Estimation of hedonic prices for co-operative flats in the city of Umeå with spatial autoregressive GMM

In this paper we estimate hedonic prices for cooperative flats in the city of Umeå, Sweden, during 1998 and 1999. Structural and neighborhood characteristics together with accessibility measures are used as attributes in the hedonic price function. Since there are indications of spatial dependence Ordinary Least Squares estimation is inappropriate. Instead Spatial Autoregressive GMM estimation is used. Two attractive nodes, although with different purposes, are found in the city. Thus there are signs supporting the view that Umeå has developed into a multinodal structure for property values.Inom EU-finansierade projektet Urban Design