Estimating the value enhancement effects of refurbishment

Estimating the value enhancement effects of refurbishment There have been very few empirical studies investigating the value enhancement effects of refurbishment and most rely on cross‐sectional data, which cannot show the before and after effects conclusively because of the heterogeneous nature of the properties. The problem of refurbishment is more complicated in buildings or housing estates with multiple‐ownerships, since refurbishment is a collective decision, which can sometimes be difficult to achieve. Uses panel data in Hong Kong to estimate the impact of refurbishment on the market value of properties in a large housing estate. The results show that the refurbishment brought about approximately a 9 per cent increase in the market value of the properties, which far exceeds the cost of refurbishment. Suggests that property owners of a housing estate will benefit if they can reach a collective decision on renovation. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Facilities Emerald Publishing

Estimating the value enhancement effects of refurbishment

Facilities, Volume 21 (1/2): 7 – Jan 1, 2003

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Publisher
Emerald Publishing
Copyright
Copyright © 2003 MCB UP Ltd. All rights reserved.
ISSN
0263-2772
DOI
10.1108/02632770310460504
Publisher site
See Article on Publisher Site

Abstract

There have been very few empirical studies investigating the value enhancement effects of refurbishment and most rely on cross‐sectional data, which cannot show the before and after effects conclusively because of the heterogeneous nature of the properties. The problem of refurbishment is more complicated in buildings or housing estates with multiple‐ownerships, since refurbishment is a collective decision, which can sometimes be difficult to achieve. Uses panel data in Hong Kong to estimate the impact of refurbishment on the market value of properties in a large housing estate. The results show that the refurbishment brought about approximately a 9 per cent increase in the market value of the properties, which far exceeds the cost of refurbishment. Suggests that property owners of a housing estate will benefit if they can reach a collective decision on renovation.

Journal

FacilitiesEmerald Publishing

Published: Jan 1, 2003

Keywords: Refurbishment; Costing; Pricing; Models; Housing; Property management

References

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