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A Hedonic Price Model for Private Properties in Hong Kong

Author

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  • Mok, Henry M K
  • Chan, Patrick P K
  • Cho, Yiu-sun

Abstract

A hedonic model is used to explore the effects of locational, structural, and neighborhood attributes on the price structure of private condominiums in Hong Kong. The regression results and the elasticities of housing attributes obtained from the Box-Cox analysis indicate that the valuation of a property is sensitive to changes in housing traits. Home buyers are rational and are willing (unwilling) to pay for desirable (undesirable) housing attributes and that the valuation of a property is market-driven in Hong Kong. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Mok, Henry M K & Chan, Patrick P K & Cho, Yiu-sun, 1995. "A Hedonic Price Model for Private Properties in Hong Kong," The Journal of Real Estate Finance and Economics, Springer, vol. 10(1), pages 37-48, January.
    • Handle: RePEc:kap:jrefec:v:10:y:1995:i:1:p:37-48
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    Citations

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    Cited by:

    1. Hyung-Gun Kim & Kwong-Chin Hung & Sung Park, 2015. "Determinants of Housing Prices in Hong Kong: A Box-Cox Quantile Regression Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 50(2), pages 270-287, February.
    2. Carlos Pestana Barros & Zhongfei Chen & Luis A. Gil-Alana, 2012. "Housing sales in urban Beijing," Applied Economics, Taylor & Francis Journals, vol. 44(34), pages 4495-4504, December.
    3. Alexandre Tangerini & Nils Soguel, 2005. "Evaluation monétaire de la qualité du paysage. Monetary valuation of the landscape quality," Urban/Regional 0507002, EconWPA.
    4. de la Peña, Mario Raúl & Núñez-Serrano, Juan A. & Turrión, Jaime & Velázquez, Francisco J., 2016. "Are innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotels," Tourism Management, Elsevier, vol. 55(C), pages 184-196.
    5. repec:ire:issued:v:20:n:02:2017:p:221-250 is not listed on IDEAS
    6. Maurizio d’Amato, 2007. "Comparing Rough Set Theory with Multiple Regression Analysis as Automated Valuation Methodologies," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 42-65.
    7. Leung, Tin Cheuk & Tsang, Kwok Ping, 2013. "Anchoring and loss aversion in the housing market: Implications on price dynamics," China Economic Review, Elsevier, vol. 24(C), pages 42-54.
    8. Charles Ka Yui LEUNG & Wai Yip MA & Jun ZHANG, 2014. "The Market Valuation of Interior Design and Developer Strategies: A Simple Theory and Some Evidence," International Real Estate Review, Asian Real Estate Society, vol. 17(1), pages 63-107.
    9. Charles Ka Yui Leung & Kelvin Siu Kei Wong & Patrick Wai Yin Cheung, 2007. "On the Stability of the Implicit Prices of Housing Attributes: A Dynamic Theory and Some Evidence," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 66-93.
    10. Chan, Hing Lin & Lee, Shu Kam & Woo, Kai Yin, 2001. "Detecting rational bubbles in the residential housing markets of Hong Kong," Economic Modelling, Elsevier, vol. 18(1), pages 61-73, January.
    11. Tan, Teck Hong, 2011. "Measuring the willingness to pay for houses in a sustainable neighborhood," MPRA Paper 30446, University Library of Munich, Germany.
    12. Tan, teck hong, 2011. "Neighborhood preferences of house buyers: the case of klang valley, malaysia," MPRA Paper 30420, University Library of Munich, Germany.
    13. Alexandre Tangerini & Nils Soguel, 2005. "Evaluation monétaire de la qualité de paysage / Evaluation of the landscape quality," Urban/Regional 0507007, EconWPA.

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