Externalidades e formação de demanda por imóveis em cidades de porte médio brasileiras

Abstract

This paper focuses on the economic determinants that contribute to the price formation in the real state market of a representative medium size city in Brazil (Fortaleza), based on the hedonic or implicit prices theory. The model considered implicit prices in the curve of utility of an agent of demand segmented in two groups: direct consumer of housing and the investor in properties, that it incorporates economical-financial additionally that measure the degree of risk and return in the formation of the hedonic prices. It is estimated the hedonic prices through regression models segmented by type of property of the prices observed by considering several attributes distributed in the vectors of externalities, physical, location, economical and financial characteristics. The sample selected for estimating the models is formed by the real estate transactions which accounted for 4.467 observations, being 876 residential apartment complexes, 1969 flats and 1622 commercial office rooms, in the period 1995-2003. Besides, it is also estimated the function of real estate demand, and identifies the risks involved in the real estate market.