Page 128 - Contributed Paper Session (CPS) - Volume 1

CPS1198 Firano Z. et al.
the real estate market. The basic assumption is that the more the good is in
the market the more its value increases. Sirmans et al. (2005) found that most
studies using the hedonic approach and verified the relevance of the temporal
variable.
Due to the price dependence of negotiations between buyers and sellers,
the use of the hedonic approach does not allow this element to be taken into
account. Harding et al. (2003) estimated the effects of trading by including in
the hedonic equation a vector of buyer and seller characteristics. Turnbull and
Dombrow (2006) study the spatial situation of real estate to describe the
impact of neighbourhood on the price of goods. Their results show that the
spatial effect dominates and depends on the market trend. To account for the
spatial phenomenon, many authors have begun to apply the hedonic model
to spatial factors. Dubin (1998) uses the geostatistical method to evaluate the
covariance structure of the model. Can (1990) proposes to use models with
spatial delay.
In addition, other works have indicated the importance of the sales season
of real estate on sales prices. For example, prices are often higher during the
summer periods because of household availability during these times and
because of the possibility of hiding property failures during this season (Haurin
1988, Springer 1996, Forgey et al. Knight 2002, Harding et al., 2003).

3. Data and methodology
This paper analyzes the formation of real estate prices in the Rabat-Témara
area, which is an important area in Morocco's real estate heritage. In addition
to its nomination as capital of the country, the Rabat region is the cultural
center of the Kingdom. All the communes of the Rabat region were analysed,
only those of Kenitra were not included in the analysis because of the
unavailability of the data. We have taken into account all the real estate
belonging to this area, be it bare land, apartments, villas and other types of
derived habitats.
According to the graph, urban areas in the Rabat region do not have the
same value. The Hay Riad-Agdal area is the one that accounts for most of the
property value in terms of value. For other areas, the price is almost aligned
and there is not much difference, except for the Harhoura area and downtown
Rabat.

117 | I S I W S C 2 0 1 9