Question: Question 3 (25%) a. You are given the following data for a residential development (project under consideration in the table below) and for two competing

Question 3 (25%) a. You are given the following

Question 3 (25%) a. You are given the following data for a residential development (project under consideration in the table below) and for two competing housing projects. Use one of the techniques we discussed in class to calculate at what price the houses in the project under consideration should be sold based on the prices of the homes sold in the two competing projects. The data for structure quality is expressed as amenity indices. Present and explain clearly all the calculations that you carried out in order to estimate the prices of the housing units in the project under consideration. (19) Project under Competing Competing consideration project 1 project 2 Distance from city center (km) 1.5 0.6 3.2 Total covered space in each housing unit (sq.m.) 175 160 145 Number of supermarkets within a distance of 1 km 2 1 1 Structure quality 105 110 Price of housing units 192,000 181,250 b. Based on the theory of supply and demand, please explain why the prices of apartments in Cyprus increased at a slower rate than the prices of houses in the period 2006-2008 and fell at a faster rate in the period 2011-2014? (6) 100

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