Abstract
The value of squatter dwellings for a sample in the Philippines is estimated, and the statistical relationship between value and housing characteristics is described. The results of a survey approach indicate that while the discrepancies in the estimates are quite large for individual properties, they are offset by using sufficiently large samples. In addition, when two estimates are highly correlated with one another they yield similar results when they are used as dependent variables in a hedonic price equation. Methodological considerations aside, the determinants of the value of squatter dwellings tend to be similar to those of conventional formal sector dwellings. The external appearance and quality of materials used in construction are among the most important variables. Water and sanitary facilities may not be valued as much as expected. Age may be positively correlated with value because housing services are improved more gradually in squatter communities and because longevity in a particular area is a sign of reduced risk. Overall, squatter housing markets appear to behave as economically rational entities that valuate dwelling units similarly to conventional markets.
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