Análise de Preços Hedônicos no Mercado Imobiliário de Casas Residenciais para Salvador

Abstract

The objective of this dissertation is to analyze the marginal value of factors that influence the purchase of residential houses in the city of Salvador. The literature on the theory of Hedonic Prices, and the value of amenities, demonstrates that extrinsic elements, such as location, neighborhood and accessibility, are determinants in the value of real estate, in addition to the qualitative attributes of each region and its relationship with the local real estate market. In this context, as a central question, this study investigates the impact of the independent variables associated with these properties. organized into four blocks: structural, socioeconomic, location and amenities. Secondarily, the study also investigates the impact of the Covid-19 pandemic on residential house prices. To do this, data from the residential housing real estate market in Salvador between 2018 and 2023 were analyzed, based on information from 796 residential homes collected through advertisements and local real estate agents. The empirical analysis used models based on Linear Regression Equation, including interaction variables to assess the impact of Covid-19 as an externality. The results obtained indicate that the structural aspects of the property, such as built area and land, as well as the quality of construction (finishing and maintenance), were the factors that most influenced prices. The location in condominiums with security and infrastructure also proved to be relevant for this market segment. The results did not point to significant evidence about the effect of urban and environmental amenities on the value of real estate, generating little or no appreciation. The proximity to green areas and shopping malls proved to be attractive, while the proximity to Special Zones of Social Interest (ZEIS) had a devaluation effect. High-income areas with urban improvements showed appreciation, unlike accessibility, such as the proximity of subway stations and the Central Business District of Salvador, which did not show an impact on prices. During the pandemic period, prices fell in 2019 remained at the 2018 level between 2020 and 2022, and resumed their upward trajectory in 2023. Properties with direct access to the beach had prices approximately 45% higher and the variables that indicate size started to have a greater impact on the value of properties after the pandemic.