Measuring residential property values in Hong Kong
- 1 December 2000
- journal article
- Published by Emerald in Property Management
- Vol. 18 (5), 366-374
- https://doi.org/10.1108/02637470010360669
Abstract
The elements of sales comparison for residential property depend on a package of inherent attributes that are valued by consumers. These attributes can be classified into the following categories: structural, physical, neighbourhood and environmental. A model that incorporates adjustments for floor area, age, views and amenities such as availability of recreational facilities is presented and discussed. A multiple regression analysis with transactions‐based data, using weighted least square to determine the discrete estate‐type induced price effect in the Hong Kong housing market, is also presented. The paper demonstrates how the view of negative housing attributes is capitalised into house prices. Specifically, it is shown that the residential property values are higher for estate‐type housing properties, and lower for dwelling units with a cemetery view.Keywords
This publication has 13 references indexed in Scilit:
- Housing Market SegmentationJournal of Housing Economics, 1998
- On the Price of Land and the Value of AmenitiesEconomica, 1995
- Heteroskedasticity and Autocorrelation Consistent Covariance Matrix EstimationEconometrica, 1991
- Economic Valuation of ShorelineThe Review of Economics and Statistics, 1977
- Segmentation in urban housing marketsJournal of Urban Economics, 1976
- Hedonic Prices and Implicit Markets: Product Differentiation in Pure CompetitionJournal of Political Economy, 1974
- Measuring the Value of Housing QualityJournal of the American Statistical Association, 1970
- Measuring the Value of Housing QualityJournal of the American Statistical Association, 1970
- Accessibility models and residential locationJournal of the American Institute of Planners, 1969
- The Determinants of Residential Property Values with Special Reference to Air PollutionThe Review of Economics and Statistics, 1967