scholarly journals Comparing the Impacts of Location Attributes on Residents’ Preferences and Residential Values in Compact Cities: A Case Study of Hong Kong

2020 ◽  
Vol 12 (12) ◽  
pp. 4867
Author(s):  
Yunxi Bai ◽  
Jusheng Song ◽  
Shanshan Wu ◽  
Wei Wang ◽  
Jacqueline T. Y. Lo ◽  
...  
Keyword(s):  
Hong Kong ◽  
Urban Areas ◽  
Housing Prices ◽  
Central Business District ◽  
Policy Formation ◽  
Hedonic Price ◽  
Policy Makers ◽  
Extensive Body ◽  
Business District ◽  
Housing Attributes

In recent years, environmentally-friendly, sustainable, and compact development has become increasingly popular with governments. An extensive body of literature has focused on the influence on housing prices from an economic perspective. Although residential urban planning from the perspective of individual needs must be considered, little attention has been paid to residents’ demands in high-density and compact urban areas. In this study, we selected Hong Kong as the case and adopted a reliability interval method to rank residential attitude metrics, which indicated residents’ neighborhood needs in densely populated cities. The influences of location attributes on residents’ demands and residential value were compared. A hedonic price model was used to estimate the impacts of the attributes on housing prices. The results showed that both access to metro stations and median household income had important influences on residents’ preferences and housing prices. However, access to the central business district contributed largely to housing prices but not to residents’ attitudes. These findings support urban planners and policy makers during sustainable residential planning and policy formation by understanding residents’ needs in compact urban areas, help them to optimize the match between housing attributes and residents’ expectations, and balance the relationship between residents’ needs and economic interest.

scholarly journals Centripetal Cities: Using Big Data to Measure Job-Housing Separation Based on Employment-Residence-Commuting Trade-off

2020 ◽  
Author(s):  
Ming Lu ◽  
Chong Peng
Keyword(s):  
Big Data ◽  
Urban Areas ◽  
Service Industry ◽  
Housing Prices ◽  
Housing Price ◽  
Central Business District ◽  
Urban Centers ◽  
Trade Off ◽  
Large Cities ◽  
Business District

Abstract With the advent of postindustrial society, populations are becoming increasingly concentrated in large cities, especially in urban centers. Here we study the “centripetal city” phenomenon. With many new service-industry jobs concentrated in central cities, people face the trade-off between employment, residence, and commuting. Using multisource big data from Shanghai, China, we develop a new job–housing separation index to reflect the trade-off between employment, housing price and commuting. We demonstrate that residents in central urban areas within a radius of approximately 20 km from the central business district tolerate job–housing separation in exchange for lower housing prices. Recent data indicate that job–housing separation accounts for 20% of housing prices. Our framework outperforms previous metrics, which not only provides a basis for understanding the formation and evolution of spatial structure in large cities, but can also guide wise planning and managing interventions for the United Nations Sustainable Development Goals.

scholarly journals Analyzing the Issue of On-street Parking in Commercial Areas: A Case Study of the City of Hyderabad, Pakistan

2018 ◽  
Vol 01 (02) ◽  
pp. 01-09
Author(s):  
Baig Farrukh ◽  
Sahito Noman ◽  
Bano Arsla ◽  
Keyword(s):  
Traffic Congestion ◽  
Urban Areas ◽  
Survey Methodology ◽  
Greenhouse Gas Emission ◽  
Central Business District ◽  
Rapid Urbanization ◽  
Analysis Technique ◽  
Business District ◽  
Public Views ◽  
The City

In developing countries, rapid urbanization has created an enormous pressure on land use, infrastructure and transportation. The fast growing ratio of motorized vehicles in urban areas is the main cause of environmental degradation. Almost 80% of the greenhouse gas emission is from vehicles in cities. In the city centers, on-street parking is considered the major cause of traffic congestion. The aim of this study was to evaluate the problems of on-street parking and disorderly parking at Central Business District (CBD) of Hyderabad city. The field survey methodology was adopted to perceive the current traffic problems in the city center and traffic count survey was carried out in both peak and off hours. The data was analyzed using descriptive statistics frequency analysis technique with the help of Statistical Package for the Social Sciences (SPSS). The findings revealed that increasing number of vehicles, on-street parking, improper parking, encroachment, inadequate parking space and poor condition of roads are the main causes of traffic congestion. The study bridges up the research gap of determining public views about on-street parking challenges in the context of Hyderabad, Pakistan and provides statistical results which may equally be adapted by policy makers and transportation planners in order to improve the traffic situation.

Housing Market Hedonic Price Study Based on Boosting Regression Tree

2017 ◽  
Vol 21 (6) ◽  
pp. 1040-1047 ◽  
Author(s):  
Guangtong Gu ◽  
Bing Xu ◽  
◽  
◽  
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Regression Tree ◽  
Gradient Boosting ◽  
Hedonic Price ◽  
Tree Model ◽  
Policy Makers ◽  
Real Estate Markets ◽  
Architectural Features ◽  
Real Estate Prices

Based on the purchase price data of new real estate markets three cities in China, Beijing, Shanghai, and Guangzhou, including architectural features, neighborhood property features, and location features, in this study a boosting regression tree model was built to study the factors and the influence path of housing prices from the microcosmic perspective. First, a classical hedonic price model was constructed to analyze and compare the significant effect factors on housing prices in the market segments of the three cities. Second, the gradient boosting regression tree method that is proposed in this paper was applied to the three markets in combination to analyze the influence paths and factors and the importance of the type of housing hedonic price. The influence paths of housing hedonic prices and decision tree rules are visualized. The significant housing features are effectively extracted. Finally, we present three main conclusions and several suggestions for policy makers to improve urban functions while stabilizing real estate prices.

Do implicit prices show differences in tourists’ valuation on hotel attributes in different time periods and different markets? A case of Beijing

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tiancheng Shang ◽  
Kaiti Shang ◽  
Peihong Liu ◽  
Xiaotong Sun ◽  
Xinxin Li
Keyword(s):  
Design Methodology ◽  
Central Business District ◽  
Hedonic Price ◽  
Revenue Optimization ◽  
Content Type ◽  
Hedonic Price Models ◽  
Time Periods ◽  
Implicit Prices ◽  
Business District ◽  
The Relationship

Purpose The purpose of this paper is to analyze the implicit prices of hotel attributes in different time periods and different markets. Design/methodology/approach With data from the travel meta-search engine, this paper chose 3- to 5-star hotels in Beijing’s central business district and use hedonic price models. Findings The results suggest that the attributes with significant implicit prices differ in different time periods; the same attributes with different implicit prices in different time periods; the same attributes with different implicit prices in different market segments. Originality/value This study may help to explain the different findings on the relationship between the attributes and room rates of Chinese star-rated hotels in different time periods, and will be useful in both revenue optimization efforts and the design of new hotels projects.

International Real Estate Review

2020 ◽  
Vol 23 (3) ◽  
pp. 417-432
Author(s):  
Yen-Jong Chen ◽  
◽  
Cheng-Kai Hsu ◽  
Keyword(s):  
Urban Areas ◽  
Housing Prices ◽  
Housing Price ◽  
Hedonic Price ◽  
Rapid Transit ◽  
Transit Oriented Development ◽  
Transaction Data ◽  
Hedonic Price Models ◽  
Transit Accessibility ◽  
Different Types

Constructing multimodal stations is one of the considered ways to implement transit-oriented development (TOD), with the goal of synergizing land use and transportation to promote both greater transit accessibility and sustainability in urban areas. Improvements in such accessibility have led to an uplift in land value and housing prices. These price changes have been primarily studied by analyzing the effects of proximity to stations of a single line or multi-line mass rapid transit (MRT) system. However, little attention has been paid to investigating the effects of different types of multimodal MRTs and railway joined stations. The aim of this study is to investigate the different types of multimodal stations in Kaohsiung City, Taiwan. We use publicly available housing transaction data to construct hedonic price models. The results show that in the Kaohsiung MRT stations, an increase of 100 m in distance from the stations results in a TWD 258,000 decrease in the average housing price. The housing price elasticity with respect to a 1% increase in distance from these stations is -0.067%.

scholarly journals A Recent Development of the Spatial Disparity of Housing Prices in Iceland and Its Underlying Economic Causes

2015 ◽  
Vol 2 (2) ◽  
pp. 44
Author(s):  
Vifill Karlsson 
Keyword(s):  
Rural Areas ◽  
Structural Changes ◽  
Consumer Preferences ◽  
Housing Prices ◽  
Central Business District ◽  
Spatial Disparity ◽  
Data Set ◽  
Urban And Rural Areas ◽  
Business District ◽  
Household Preferences

<p>In this paper, the author examines the development of the spatial distribution of housing<br />prices. Due to consumer preferences for access over amenity value, there is a spatial disparity<br />of housing prices. According to Alonso’s extension of von Tünen’s theory, the relationship<br />between housing prices in urban and rural areas tends to follow certain principles. This<br />relationship is more often negative than positive, i.e. the price of a standardized unit of<br />housing declines with increasing distance from a central business district (CBD). It has been<br />documented that this relationship is negative for Iceland, as well as in many regions of other<br />countries. It is argued here that this relationship has become increasingly marked in Iceland,<br />most likely due to the altered household preferences and structural changes. A macro panel<br />data set from Iceland will be used, representing several essential variables of the residential<br />housing market for 79 municipalities in Iceland from 1981 to 2006.</p>

An Analysis of an Urban Thoroughfare

1972 ◽  
Vol 4 (2) ◽  
pp. 193-204 ◽  
Author(s):  
P G Hartwick ◽  
J M Hartwick
Keyword(s):  
Decision Making ◽  
Urban Policy ◽  
Agricultural Land ◽  
Urban Transportation ◽  
Central Business District ◽  
Residential Development ◽  
Microeconomic Theory ◽  
Surrounding Area ◽  
Policy Makers ◽  
Business District

This paper considers the economic impact of an urban transportation thoroughfare emanating from the central business district of a city to agricultural land. Utilizing the elements of microeconomic theory, namely the models of the producer and of the consumer, we have made an analysis of how a residential area develops around a thoroughfare under different assumptions including transportation costs along the thoroughfare, and the technology of producing residential dwellings in the surrounding area. This contribution can be looked upon as the analysis of residential development in a star-shaped city; the focus is on one branch of the star. With the aid of computer graphics, alternative economic landscapes surrounding the thoroughfare are simulated. The purpose of this paper is to demonstrate the nature of city-forming forces which are generated by the decision making of producers and consumers in spatially defined areas. By demonstrating in the particular case of an urban thoroughfare the powerful city-forming influences of decision making of city dwellers, it is hoped that urban policy makers may be alerted to some different aspects of the ongoing processes of urban change.

scholarly journals The House Price Dynamics and the Macro-Economy: an Empirical Perspective of UAE

2019 ◽  
Vol 2 (1) ◽  
pp. 28-33
Author(s):  
Yahya Hamad Al Zaabi ◽  
Genanew Bekele
Keyword(s):  
House Prices ◽  
Housing Prices ◽  
House Price ◽  
Housing Price ◽  
Future Research ◽  
Hedonic Price ◽  
Policy Makers ◽  
Empirical Perspective ◽  
House Condition ◽  
Internal And External Factors

Objective: The paper aims to examine house price drivers in Dubai, addressing the effect of internal and external factors afecting house prices   Design/methedology/approach: Using the Hedonic price model, the study examined the implications of house size (space), the availability of bathrooms, bedrooms, waterfronts, and pool and cell phone towers within residential area as auxiliary determinant factors to housing price within developed cities by using the Hedonic Modelling. Also, study highlight the effect of the green strategies that been followed by developer on the housing prices.   Findings: The study is expected to reveal results with significant ramifications for researchers, practitioners and policy makers. From a policy perspective, there is an obvious interest in understanding whether the price of housing is affected by different attributes differently along its distribution.   Research limitations/implications: The data used in this study could be limited, and depends on information to be provided by the Dubai Land Department. There is a room for future research to include more data (such as on other house attributes such as house condition, plot numbers and configuration).

scholarly journals Hedonic Analysis of Housing Prices and Development in Kaunas: Heritage Aspect

2019 ◽  
Vol 75 (2) ◽  
pp. 15-27
Author(s):  
Kastytis Rudokas ◽  
Mantas Landauskas ◽  
Odeta Viliūnienė ◽  
Indrė Gražulevičiūtė - Vileniškė
Keyword(s):  
Real Estate ◽  
Urban Areas ◽  
Housing Prices ◽  
Positive Influence ◽  
Hedonic Price ◽  
The Real ◽  
The Real Estate ◽  
Heritage Buildings ◽  
New Construction ◽  
Real Estate Prices

The urban economists have stressed the importance of various amenities for the attractiveness of urban areas for residents and businesses and built cultural heritage can be considered as one of such amenities, the benefits of which should not be overlooked. This research was aimed to analyze the influence of heritage aspect including the heritage status or features of the building and the historic built environment in general on the real estate prices and development in Kaunas using hedonic price method. Two sets of data were collected for the analysis - general, including heritage buildings and including new construction since 2013. The research has demonstrated that heritage status and the year of construction (as older buildings can be considered having heritage features) have no significant positive influence on the real estate prices. Meanwhile, the location, heritage context and the architectural distinctiveness of new architecture have a direct influence on the real estate prices. The heritage context correlates with architectural quality of new construction as well. This reveals the benefits of heritage context both for the real estate developers and households; however, the study shows the unemployed social-economic potential of historic buildings as generators and maintainers of heritage context.

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