Separating the Age Effect from a Repeat Sales Index: Land and Structure Decomposition
Separating the Age Effect from a Repeat Sales Index: Land and Structure Decomposition
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将年龄效应与重复销售指数分开：土地和结构分解
DOI：
10.1007/s11146-017-9631-2
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Shimizu C.
中科院分区：
文献类型：
--
作者：
Wong Siu Kei;Chau K. W.;Karato K.;Shimizu C.
由于真实的房地产是异质的，并非所有的质量属性都是可观察的，因此由Bailey等人（1963）开创的重复销售模型已经成为估计恒定质量价格指数的标准方法之一。然而，该模型未能调整折旧，因为销售之间的年龄和时间具有精确的线性关系。本文提出了一种新的方法来估计年龄调整的重复销售指数分解为土地和结构成分的财产价值。由于折旧与建筑物的相关性大于与土地的相关性，因此物业的折旧率应取决于土地和建筑物的相对大小。土地部分越大，物业的折旧率越低。这项新方法适用于香港及东京的物业交易。根据固定的结构与物业价值比率，香港的折旧率较高，而东京的年龄调整较大，因为其土地价值随着时间的推移而缩水。
Since real estate is heterogeneous and not all its quality attributes are observable, the repeat sales model pioneered by Bailey et al. (1963) has become one of the standard methods to estimate a constant-quality price index. The model, however, fails to adjust for depreciation, as age and time between sales have an exact linear relationship. This paper proposes a new method to estimate an age-adjusted repeat sales index by decomposing property value into land and structure components. As depreciation is more relevant to the structure than land, the property’s depreciation rate should depend on the relative size of land and structure. The larger the land component, the lower the depreciation rate of the property. This new method is applied to property transactions in Hong Kong and Tokyo. Hong Kong is shown to have a higher depreciation rate based on a fixed structure-to-property value ratio, while the resulting age adjustment is larger in Tokyo because its land value has shrunken over time.