Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Property Price Index:

No description
by

Silvia Planella

on 18 June 2015

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Property Price Index:

Property Price Index:
design by Dóri Sirály for Prezi
Source:
Residential Property Price Register
URL:
https://www.propertypriceregister.ie/website/npsra/pprweb.nsf/page/ppr-home-en
Data:
From January 2010 to December 2014
Format:
CSV file
“Is is possible to create a reliable Property Price Index using online data sources?”

CONCLUSION
Step 1: Official Data
Source:
Daft.ie and Google API
URL:
http://developers.google.com/maps/documentation/geocoding/
Data:
From January 2010 to December 2014
Software:
R, SPSS, QGIS
Source:
Daft.ie, Google API, Census 2011
URL:
http://www.cso.ie/en/census/
Data:
From January 2010 to December 2014
Software:
QGIS
Database Creation Methodology
GeoCoding Google API
Daft.ie
Repeat Sales Index
Data Source Research and Evaluation
Silvia Planella Conrado
R00131332
Higher Diploma in Data Science and Analytics
CIT 2015
s.planella-conrado@mycit.ie

Property Register
Census
2011 (CSO)
Hedonic Regression Index
Variables to Consider
Address
Latitude and Longitude
Second Hand Houses vs. New Houses
Positive
No information on characteristics required
Source data available from administrative records
Determining characteristics that are difficult to measure are likely to be automatically included
Easy model to run
Results are reproducible
The sample is updated as new transaction information becomes available

Negative
× Depreciation and renovations no included
× Sample selection bias
× No separate price indixes for structures and for land.
× Difficulty of having monthly index

Variables to Consider
Different characteristics of the houses
Positive
Adjusts to sample mix changes
Adaptability to quality changes of the individual houses.
Ability to include different types of dwellings and locations (stratification)
Maximizes the use of the available data.
Decompose overall price index into land and structures components

Negative
× Multicollinearity
× Suffer from omitted variable bias if some important price determining characteristic is omitted from the regression equation
× Data intensive method
× No easy to explain to users (transparency lacking)

House Size
Number of Rooms
Type of House
Number of Bedrooms
Number of Bathrooms
New vs. Second Hand
Detached, semi-detached, terrace, end terrace...
Flat/ Apartment vs House/Bungalow
Property Price Register
1st Step
2nd Step
3rd Step
4th Step
Data Management Information
Variables
Date of Sale
Address
Postal Code
County
Not Full Market Price
VAT Exclusive
Property Description
Property Size
Source:
Daft.ie
URL:
http://www.daft.ie/price-register/
Data:
From January 2010 to December 2014
Software:
R
Data Management Information
Variables
Address,
City/town,
County,
Price,
Date,
Number of Bedrooms, (30.43% )
Number of Bathrooms, (25.91% )
Type of Property
Data Management Information
Step 2: Business Intelligence
Daft.ie
Step 3: Geolocation Data
Google API
Step 4: Statistical Data
Census 2011 (CSO)
Data Management Information
Variables
Latitude & Longitude (Location)
Type of House
Number of Bedrooms
Number of Bathrooms

Variables
Latitude and Longitude (Location)
% of Type of house for each small area
% of Number of Rooms for each small area
Price Index
"A price index measures the average change in prices between periods or the average difference in prices between places"
With 9 of every 10 buyers researching houses on the internet (National Associations of Realtors, Google, 2012), key players are publishing more and more content on the web.
CSO
Hedonic Model
Mortgage Data

"52% in 2014 were done using cash (Savills Ireland, 2014)"
Stationary R2 of 0.364
85.1%
of the houses within the dataset are second hand houses and
6,186
observations have duplicate addresses (4.5% of sample)
135,180
properties were registered in Ireland during this period for Stamp Duties.
115,044
observations without data re. Property size
Models:
Republic of Ireland: All counties - 1.1%
Best county:Longford - 7.25%
7,055
properties less than the Property Price Register
1,535 sites for sale
included in this number and
401 duplicates
30.43%
of observation have information related to
Bedrooms
and
25.91%
has information in relation to
Bathrooms
Mix in Typology of Houses
Models:
Republic of Ireland: All counties - 7.25%
Best county:Longford - 34.2%
120,207 observations
51.36%
are from
street address
level,
0.7% sub-premises
and
14.5%
from
premise level
.
Full transcript