The impact of urban amenities on apartment prices in Münster: How important is location within a city?

Beside the specific object attributes, location is the fundamental determinant for real estate. But how important is location within a city? Contrary to popular belief our results suggest that this parameter explains only a small proportion of price variation, whereas object attributes are crucial. Location, location, location does not capture the essence of an apartment value. In a city it is only an explanation part which has relative little impact on price variations. Therefore, we suggest size, age, location as comprehensive determinants for local apartment prices. --