Modeling Hong Kong real estate prices

This paper attempts to estimate real estate prices from a Hong Kong perspective. A hedonic price model is estimated utilizing housing transaction data during a period of relatively stable property price movements. Empirical results suggest that while a residential property of larger size, higher flo...

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Bibliographic Details
Published in:Journal of housing and the built environment 2007-12, Vol.22 (4), p.359-368
Main Authors: Choy, Lennon H. T., Mak, Stephen W. K., Ho, Winky K. O.
Format: Article
Language:English
Subjects:
Central business districts
Coefficients
Consistent estimators
Environmental quality
Feng shui
Heteroskedasticity
Home
Home buyers
Hong Kong
Households
Housing
Housing prices
Investigations
Literature reviews
Model testing
Neighborhoods
Nonlinear equations
Point estimators
Price indices
Price premiums
Prices
Pricing
Property
Public transportation
Real estate
Residential buildings
Residential real estate
Superstition
Urban environment
Urban sociology
Urban studies
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Summary:This paper attempts to estimate real estate prices from a Hong Kong perspective. A hedonic price model is estimated utilizing housing transaction data during a period of relatively stable property price movements. Empirical results suggest that while a residential property of larger size, higher floor level, and better view commands a higher transaction price, a property lying closer to the mass transit railway station also commands a price premium. The nonlinear effect of floor level has also been confirmed to exert an impact upon prices. Furthermore, an apartment located on an "unlucky number" floor is not preferred by homebuyers and is usually transacted at a price discount.
ISSN:1566-4910
1573-7772
DOI:10.1007/s10901-007-9089-2