DETERMINANTS OF HOUSING PRICE: THE CASE OF BUCARAMANGA (COLOMBIA)
The purpose of this study was to find whether the high housing price trend
in the city of Bucaramanga (Colombia) could be explained from the economic
fundamentals. Quarterly data for the period 2007-2014 was used to analyze the response
of house prices to changes in national and local economic factors.
The study found that house prices for Bucaramanga varied significantly in
their response to Gross Domestic Product (GDP) trend. House prices data for the city
allowed a multiple regression analysis of several economic factors to establish the main
determinants of its behavior.
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