The spatial and long term evolution of land prices in a Latin American metropolis: the case of Bogotá, Colombia
Keywords:
Land Price, Land Market, Time Series, Bogotá, Spatial AnalysisAbstract
We perform a time series analysis of the intra-urban spatial distribution and the long-term dynamics of land prices in Bogotá. We build a tractable database from a public information source, by spatially and non-spatially clustering zones into general components following their own statistical distribution. The method tries to diminish the effect of the Unit Areal Selection Problem. We compare the performance of the corrected and non-corrected time-series in different estimation exercises. The time-series exercises detect the effect of macroeconomic policy and planning conditions on the land prices during the period 1960-2010. Granger causality results suggest that the Colombian GDP is a strong determinant of the prices, while the real exchange rate is weakly related. Three sub-periods were used to perform alternative estimation exercises: developmental period (1960-1973), developmental with incentive to construction industry (UPAC) (1974-1990), and the neoliberal period (1991-2010).
Downloads
Published
Issue
Section
License
I, ____________________________________________, author of the work and/ or article, adult, residing in the city of _________________, bearing the Identity Card/Passport n.° ______________________, issued in _______________________, in command of his/her/their physical and mental faculties, party hereinafter referred to as AUTHOR, signs the following authorization so the reproduction, publication, communication and distribution of the work can be done, under the following terms:
1. That, regardless of existing legal regulations due to the relationship of the parties to this contract, and any other existing legal presumption, the parties agree that the AUTHOR authorizes the Universidad del Norte, with the purpose of reproduce, publish, communicate and distribute the material called in the Revista de Economía del Caribe.
2. That such authorization apply to the copyright of the work, by any means, known or to be known, the public communication of the work, and the distribution of the work, directly or by third parties, purely educational purposes.
3. The AUTHOR undertakes to inform and declare the existence of this authorization and to preserve the right of the journal Revista de Economía del Caribe to the first publication of the work.
4. The AUTHOR states that the article is original and his/her/their exclusive creation, there being no impediment of any kind for the authorization he/she/they is/are giving, responding thereto by any action: claim, plagiarism or any other type of complaint that might arise about.
5. That such authorization is granted for free.
6. The moral rights of the author on the article correspond exclusively to the AUTHOR, in virtue of which, the Universidad del Norte agrees to expressly and rigorously recognize and respect them.
