Kramers, B.S. (2018) Living at the office: A study on the external effects of the transformation of office space into housing on local housing markets. Master thesis.
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Abstract
The external effects of seventeen transformation projects on the surrounding house prices are estimated using a difference-in-difference hedonic framework. It was found that prior to the transformation, these offices were a disamenity and caused negative price externalities for the surrounding area. During the transformation there was an anticipation effect resulting in positive price externalities. After the transformation projects were completed the positive external effect increased, indicating that the positive effect was not fully anticipated. Controlling for year fixed effects (FE), structural characteristics, building period, and neighborhood FE, house prices in the target area (0-1000 m) were found to be 2.25% lower prior to the transformation, 1.96% higher during the transformation and 4.02% higher after the transformation was completed compared to the control area (1000-2000 m). These results are significantly different from zero at a 1% level.
| Item Type: | Thesis (Master) |
|---|---|
| Degree programme: | Real Estate Studies |
| Supervisor: | Van Duijn, dr. M. and Nozeman, prof. dr. E.F. |
| Date Deposited: | 23 Apr 2020 05:23 |
| Last Modified: | 23 Apr 2020 05:23 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/1080 |
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