The Value of the Housing Land

Abstract

In a city marked by an evident differentiation of the value of the housing land, this document shows the relationships of the value and its main real estate variables, according to the market of the city of Hermosillo, Sonora, Mexico. The above, based on traditional concepts of desirability of the built environment, urban accessibility and social hierarchy; obtained, on this occasion, through indicators of education, rent, accessibility, water consumption and crime. The analysis is developed from a database, geographically referenced, with 427 measurements of land values and their real estate characteristics, in addition to information from the National Institute of Statistics and Geography, field measurements of the Municipal Agency Water Operator of Hermosillo and data provided by the Secretariat of Public Security of the State of Sonora. The measures provided are integrated into a geographic information system, with which it is possible to obtain hedonic price models that allow the establishment of significant statistical relationships. From statistical and geostatistical analyzes, multivariate, solved with the technique of multiple linear regression approximated by OLS and the geographically weighted regression GWR, considering a Gaussian weighting and an optimization according to the number of neighbors. The results indicate a significant positive association of land value with the level of income, water consumption and education; until this moment, the accessibility and the crime in the city, seem to be characteristics that do not contribute value to the residential urban land.