The impact of real estate projects and their sustainability characteristics on land values: cause or consequence? two case studies from Santiago, Chile
From the point of view of developers, there is the belief that location determines the main characteristics of real estate projects. On the contrary, the bid rent theory proposes that land receives value from that which it supports, as expressed by means of architectural attributes. In light of two...
| Autores: | , , |
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| Tipo de recurso: | artículo |
| Fecha de publicación: | 2016 |
| País: | España |
| Institución: | Universitat Politècnica de Catalunya (UPC) |
| Repositorio: | UPCommons. Portal del coneixement obert de la UPC |
| Idioma: | español inglés |
| OAI Identifier: | oai:upcommons.upc.edu:2117/102628 |
| Acceso en línea: | https://hdl.handle.net/2117/102628 |
| Access Level: | acceso abierto |
| Palabra clave: | Real estate business -- Chile -- Santiago Real property -- Chile -- Santiago Land use -- Planning -- Chile -- Santiago Sustainable urban development -- Chile -- Santiago Real estate market Urban land Sustainability characteristics Architecture Negocis immobiliaris -- Xile -- Santiago Béns immobles -- Xile -- Santiago Ordenació del territori -- Xile -- Santiago Desenvolupament urbà sostenible -- Xile -- Santiago Àrees temàtiques de la UPC::Urbanisme::Aspectes econòmics Àrees temàtiques de la UPC::Urbanisme::Ordenació del territori |
| Sumario: | From the point of view of developers, there is the belief that location determines the main characteristics of real estate projects. On the contrary, the bid rent theory proposes that land receives value from that which it supports, as expressed by means of architectural attributes. In light of two case studies in Santiago, Chile, the relationship between land value and real estate value was studied with the aim of identifying the meaning of this causality and the role of sustainability characteristics – as an expression of emergent architectural attributes – in price formation. It was observed that the interaction between land value and architectural characteristics generates property price through circular causality, where there is a certain typology for each location that can produce submarkets. In this sense, sustainability attributes effectively influence the creation of value – but not linearly – which clearly suggests the presence of housing submarkets according to price level, and a new element in the relationship between land and architectural attributes. |
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