18 research outputs found
Urban determining factors of housing prices in Chile: a statistical exploration
Starting from the implementation of the National Urban Development Council in Chile, an Urban Development Indicators and Standards System has been put in motion. One of the main urban problems faced by Chilean cities is the increase in housing prices. From this, the study looks to find how urban attributes influence housing prices. For this purpose, 2047 housing projects were surveyed to review which urban development standards indicators best explain their prices. An analysis of main components and multiple linear regressions are applied, together with the variables. The results show a high price dependence on the financial autonomy of the communes, and indicate that residential segregation is incidental to the formation of housing price value.A partir de la implementación del Consejo Nacional de Desarrollo Urbano en Chile se ha puesto en marcha un Sistema de Indicadores y Estándares de Desarrollo Urbano. Uno de los principales problemas urbanos que enfrentan las ciudades chilenas es el aumento del precio de la vivienda. A raÃz de ello, el presente estudio busca informar cómo los atributos urbanos influyen en los precios de las viviendas. Con tal fin, se catastran 2047 proyectos de vivienda para revisar cuáles indicadores de estándares de desarrollo urbano explican en mejor medida sus precios. Se aplica un análisis de componentes principales y regresiones lineales múltiples con las variables. Los resultados muestran una alta dependencia del precio sobre la autonomÃa financiera de las comunas e indican que la segregación residencial es incidental en cuanto a formación de valor de compra de viviendas
Rasse, Alejandra y Trebilcock, MarÃa Paz (2022). Sabatini
Obra ressenyada: Alejandra RASSE; MarÃa Paz TREBILCOCK, Sabatini. Talca: Bifurcaciones, 2022. ISBN 978-956-9501-26-5
Investification in Latin America: problematising the letting market in the Chilean case
Se introduce el fenómeno de la inversionistificación como marco de análisis crÃtico para desentrañar las problemáticas asociadas al aumento de propietarios en un mercado de arriendos reducidos como parte de factores que inciden en el aumento de precio de arriendos. El contexto neoliberal chileno con un mercado de arriendos desregulados ofrece interesantes alcances al problema de la vivienda y el arriendo en ciudades de la región. El método se divide en dos partes. A nivel nacional se ha utilizado un método estadÃstico descriptivo a partir de la encuesta CASEN entre 2009 y 2017 para detectar cuánto ha variado la cantidad de hogares que perciben ingresos por arriendo de propiedades urbanas en este periodo. Para profundizar el análisis, se selecciona un barrio con heterogeneidad en valores de arriendo para estudiarlo mediante técnicas de evaluación de rentabilidad financiera (Yield y VAN). Los resultados de este estudio indican que ha aumentado la concentración de ingresos por arriendo de propiedades urbanas en el 10% más rico y que en el barrio estudiado para todos los casos se observa una rentabilidad financiera alta. Con esto se demuestra la existencia de inversionistificación en Santiago y se ofrecen algunas alternativas de polÃtica pública.The article introduces how investification serve as an analytical framework for unpinning the increase of the buy-to-let phenomenon in a reduced letting market that produces a rise in letting prices. The Chilean neoliberal context and the dis-regulated condition of property-rent markets provides a chance for reviewing the insights of how housing and letting are undermining the affordability in the Latin American region. The first part is centred on an explorative statistical analysis based on CASEN survey 2009-2017 to identify the variations in the household whose incomes come from letting urban properties. To deepen the analysis, the second part explores the financial profitability of letting business in a specific borough of Santiago. This analysis employs two financial methods: the Yield and the Net Present Value (NPV). The results indicate that there is a higher concentration of this type of business in the wealthiest 10% while the profitability of letting business is high. These results demonstrate the existence of investificacion in Santiago and some public policy alternatives are offered to engage in a broader international discussion
A Systematic Bibliometric Analysis of the Real Estate Bubble Phenomenon: A Comprehensive Review of the Literature from 2007 to 2022
This article presents the results of a bibliometric review of the study of real estate bubbles in the scientific literature indexed in Web of Science and Scopus, from 2007 to 2022. The analysis was developed using a sample of 2276 documents, which were reviewed in R software and analyzed with the assistance of the Bibliometrix package of the same software. The results indicate that there has been considerable productivity on the topic of real estate bubbles since 2007, with an emphasis on housing price formation processes and the social effects when bubbles burst. The authors found that there were not many case studies located in Latin America or Africa, nor were there approaches with advanced predictive modeling techniques using machine learning or artificial intelligence. The article provides an understanding of the state of the art in real estate bubble research and situates new research in front of the influential literature previously published
Contribució al mesurament de l’eficiència del sistema subsidiari d’habitatges a Xile
Aquest article ofereix els resultats d’una exploració empÃrica sobre l’eficiència de la polÃtica xilena d’habitatges, caracteritzada per un enfocament subsidiari que, malgrat mantenir un augment sostingut de la inversió interanual, no aconsegueix reduir el dèficit d’habitatges de manera estructural. A això s'hi afegeix que els programes d’habitatges del Ministeri d'Habitatge i Urbanisme no compten amb sistemes d'avaluació dels efectes socioeconòmics i d’habitatges dels habitatges que financen. L’únic mecanisme de seguiment que competeix a aquest ministeri es basa a identificar si els recursos van ser transferits als privats i si es van efectuar les iniciatives finançades. Davant d’aquesta absència d’un sistema de seguiment i verificació de l'eficà cia del sistema subsidiari, l’article desenvolupa una avaluació exploratòria sobre la base d’una regressió lineal múltiple agregada a nivell nacional amb unitats municipals com a observacions comparades i un estudi per regressions geogrà ficament ponderades aplicades a les 7 ciutats principals buscant avaluar si la provisió de subsidis d’habitatges es relaciona de manera estadÃsticament significativa amb el nivell socioeconòmic dels beneficiaris o amb reduir el dèficit. Els resultats indiquen que aquestes relacions no són estadÃsticament significatives, davant la qual cosa cal revisar si el model subsidiari xilè és realment eficaç i quines alternatives es poden seguir per resoldre les seves contradiccions.This article offers the results of an empirical exploration of the efficiency of Chilean housing policy, characterised by a subsidiarity approach that, despite maintaining a sustained increase in year-on-year investment, fails to reduce the housing deficit in a structural way. In addition, the housing programmes of the Ministry of Housing and Urban Development do not have systems for evaluating the socio-economic and/or housing effects of the housing they finance. The only monitoring mechanism that this ministry is responsible for is based on identifying whether the resources were transferred to the private sector and whether the financed initiatives were carried out. In the absence of a system for monitoring and verifying the effectiveness of the subsidy system, the article develops an exploratory evaluation based on a multiple linear regression aggregated at the national level with municipal units as comparative observations and a geographically weighted regression study applied to the 7 main cities to assess whether the provision of housing subsidies is statistically significantly related to the socio-economic level of the beneficiaries or to reducing the deficit. The results indicate that these relationships are not statistically significant, which makes it necessary to review whether the Chilean subsidy model is actually effective and what alternatives can be followed to resolve its contradictions.El presente artÃculo ofrece los resultados de una exploración empÃrica sobre la eficiencia de la polÃtica habitacional chilena, caracterizada por un enfoque subsidiario que a pesar de mantener un aumento sostenido de la inversión interanual no logra reducir el déficit habitacional de forma estructural. A esto se suma que los programas habitacionales del Ministerio de Vivienda y Urbanismo no cuentan con sistemas de evaluación de los efectos socioeconómicos y/o habitacionales de las viviendas que financian. El único mecanismo de seguimiento que le compete a este ministerio se basa en identificar si los recursos fueron transferido a los privados y si se efectuaron las iniciativas financiadas. Ante esta ausencia de un sistema de seguimiento y verificación de la eficacia del sistema subsidiario, el artÃculo desarrolla una evaluación exploratoria en base a una regresión lineal múltiple agregada a nivel nacional con unidades municipales como observaciones comparadas y un estudio por regresiones geográficamente ponderadas aplicadas a las 7 principales ciudades buscando evaluar si la provisión de subsidios habitacionales se relaciona de manera estadÃsticamente significativa con el nivel socioeconómico de los beneficiarios o con reducir el déficit. Los resultados indican que estas relaciones no son estadÃsticamente significativas, ante lo cual se hace necesario revisar si el modelo subsidiario chileno es realmente eficaz y cuales alternativas se pueden seguir para resolver sus contradicciones.Este artÃculo agradece el aporte realizado por la VicerrectorÃa de Investigación de la Universidad de Las Américas de Chile, que ha financiado el costo de publicación. También se agradecen los comentarios y aportes realizados por los revisores en doble ciego, asà como a los comentarios dados por los señores Carlos Aguirre, José Ignacio Torres y Juan Correa.Peer Reviewe
Mayol Miranda, Alberto. Big bang. Estallido social 2019. Modelo derrumbado – sociedad rota – polÃtica inútil. Santiago, catalonia, 2019, 244 páginas.
Reseña: La revolución urbana
Lefebvre, H. (2022) [1970]. La revolución urbana. Madrid: Alianza editorial, 280 pp
Reseña: La revolución urbana
Lefebvre, H. (2022) [1970]. La revolución urbana. Madrid: Alianza editorial, 280 pp
Is There Financialization of Housing Prices? Empirical Evidence from Santiago de Chile
This paper empirically examines the influence of financial factors on housing prices in Chile, given the relevance that arises from the important housing crisis that the country is going through and the scarce amount of literature on causal relationships between price and other variables for the case under study. The hypothesis is that different financial factors have a significant influence on the price of housing, while the price of housing acts as an attractor of financial investment due to its good profitability. To conduct the statistical test, a Granger causality test is applied to a weekly data series covering the years 2009–2018. The results indicate that the causality hypothesis is plausible. On the one hand, the role of international stock market influences housing prices in Chile. Also, the Chilean Central Bank has a significant causality relationship with the housing prices. The structure of the article is organised with a second section devoted to explaining the methods and data used for the test, followed by the results analysed and discussed in the third section and closing conclusions that allow for further research and policy implications of the findings. These findings are valuable to complexify the Chilean housing policy by incorporating financial variables
Financialisation of Housing in London: Empirical Evidence on Housing Prices
This paper aims to empirically review the process of housing financialisation in London, exploring a time series causal relationship between house prices and financial instruments, using the Granger method and a VAR test. In order to carry out this analysis, we use a vector autoregressive model with a monthly data series that seeks to contribute to exploring this relationship. The results are relevant to the important role that the theory of housing financialisation plays in explaining the crisis of access to secure tenure that can be seen in developed nations. The results also provide an empirical background to pursue this theory more specifically in the context of the vectors that are effectively causal to the financialisation processes that impact everyday life through housing prices. The study is original, given that this type of modelling has not previously been carried out for a major world city such as London, and adds to the findings of similar explorations that have applied other methodologies