this issue, a gap remains in the investigation of differential prices in areas where formal and informal settlements coexist. Based on primary data from more than 550 households, we calibrated a Geographically Weighted Regressions (GWR) hedonic model in the District 18 of Cali, Colombia, as an approach for housing pricing in areas where heterogeneous occupation patterns prevail. The findings reveal that environmental quality, violence, accessibility to transportation, business and services, and household incomes are the variables that have the greatest impact on price structures in both the formal and informal sub-markets. In this regard, the model of price behavior developed in this research improves predictions and provides accurate information to policymakers about the factors associated with housing prices.
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Keywords
Spatial heterogeneity , Informal settlements , Housing prices , Geographically Weighted Regressions (GWR) , Hedonic prices
