Abstract
We use survey data for Manila, the Philippines, to estimate hedonic functions for formal and squatter housing values. We show that on average a rented squatter unit in Manila would rent for 15 percent more if it were a formal sector unit. An owned squatter unit would sell for 25 percent more if it were a formal sector unit. These percentages are interpreted as eviction risk discount for squatter dwellings. We conclude that assistance projects that provide secure tenure over a wide area will bestow comparatively greater benefits on lower income households, and to those in newer less established settlements, since the risks that they bear initially are greater.
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