7
9
4
3
2 1 6
5
8
10
Outer belt
Inner belt
City center
FIG. A.1. Map of Milan Metropolitan Area.
market value is not statistically significant. Then we conclude that in general
evaluations formulated by the OMI officers are not too far from the prices
actually realized on the market.
The coefficient of the surface is always smaller than one, which means
that the marginal price for an additional square meter decreases with a decreasing rate. As expected, a second bathrooms or more, as well as the presence of at least a garage, positively influences the transaction price. Living
on a high (resp. ground) floor is better (resp. worse) than living on a middle
floor, between the second and the third floor. A flat to be renovated has a
lower value with respect to a flat in normal conditions.
The type of building matters as well as its age. For example, in Milan inner city, properties built before the fifties are on average more appreciated
than those built more recently. This is explained by the fact that the oldest
buildings, many of which are interesting from an architectural point of view
127
TAB. A.1. List of variables with their definition
Variable
Ln(Surf)
Offer_p
Estimated_p
Renov
Low_cost
Luxury
Age_2
Age_3
Age_4
Bath_2
Low_floor
Sup_floor
Elev
Parking
Dist_km
Dist_m
z + number j
s + number t
Definition
logarithm of the floor surface area
= 1 if the housing value is an offer price
= 1 if the value is estimated by the OMI officers
= 1 if the unit needs to be renovated
= 1 if the unit is an apartment in a low cost building
= 1 if the unit is an apartment in a luxury building
= 1 if the unit is in a property build between 1950 and 1980
= 1 if the unit is was built after 1980
= 1 if the unit is was built after 2000
= 1 if the unit has a second bathroom or more
= 1 if the unit is on ground floor or first floor
= 1 if the unit is on fourth floor or higher
= 1 if the unit is in a building with an elevator
= 1 if the unit has at least one parking space
distance in kilometers from the residence city center to the center of the reference city
distance in minutes from the residence city center to the center of the reference city
= 1 if the housing unit is located in the urban area j*
= 1 if the unit is sold at time t
* The lists of districts and urban areas are available upon request.
130
8.8866**
(0.0878)
0.9551**
(0.0178)
0.0604*
(0.0229)
–0.0108
(0.0240)
–0.0928**
(0.0244)
–0.0330*
(0.0130)
0.0883*
(0.0305)
0.0447*
(0.0142)
0.0455**
(0.0160)
0.0299
(0.0157)
0.0717**
(0.0153)
0.1093*
(0.0355)
–0.2607**
(0.0358)
–0.6669**
(0.0356)
–0.5023**
(0.0355)
–0.5525**
(0.0382)
Intercept
z5
z4
z3
z2
Parking
Elev
Sup_floor
Bath_2
Age_1
Luxury
Low-cost
Renov
Estimated_p
Offer_p
Ln(Surf)
Multi-period pooled
Variable
8.8532**
(0.1484)
0.9585**
(0.0271)
0.0553**
(0.0301)
0.0066
(0.0327)
–0.0994**
(0.0321)
–0.0482*
(0.0179)
0.0636*
(0.0343)
0.0276
(0.0205)
0.0523*
(0.0210)
0.0159*
(0.0116)
0.0677*
(0.0233)
0.1073*
(0.0280)
–0.2223**
(0.0503)
–0.6178**
(0.0458)
–0.4210**
(0.0515)
–0.4631**
(0.0496)
2004:II-2005:I
TAB. A.4. Regression estimates for Milan city center
8.8677**
(0.1293)
0.9594**
(0.0270)
0.0537
(0.0387)
–0.0209
(0.0198)
–0.0859*
(0.0405)
0.0059
(0.0211)
0.0653*
(0.0276)
0.0545*
(0.0239)
0.0413*
(0.0266)
0.0370*
(0.0117)
0.0641**
(0.0207)
0.0847*
(0.0371)
–0.0638
(0.0593)
–0.5354**
(0.0567)
–0.4790**
(0.0513)
–0.4932**
(0.0625)
2005:I-2005:II
8.8711**
(0.1373)
0.9503**
(0.0284)
0.0527
(0.0344)
–0.0388
(0.0264)
–0.0967*
(0.0336)
0.0061
(0.0137)
0.0851
(0.0453)
0.0443**
(0.0214)
0.0492*
(0.0196)
0.0300*
(0.0107)
0.0640**
(0.0217)
0.1150*
(0.0524)
–0.2671**
(0.0559)
–0.6756**
(0.0579)
–0.5458**
(0.0532)
–0.6541**
(0.0633)
2005:II-2006:I
Adjacent-period
8.9610**
(0.1507)
0.9550**
(0.0299)
0.0421*
(0.0184)
–0.0214
(0.0154)
–0.0642*
(0.0288)
–0.0402*
(0.0191)
0.0745*
(0.0307)
0.0396*
(0.0167)
0.0352**
(0.0113)
0.0460*
(0.0215)
0.0436*
(0.0198)
0.1099*
(0.0439)
–0.3191**
(0.0565)
–0.7700**
(0.0598)
–0.6081**
(0.0575)
–0.6687**
(0.0684)
2006:I-2006:II
z5
z4
z3
z2
Parking
Elev
Sup_floor
Bath_2
Age_1
Luxury
Low-cost
Renov
Estimated_p
Offer_p
Ln(Surf)
Intercept
Variable
8.8814**
(0.1326)
0.9569**
(0.0267)
0.0561
(0.0301)
0.0145
(0.0319)
–0.1008*
(0.0356)
–0.0505*
(0.0194)
0.05157*
(0.0271)
0.0230
(0.0215)
0.0484*
(0.0226)
0.0236*
(0.0113)
0.0696*
(0.0228)
0.1114*
(0.0479)
–0.2217**
(0.0522)
–0.6140**
(0.0566)
–0.4209**
(0.0534)
–0.4690**
(0.0550)
2004:II-2005:I
8.9112**
(0.1454)
0.9515**
(0.0284)
0.0548
(0.0353)
–0.0297
(0.0238)
–0.0891*
(0.0447)
–0.0013
(0.0135)
0.0873*
(0.0435)
0.0401*
(0.0185)
0.0432*
(0.0207)
0.0455*
(0.0213)
0.0626*
(0.0272)
0.1165*
(0.0493)
–0.2832**
(0.0523)
–0.6962**
(0.0555)
–0.5552**
(0.0509)
–0.6677**
(0.0662)
2005:II-2006:I
2006:II
9.0103**
(0.2000)
0.9601**
(0.0406)
0.0467*
(0.0225)
0.0152
(0.0163)
–0.0620
(0.0292)
–0.0491*
(0.0218)
0.0721*
(0.0314)
0.0422*
(0.0212)
0.0471**
(0.0163)
0.0411**
(0.0104)
0.0482*
(0.0184)
0.1164*
(0.0428)
–0.3275**
(0.0972)
–0.7080**
(0.1023)
–0.5635**
(0.0931)
–0.5648**
(0.1023)
Characteristic-price indexes
Adj-R2
N
s062
s061
s052
s051
z10
z9
z8
z7
z6
Variable
0.8762
1,500
–0.5354**
(0.0346)
–0.8667**
(0.0322)
–0.7857**
(0.0331)
–0.8260**
(0.0345)
–0.8361**
(0.0331)
0.0419*
(0.0156)
0.0549*
(0.0170)
0.1139**
(0.0166)
0.1393**
(0.0126)
Multi-period pooled
TAB. A.4. (segue)
0.8807
682
–
–
–0.4917**
(0.0452)
–0.8179**
(0.0430)
–0.7436**
(0.0457)
–0.8031**
(0.0472)
–0.8437**
(0.0444)
0.0415**
(0.0185)
–
2004:II-2005:I
0.8799
597
–
0.0164
(0.0125)
–
–0.4011**
(0.0517)
–0.7473**
(0.0503)
–0.6659**
(0.0514)
–0.7126**
(0.0533)
–0.7209**
(0.0526)
–
0.8793
552
0.0579*
(0.0280)
–
–
–0.5811**
(0.0563)
–0.9016**
(0.0495)
–0.7803**
(0.0494)
–0.8297**
(0.0572)
–0.8079**
(0.0524)
–
2005:II-2006:I
Adjacent-period
2005:I-2005:II
0.8868
515
0.0256*
(0.0109)
–
–
–0.6313**
(0.0636)
–1.0146**
(0.0551)
–0.8827**
(0.0557)
–0.9337**
(0.0591)
–0.9204**
(0.0562)
–
2006:I-2006:II
Adj-R2
N
s062
s061
s052
s051
z10
z9
z8
z7
z6
Variable
0.8797
682
–
–
–
–0.4882**
(0.0534)
–0.8201**
(0.0483)
–0.7503**
(0.0503)
–0.8106**
(0.0509)
–0.8456**
(0.0491)
–
0.8751
552
–
–
–
–0.5958**
(0.0549)
–0.9202**
(0.0462)
–0.7930**
(0.0483)
–0.8660**
(0.0544)
–0.8284**
(0.0479)
–
2005:II-2006:I
2006:II
0.8628
266
–
–
–
–0.5071**
(0.1017)
–0.8866**
(0.0876)
–0.8370**
(0.0899)
–0.8331**
(0.0909)
–0.8299**
(0.0874)
–
Characteristic-price indexes
2004:II-2005:I
8.1362**
(0.0961)
0.8575**
(0.0191)
0.0376*
(0.0127)
–0.0245
(0.0173)
–0.1075**
(0.0261)
–0.0667*
(0.0115)
0.0618*
(0.0234)
0.0407**
(0.0121)
0.0503**
(0.0133)
0.0221
(0.0109)
0.0516**
(0.0114)
0.1030*
(0.0455)
–0.0057**
(0.0014)
Intercept
Dist_km
Parking
Elev
Sup_floor
Bath_2
Age_4
Luxury
Low-cost
Renov
Estimated_p
Offer_p
Ln(Surf)
Multi-period pooled
Variable
8.4688**
(0.1484)
0.7890**
(0.0274)
0.0324**
(0.0033)
0.172
(0.0080)
–0.0982**
(0.0332)
–0.0618*
(0.0157)
0.0593*
(0.0237)
0.0216
(0.0105)
0.0531**
(0.0182)
0.0194
(0.0114)
0.0346*
(0.0169)
0.0776**
(0.0242)
–0.0090**
(0.0011)
2004:II-2005:I
TAB. A.7. Regression estimates for Milan outer belt
8.5995**
(0.1561)
0.8039**
(0.0314)
0.0588
(0.0333)
–0.0315
(0.0132)
–0.0801*
(0.0273)
–0.0336
(0.0169)
0.0545**
(0.0146)
0.0227
(0.0187)
0.0551*
(0.0206)
0.0558*
(0.0166)
0.0580**
(0.0176)
0.0835*
(0.0361)
–0.0044
(0.0024)
8.4145**
(0.1373)
0.8320**
(0.0312)
0.0555*
(0.0130)
0.0241
(0.0182)
–0.0834*
(0.0352)
–0.0396
(0.0195)
0.0795
(‘0.195)
0.0407*
(0.0176)
0.0314*
(0.0114)
0.0265*
(0.0160)
0.0580**
(0.0174)
0.0891*
(0.0322)
–0.0052**
(0.0023)
2005:II-2006:I
Adjacent-period
2005:I-2005:II
8.4003**
(0.1507)
0.8640**
(0.0281)
0.0515*
(0.0155)
–0.0119
(0.0160)
–0.0829*
(0.0112)
–0.0475*
(0.0206)
0.0608*
(0.0240)
0.0296*
(0.0186)
0.0605*
(0.0225)
0.0376*
(0.0167)
0.0436*
(0.0180)
0.0996*
(0.0420)
–0.0040
(0.0022)
2006:I-2006:II
Dist_km
Parking
Elev
Sup_floor
Bath_2
Age_4
Luxury
Low–cost
Renov
Offer_p
Ln(Surf)
Intercept
Variable
8.4498**
(0.1278)
0.7931**
(0.0266)
0.0338*
(0.0168)
0.0196
(0.0160)
–0.1063*
(0.0343)
–0.0615*
(0.0174)
0.0575*
(0.0273)
0.0353
(0.0195)
0.0631**
(0.0193)
0.0217
(0.0116)
0.0434*
(0.0191)
0.0968**
(0.0332)
–0.0084**
(0.0021)
8.4706**
(0.1417)
0.8204**
(0.0278)
0.0611**
(0.0175)
0.0071
(0.0059)
–0.0842*
(0.0312)
–0.0420
(0.0180)
0.0748
(‘0.239)
0.0548*
(0.0184)
0.0453*
(0.0203)
0.0265*
(0.0160)
0.0429*
(0.0183)
0.0892*
(0.0341)
–0.0047**
(0.0022)
2005:II-2006:I
2006:II
8.5383**
(0.1613)
0.8565**
(0.0315)
0.0501*
(0.0185)
–0.0012
(0.0053)
–0.0950*
(0.0384)
–0.0471*
(0.0216)
0.0695**
(0.0219)
0.0198
(0.0162)
0.0532*
(0.0173)
0.0288*
(0.0103)
0.0383*
(0.0143)
0.0938*
(0.0438)
–0.0034*
(0.0012)
Characteristics-price indexe
2004:II-2005:I
Adj-R2
N
s062
s061
s052
s051
z12
Variable
0.7481
2,071
–0.1628**
(0.0201)
0.0619**
(0.0153)
0.0697*
(0.0153)
0.1180**
(0.0148)
0.1265**
(0.0149)
Multi-period pooled
TAB. A.7. (segue)
0.7626
792
–
–
–0.1021**
(0.0458)
0.0656**
(0.0195)
–
2004:II-2005:I
0.7426
815
–
0.0062
(0.0157)
–
–0.1720**
(0.0353)
–
0.7303
841
0.0712*
(0.0202)
–
–
–0.1594**
(0.0329)
–
2005:II-2006:I
Adjacent-period
2005:I-2005:II
0.7641
860
0.0069
(0.0464)
–
–
–0.1950**
(0.0294)
–
2006:I-2006:II
Adj-R2
N
s062
s061
s052
s051
z12
Variable
0.7589
792
–
–
–
–0.1015*
(0.0325)
–
0.7336
841
–
–
–
–0.1661**
(0.0320)
–
2005:II-2006:I
2006:II
0.7979
438
–
–
–
–0.2063**
(0.0414)
–
Characteristics-price indexe
2004:II-2005:I