Spatial Econometric Valuation of House Prices in Bogota, Colombia
Project Description
The main objective of this project is to support the institutional strengthening of Bogotá’s local Special Administrative Unit of the local Cadaster (Unidad Administrativa Especial de Catastro Distrital - UAECD) through the design, development and implementation of econometric models for the valuation of construction in the city of Bogotá-Colombia. The models that will be derived from this study will be used to update the construction values of 970,000 parcels in the city for tax purposes.
The city of Bogotá’s current appraisal process was implemented in the late 1980s and has not changed since then. Local government officials, and in particular, the Director of the local assessment office (Unidad Administrativa Especial de Catastro Distrital (UAECD)), are interested in improving and updating this appraisal process. As a first step towards improving the mass appraisal process in the city of Bogotá-Colombia, the GeoDa center will assist the Unidad Administrativa Especial de Catastro Distrital (UAECD) by proposing alternative methodologies to valuate property in the city, using a 10,000 property sample provided by the UAECD. The main activities of this project include: 1) evaluate and propose methodologies to determine the value of parcels in Bogotá, Colombia using spatial econometric techniques. 2) Provide advice in regards of additional variables that should be included in the data collection process, and that will be useful in the estimation of property values. 3) Define and estimate models for the value of construction for a representative sample of parcels in Bogotá. The GeoDa center will guide the UAECD in the process of Cadastral update using the models previously defined. 4) The GeoDa center will contribute to the dissemination of the results obtained in this study through a workshop organized by the UAECD with local officials in the city of Bogotá.
Projet Announcement in Spanish
ASU Staff
This project will be directed by Postdoctoral Research Associate Dr. Nancy Lozano-Gracia, with consulting by Foundation Professor Dr. Luc Anselin.
Funding
The project is funded by the Unidad Administrativa Especial de Catastro Distrital in Bogota, Colombia.