Measuring residential property values in Hong Kong

Measuring residential property values in Hong Kong 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Property Management Emerald Publishing

Measuring residential property values in Hong Kong

Property Management, Volume 18 (5): 9 – Dec 1, 2000

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Publisher
Emerald Publishing
Copyright
Copyright © 2000 MCB UP Ltd. All rights reserved.
ISSN
0263-7472
DOI
10.1108/02637470010360669
Publisher site
See Article on Publisher Site

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.

Journal

Property ManagementEmerald Publishing

Published: Dec 1, 2000

Keywords: Amenities; Hong Kong

References

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