Analyzing the Effect of Google Searches on the Czech Real Estate Market
|Author:||Bc. Tomáš Racocha|
|Year:||2022 - summer|
|Leaders:|| PhDr. Pavel Vacek Ph.D.
|Work type:|| Bachelors
|Awards and prizes:|
|Abstract:||This thesis examines what effect online search data has on the Czech real estate market,
specifically on the number of transactions and apartment prices. A key feature of my work is the
analysis of the sampling error associated with Google Trends data which can greatly influence
results if not accounted for. To measure the explanatory power of online search data, a set of
baseline models using macroeconomic variables was estimated for each specification, and then
search indices were added as additional independent variables. In every examined setting,
enhancing traditional models with Google Trends data improved model performance in terms of
several different evaluation metrics.