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Hedonic Valuation in an Urban High-Rise Housing Market

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  • Lu Liu
  • Paul M. Jakus

Abstract

type="main" xml:lang="fr"> Dans le présent article, nous évaluons l'effet de l'hétérogénéité spatiale et des attraits des unités d'habitation sur la valeur des immeubles résidentiels du marché chinois de l'habitation qui est très urbain. Cet article contribue à la littérature de deux façons. Premièrement, les tours d'habitation présentent des complications étant donné que la verticalité est un aspect important dans les décisions d'achat alors que la littérature sur l'économétrie spatiale s'est intéressée exclusivement au volet bidimensionnel. Nous avons élaboré une matrice de pondérations spatiales tridimensionnelle afin d'illustrer la corrélation possible entre les unités d'habitation situées sur les différents étages d'un projet. Deuxièmement, une grande partie de la population mondiale habite en milieu urbain dans des immeubles de grande hauteur mais, en règle générale, la littérature a complètement ignoré ces marchés. L'évidence empirique appuie l'utilisation de la matrice de pondérations tridimensionnelle; notre application de la méthodologie hédonique au dense marché de l'habitation en hauteur indique qu'elle peut être utilisée pour évaluer les attraits d'unités d'habitation d'un projet ou adjacentes à un projet. Toutefois, dans le cas de notre exemple empirique, peu de différences ont été observées entre l'évaluation marginale des attraits effectuée à l'aide d'une matrice de pondérations tridimensionnelle et d'une matrice de pondérations standard bidimensionnelle.

Suggested Citation

  • Lu Liu & Paul M. Jakus, 2015. "Hedonic Valuation in an Urban High-Rise Housing Market," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 63(2), pages 259-273, June.
  • Handle: RePEc:bla:canjag:v:63:y:2015:i:2:p:259-273
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    File URL: http://hdl.handle.net/10.1111/cjag.12052
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    References listed on IDEAS

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    1. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
    2. Paul Asabere & Forrest Huffman, 2009. "The Relative Impacts of Trails and Greenbelts on Home Price," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 408-419, May.
    3. Won Kim, Chong & Phipps, Tim T. & Anselin, Luc, 2003. "Measuring the benefits of air quality improvement: a spatial hedonic approach," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 24-39, January.
    4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    5. Liao, Wen-Chi & Wang, Xizhu, 2012. "Hedonic house prices and spatial quantile regression," Journal of Housing Economics, Elsevier, vol. 21(1), pages 16-27.
    6. Brent L. Mahan & BStephen Polasky & Richard M. Adams, 2000. "Valuing Urban Wetlands: A Property Price Approach," Land Economics, University of Wisconsin Press, vol. 76(1), pages 100-113.
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