Real estate prices in the Czech Republic: behavioral approach
2019
Hromada, E., Czech Technical Univ. in Prague (Czech Republic)
The article deals with the analysis and evaluation of the selected economic, social and technical parameters of real estate in the real estate market in the 119 largest cities of the Czech Republic. These cities have been selected because there is enough turnover in the real estate market. This paper will examine the relationship between the market value of property and market value of rent. The following economic and social parameters will be examined: average annual rental yield, average number of months needed to pay for an apartment, share of people in distraint, numbers of completed apartments per 1000 inhabitants per year, distance from the capital, average wages, and population migration rate. The following econometric and statistical methods are used in the article - linear regression, logarithmic regression and calculation of correlation coefficients. To obtain the input data, the software EVAL was used. EVAL software was developed by the author of this paper. EVAL is able to automatically collect all offers for sale and lease of properties in the Czech Republic that have been published on the Internet. The software has been running continuously since 2007. Data are collected and analysed from all cities in the Czech Republic in monthly periods. Every six months the database of the software expands by more than 750 000 price offers from the Internet on purchase or rent of flats, houses, commercial real estate and allotments. Recently, the author extended the functionality of the software, so that it is also able to retrieve data from the real estate cadastre. The presented results in this paper follow the previous research of the author in this area.
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