Elaboración de un índice de precios de viviendas nuevas para Lima Metropolitana mediante precios hedónicos

Abstract

This thesis explains the procedure used for the construction of a housing price index for Metropolitan Lima index using hedonic pricing methodology. The index of housing prices calculated in this research report aims to capture in a precise mode the variations in property prices, adjusted for changes in the quality of housing. A review of the main existing methods and methodological aspects and then choose to work with the hedonic price is performed, because the information we have of price and its fundamentals corresponds to houses that were sold once. The information used for the index comes from MIVIVENDA FUND, taken from December 2001 to May 2015. We make separate indexes for apartments and houses in seven geographic areas of Lima (South, North 1, North 2, East, Center, Callao and Modern); and in turn, aggregate price index for new housing. The results show that there is a sustained increase in the price index for each area since early 2008 increase; however, it is noted that in recent years, growth is attenuated, which could mean the entry into a new phase in real estate.