Z. Zhou, J. Pan, and M. Zhang (PRC)
land price, approximative repeat sales (ARS), modeling, price index
The accuracy of land price index has great bearing on the forecast of land price trend. As a classic method of compiling real estate price index, the repeat sales model is usually deemed inapplicable in the compilation of land price index due to the lack of repeat sales record of land transactions. In this paper, however, we argue for two inherent advantages for its use in compiling land price index, and further propose the approximative repeat sales (ARS) model on its basis. The applicability of the ARS model is then verified in our modelling of the land index based on the data set of the residential land market in Hangzhou City within the time period between 2003 and 2008.
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