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Study on Property Indices: Constructing a property price index for the family apartment sector in Hanoi, Vietnam
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
2011 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

In modern portfolio theory, real estate can reduce substantially the total risk in a portfolio. Therefore, a flaw in the aggregate real estate index would cause a tremendous consequence for all the stakeholders in the industry. In general, there are two major approaches in producing property indices: the appraisal-based and the transaction-based approach. The transaction-index approach is more statistical or econometric in nature, tending therefore to be more formally explicit and objective or transparent in its application procedure. Hedonic regression model is considered as the most suitable for constructing cross-sectional quality adjusted house price indices. The author thus has chosen the hedonic regression model in the empirical part as the opponent method against the Official method, the one which is adopted by the Ministry of Construction of Vietnam. The results show the Official index has a different pattern compared to the indices derived from hedonic and other models. Due to the limitation and constraints during the research period, this study does not attempt to argue for which method is more appropriate than the others, but it does provide the recommendations for the better performance of those index series in the future research.

Place, publisher, year, edition, pages
2011. , 47 p.
National Category
Civil Engineering
URN: urn:nbn:se:kth:diva-77020OAI: diva2:491400
Subject / course
Real Estate Economics
Educational program
Degree of Master - Real Estate Development and Financial Services
Available from: 2012-02-07 Created: 2012-02-06 Last updated: 2012-02-07Bibliographically approved

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