# **Table 3. Basic House Prices, by City**

|||Random|Forest-Base|d Prediction||||OLS|-Based Pre|diction|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Basic|Basic|i|Local|||Basic|Basic|Ratio|Local|||
|Country|House<br>Price<br>_Apartment_<br>_(Current_|House<br>Price<br>_Apartment_<br>_(Current_|Rato<br>pre-<br>dicted<br>and obs.<br>i|Ratio<br>pre-<br>dicted<br>and obs.|MAPE|L_<br>MAPE|House<br>Price<br>_Apartment_<br>_(Current_|House<br>Price<br>_Apartment_<br>_(Current_|pre-<br>dicted<br>and<br>obs.|Ratio<br>pre-<br>dicted<br>and obs.|MAPE|L_<br>MA<br>PE|
||_USD)_|_PPP$)_|prce<br>|price|||_USD)_|_PPP$)_|price|price|||
||||_(median)_|_(median)_|||||_(median_|_(median)_|||
|**Albania**|||||||||||||
|**_National_**|71,205|189,200|1.01|1.01|0.28|0.19|55,167|146,592|1.02|1.07|0.28|0.26|
|_Durres_|45,422|120,697|1.05|0.94|0.35|0.20|41,359|109,900|1.16|1.05|0.41|0.26|
|_Sarande_|73,794|196,088|1.01|.|0.38|.|49,601|131,801|1.04|.|0.15|.|
|_Tirana_|74,337|197,531|1.00|1.02|0.26|0.19|56,649|150,529|1.00|1.00|0.26|0.25|
|_Vlore_|54,856|145,765|1.27|0.85|0.39|0.16|53,627|142,499|1.38|0.90|0.46|0.17|
|**Costa Rica**|||||||||||||
|**_National_**|113,065|194,476|0.98|0.97|0.27|0.40|115,139|198,044|0.99|1.06|0.30|0.43|
|_Alajuela_|110,284|189,694|1.23|.|0.38|.|107,774|185,376|1.32|.|0.49|.|
|_Heredia_|104,378|179,535|1.08|1.16|0.22|0.14|111,794|192,290|1.11|1.19|0.22|0.22|
|_Puntarenas_|130,370|224,242|1.00|.|0.01|.|115,813|199,204|0.87|.|0.13|.|
|_San José_|106,457|183,111|0.85|0.82|0.23|0.20|116,961|201,179|0.90|0.91|0.22|0.18|
|**Morocco**|||||||||||||
|**_National_**|53,282|129,554|1.00|1.04|0.30|<br>0.29|47,201|114,769|1.01|0.96|0.42|0.41|
|_Agadir_|40,081|97,456|1.07|1.12|0.37|0.33|53,670|130,570|1.27|1.61|0.54|0.66|
|_Casablanca_|79,739|193,886|0.93|1.07|0.26|0.30|64,356|156,482|0.86|0.60|0.24|0.38|
|_Fez_|42,155|102,500|1.05|.|0.31|.|41,762|101,544|2.05|.|1.18|.|
|_Tangier_|40,828|99,272|0.99|1.04|0.31|0.28|28,052|68,209|0.93|0.73|0.31|0.28|
|_Marrakesh_|48,856|118,793|1.00|1.09|0.26|0.25|43,852|106,626|0.94|0.82|0.26|0.28|
|**Pakistan**|||||||||||||
|**_National_**|21,849|91,269|0.99|1.16|0.31|0.30|24,360|101,758|1.00|1.27|0.44|0.52|
|_Islamabad_|21,711|90,692|0.99|0.94|0.30|0.29|24,607|102,789|1.05|1.01|0.38|0.33|
|_Karachi_|21,646|90,422|0.98|1.18|0.34|0.33|24,380|101,842|0.91|1.35|0.41|0.48|
|_Lahore_|26,651|111,328|1.00|1.15|0.28|0.32|24,153|100,895|1.05|1.06|0.50|0.31|
|_Rawalpindi_|25,837|107,927|1.02|1.10|0.25|0.24|23,519|98,244|1.06|1.01|0.34|0.22|
|**South**<br>**Africa**|||||||||||||
|**_National_**|63,745|137,501|1.02|1.07|0.30|0.30|85,769|185,006|1.15|1.27|0.55|0.56|
|_Cape Town_|106,536|229,801|0.89|1.02|0.36|0.33|132,455|285,709|0.75|0.96|0.42|0.37|
|_Durban_|43,917|94,731|1.03|1.05|0.32|0.28|81,276|175,314|1.28|1.49|0.53|0.63|
|_Johannesburg_|60,826|131,204|1.05|1.18|0.64|0.76|86,642|186,889|1.21|1.50|0.91|0.85|

_Note_ : MAPE refers to mean absolute percentage error; l_MAPE refers to the mean percentage error based on predictions accuracy of apartments sized between 50 and 60 square meters; local ratio refers to the ratio between observed and predicted values for apartments sized between 50 and 60 square meters. Exchange rates are based on 2019 conversions.

The estimations show that among the five countries, at the national level and in US$ terms, Pakistan has the cheapest _BHP_ (US$ 21,849), followed by Morocco (US$ 53,282), South Africa (US$ 63,745), Albania (US$ 71,205), and Costa Rica (US$ 113,064). In PPP$, however, the price levels for a basic apartment between the five countries is more equal. Visualization of the raw data in Figures 1 and 2 offer some 29