Problem Statement
The sale prices of residential real estate are primarily driven by market demand. At the macro level, key determinants include interest rates, purchasing power, and property valuation. Demographic factors help explain regional price differences: for instance, higher population density in cities typically generates greater demand and results in rising prices.
However, what is particularly notable is that even within a single urban environment, significant price variations appear, despite properties sharing similar types and environmental characteristics. It is assumed that specific approaches to urban development contribute to this differentiation in pricing.
This project therefore aims to investigate the correlation between urban development and price formation within the residential real estate market of Antwerp’s inner city.
Approach
To arrive at a nuanced answer to the research question, the project was initially divided into two main components. The first involved building a detailed database of sales transactions. The second focused on compiling an inventory of relevant spatial plans and urban development projects, structured according to both time and location.
As the study progressed, the results from these two strands were gradually aligned in order to draw meaningful conclusions. The dataset used to track property prices was enriched with publicly available information, including data from public auctions. This expansion of the database was completed at the end of 2020.
Data and Methodological Adjustments
Due to the termination of the collaboration with the Federal Public Service Finance regarding sales price data, the project shifted to working exclusively with asking prices, provided through Immoparse. The inventory of urban development projects was also finalised during this phase.
In addition, a GIS component was integrated into the research. By linking the analysed data to maps, the project gained a clear visual representation of spatial patterns and relationships, strengthening the overall analytical framework.