Abstract
In this paper, we propose a new approach to modelling a real estate price index in Morocco, based on the hedonic approach. The basic idea of this paper is to verify the importance of the characteristics of the real estate in the real estate price. Thus, based on data from the three major cities of the capital region of Morocco (RABAT Region), we estimated a hedonic model that takes into account spatial autocorrelation. The results obtained through this modelling generally confirm that the surface area and location of the real estate (land, house, villa and apartment) have a significant influence on the price of real estate. In addition, and because of the static nature of the database, which refers to one year, we have proposed a new approach to building the real estate price index, namely the stochastic Brownian motion approach. The results claim that this index is in perfect agreement with the real estate price index based on the repeat sales approach used and developed by the Central Bank.
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