Are There Non-economic Factors in Real-estate Pricing?

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Lincoln Brando
Claudio Henrique Barbedo


This work aims to identify the existence of explanatory factors for real-estate pricing, focusing on homes in the Rio de Janeiro e São Paulo markets. We tried to model prices as a function of supply and demand factors, and then proceed to evaluate to what extent adding behavioral and economic factors helps improve explanation of price movements. The results suggest that home pricing is explained by variables not usually used in economic theory, such as the previous month's price, expectation measurement and stock exchange performance.


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Brando, L., & Barbedo, C. H. (1). Are There Non-economic Factors in Real-estate Pricing?. Journal of Contemporary Administration, 20(1), 106-130.