<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722019000100109</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v37n76.57032</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[DETERMINANTES DEL PRECIO DE LA VIVIENDA NUEVA EN MEDELLÍN: UN MODELO ESTRUCTURAL]]></article-title>
<article-title xml:lang="en"><![CDATA[Determinants of new housing prices in Medellín: A structural model.]]></article-title>
<article-title xml:lang="fr"><![CDATA[Facteurs déterminants du prix du logement neuf à Medellin: un modèle structural.]]></article-title>
<article-title xml:lang="pt"><![CDATA[Determinantes do preço da vivenda nova em Medellín: um modelo estrutural.]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García-Rendón]]></surname>
<given-names><![CDATA[John J.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Díaz]]></surname>
<given-names><![CDATA[Sebastián]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Upegui]]></surname>
<given-names><![CDATA[Juan Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Velásquez]]></surname>
<given-names><![CDATA[Hermilson]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<volume>38</volume>
<numero>76</numero>
<fpage>109</fpage>
<lpage>136</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722019000100109&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722019000100109&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722019000100109&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Esta investigación busca, mediante un modelo estructural, identificar los determinantes del precio de la vivienda nueva no VIS en Medellín, con el fin de explicar la formación de precios desde la organización industrial del sector. Los resultados indican que el empleo, el crecimiento económico y las políticas públicas (subsidios) influyen directamente -la inflación tiene injerencia negativa- sobre las condiciones del mercado de vivienda (CMV); simultáneamente, las CMV afectan la oferta y la demanda, fuerzas que, a su vez, inciden en la formación de los precios de mercado. Además, identifica la incidencia de las políticas públicas en el aumento de los precios. JEL: D43, L16, L74.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We employ a multi-equation structural model of the housing market to analyze the determinants of the price of new housing in Medellin during 2009-2014. The model includes observed variables and unobserved variables, such as costs that are not included in the housing cost index but that still affect prices. In the analysis we employ an industrial organization framework to examine the interaction between microeconomic and macroeconomic variables. The results indicate that employment, economic growth, and public policies (subsidies) affect real housing prices positively, while inflation affects real prices negatively. In addition to the variables typically included in the analysis in prior research, we include several determinants of housing supply, including construction costs, and two market interest rates. JEL: D43, L16, L74.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé Cette recherche vise, à travers un modèle structurel, à identifier les facteurs déterminants du prix du logement neuf non social (non VIS) à Medellin, pour expliquer la formation de prix à partir de l&#8217;organisation industrielle du secteur. Les résultats montrent que l&#8217;emploi, la croissance économique et les politiques publiques (subventions) influent directement -l&#8217;inflation joue un rôle négatif-sur les conditions du marché du logement (CMV) ; en même temps, les CMV affectent l&#8217;offre et la demande, forces qui, à leur tour, ont une incidence sur la formation des prix du marché. En outre, cela révèle l&#8217;incidence des politiques publiques sur l&#8217;augmentation des prix. JEL: D43, L16, L74.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Esta pesquisa busca, por meio de um modelo estrutural, identificar os determinantes do preço da moradia nova no VIS em Medellín, com o fim de explicar a formação de preços a partir da organização industrial do setor. Os resultados indicam que o emprego, o crescimento econômico e as políticas públicas (subsídios) influem diretamente &#8212;a inflação tem ingerência negativa&#8212; sobre as condições do mercado de moradia (CMV); imultaneamente, as CMV afetam a oferta e a demanda, forças que, por sua vez, incidem na formação dos preços de mercado. Além do mais, identifica a incidência das políticas públicas no aumento dos preços. JEL: D43, L16, L74.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[precio de la vivienda nueva]]></kwd>
<kwd lng="es"><![CDATA[modelos estructurales]]></kwd>
<kwd lng="es"><![CDATA[organización industrial]]></kwd>
<kwd lng="es"><![CDATA[Medellín-Colombia.]]></kwd>
<kwd lng="en"><![CDATA[Price of new housing in Medellin]]></kwd>
<kwd lng="en"><![CDATA[multi-equation structural model]]></kwd>
<kwd lng="en"><![CDATA[industrial organization.]]></kwd>
<kwd lng="fr"><![CDATA[prix du logement neuf]]></kwd>
<kwd lng="fr"><![CDATA[modèles structurels]]></kwd>
<kwd lng="fr"><![CDATA[organisation industrielle]]></kwd>
<kwd lng="fr"><![CDATA[Medellin-Colombie.]]></kwd>
<kwd lng="pt"><![CDATA[preço da moradia nova]]></kwd>
<kwd lng="pt"><![CDATA[modelos estruturais]]></kwd>
<kwd lng="pt"><![CDATA[organização industrial]]></kwd>
<kwd lng="pt"><![CDATA[Medellín-Colômbia.]]></kwd>
</kwd-group>
</article-meta>
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