Measuring residential property values in Hong Kong
Brayan Wamani2000, Property management
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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 transactionsbased 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.
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