Real estate sub-markets in a Colombian Caribbean intermediate city: the case of Sincelejo

Authors

  • Gastón Ballut Dajud Universidad de Sucre
  • Nestor Garza Puentes Universidad del Norte

Keywords:

Sincelejo, Caribbean region, real estate economics, Colombia, urban economics

Abstract

We analyse the land price in 145 neighbourhoods of Sincelejo for the period comprised between 2000 and 2011. The research uses both primary (1,800 real estate appraisals) and secondary (research papers, public agencies, official statistics) information sources, in order to build a manageable database where land prices determinants have been analysed using Pooled Maximum Likelihood estimation. This estimator is used because the database is extremely unbalanced per cross-section units. We found that traditional theory variables are good predictors of land prices: GDP, Estrato, Distance to the Centre, Distance to Main Road, and Built Environment Price. It was also detected that Squatter Development and Community process in the neighbourhood origin are good predictors. The first of them always negative and the second one always positive. Criminality conditions were not significant. Communas’ behavious was uneven. While comunas 4 and 5 have prices that lie above what predicted by our models, while Comunas 2 and 3 are below.

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Published

2015-12-11

Issue

No. 16: JUL-DEC 2015

Section

Science article

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