Dois ensaios sobre economia urbana: mercado imobiliário residencial e corporativo no município de São Paulo

Abstract

The world’s population has been becoming urban in its majority. This process of population concentration has changed the urban landscape and impacts real estate and urban amenities. Taking into account these facts, the first essay treats the factors that impact on vertical residential price in the Sao Paulo city. The aim of this essay is to specify two effects: neighborhood effects and adjacency effects. The first effect refers to space where the residences are localized, whereas the second one refers to the spillover of factors that compose the amenities. To do this, an approach that takes into account hierarchy of the data was adopted. Using Hierarchical Linear Model and Spatial Hierarchical Linear Model we can show the presence of spatial spillover among the districts and their capability to impact prices. As result, we found that the price variation within cell explain approximately 60%, while the difference among neighborhoods explains about 40% of mean housing price. Taking into account spatial spillover, 66% of mean price variation among districts is due to extrinsic characteristics. This fact demonstrates that the spatial spillover reduces price variation not explained, accounting for 14% extra explanation when comparing the simple conditional model to spatial conditional model. As conclusion, we remark that the importance of the localization is very important to analyze housing price. Accordingly, the essay contributed to the literature by proposing an methodological approach to Model Hedonic Price that is capable to take into account the hierarchy of the data (residence and neighborhood) and controlling for spatial dependence. The infrastructure development, allocation of large national corporation and financial center in São Paulo city are some factors capable of explaining economic development in the city. This economic development is able to attract labor force to São Paulo. While the corporations localize in the city seeking to allocate their firms, the households looks for land to live. From the fact that land use has an exclusive use among economic agents (firm and household), one generates, therefore, a tension among the agents for land use. Having this in mind, the second essay is aimed at shedding light on how this tension impacts on firm land rent. To do so, an empirical model is elaborated based on Wheaton’s theoretical model. In this model, firm land rent depends on firm productivity, land use and transport infrastructure. From this theoretical model we propose an empirical model. The spatial econometric approach aims to find spatial spillovers inside the Sao Paulo city. As result, we found that firm land rent is sensitive to firm and household land use impacting negative and positively, respectively, accordingly the theoretical model. Further, productivity and infrastructure show a negative gradient as increase the distance from CBD (Se and Itaim Bibi). The contribution of this work is to fulfill the Brazilian literature gap about land use and its tension on firm land rent. Furthermore, some subsidies for urban policy making. Under private market (builders), other contribution is to provide a mechanism that allows to take into account land use appreciation when more real estate (commercial or residential) are supplied.