Previous Studies on Physical Determinants of Housing Price

Transcription

1 Previous Studies on Physical Determinants of Housing Price by Edward CY Yiu Associate Director, IOFC Associate Professor, GRM, Chinese University of Hong Kong 1

2 Density Effects Tang, B.S. and Yiu, C.Y. (2010) Space and Scale: A Study of Development Intensity and Housing Price in Hong Kong, Landscape and Urban Planning, 96,

3 Housing Quality Effects Chan, E., Yiu, C.Y., Baldwin, A. and Lee, G. (2009) Value of Buildings with Design Features for Healthy Living: A Contingent Valuation Approach, Facilities 27(5/6), Chau, K.W., Wong, S.K. and Yiu, C.Y. (2007) Housing Quality in the Forward Contracts Market, Journal of Real Estate Finance and Economics, 34, Chau, K.W., Wong, S.K. and Yiu, C.Y., (2004), The value of the provision of a balcony in apartments in Hong Kong, Property Management, 22(3), Sep.,

4 Environment Effects Chau KW, Yiu CY, Wong SK and Lai LWC (2003) Hedonic price modelling of environmental attributes: a review of the literature and a Hong Kong case study, in Understanding and Implementing Sustainable Development (eds. LWC Lai and F Lorne), Nova Science, Chapter 5, Chau, K.W., Wong, S.K. and Yiu, C.Y. (2007) Repeat-Sales Analysis of the Value of Seaview, European Real Estate Society (ERES) Conference 2007, June

5 Transportation Effects Yiu, C.Y. (2011) A Spatial Portfolio Theory of Household Location Choice, Journal of Transport Geography, 19(4), Yiu, C.Y. and Tam, C.S. (2007) Housing Price Gradient with Two Workplaces an Empirical Study in Hong Kong, Regional Science and Urban Economics, May, 37(3), Yiu, C.Y. and Wong, S.K. (2005), The Effects of Expected Transport Improvements on Housing Prices, Urban Studies, 42(1), Dec.,

6 Density Effects the study has found that there is an optimal development scale of housing estate and the number of dwelling units is estimated to be in the range of about 1130 (equivalent to about 9210 m 2 of housing site area). 6

7 Housing Quality Effects 7

8 Branding Effects t the market has efficiently adjusted the forward price for this potential quality problem according to developers reputations. 8

9 Balcony Value A balcony has a value enhancement effect on high-rise residential properties, regardless of the view outside. It also helps to mitigate adverse environmental impacts, such as noise and air pollution and their effects on property values. 9

10 _Value_by_Repeat_Sales_Method Value of View Dependent Variable: ln (PRICE/GFA) Method: Least Squares White Heteroskedasticity-Consistent Standard Errors & Covariance Included observations: 819 (JUL 1969 DEC 1972) Before Reclamation Included observations: 2407 (JAN 1998 DEC 2000) After Reclamation Variable Coefficient Prob. Coefficient Prob. SV_S SV_W ve garden view premium after reclamation?! 10

11 Transportation Effects there were positive price expectation effects well before the completion of the tunnel. 11

12 Transportation Effect on Housing Price Gradient 12

13 New Project 1 Plan: Extension of MTR Line The Extension of MTR Line to Kennedy Town is said to achieve social inclusion by enhancing accessibility of low-income households at the fringe of the city centre; But the increase in housing rent after the completion of the extension line is found to be much more than the average of the territory. It is a kind of economic exclusion. Is it a social inclusion or an economic exclusion is the focus of the study. 13

14 New Project 2 Plan: Open Kitchen Design Effect? Very few studies so far on open kitchen effect on housing price, esp in HK. Lau et al. (2006) there are two new trends in young working families: one that favours open-plan kitchen and another that favours separate kitchens. (JoBA, ) Probably it is because the Buildings Ordinance (its practice notes) has been amended for a few years, and it is still relatively new. 14

15 New Changes on Fire Safety for Open Kitchen Design A new clause (C13.4) in the Fire Safety Code (BD, 2011) is added: Smoke detectors are required Sprinkler head is required Shielding wall is required Fire safety of the building is enhanced?! Chow (2011) Fire Safety Concern on Open Kitchen in Small Residential Units of Tall Buildings, IJoEPBFC 15

16 The End comments are welcome. Enquiries to: 16