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Conference Paper: An empirical study on the neighbourhood effect of refurbishment

TitleAn empirical study on the neighbourhood effect of refurbishment
Authors
KeywordsRefurbishment
Apartment properties
Hedonic price model
Urban rehabilitation
Hong Kong
Issue Date2006
PublisherPacific Rim Real Estate Society
Citation
The 12th Annual Conference of the Pacific Rim Real Estate Society, Auckland, New Zealand, 22-25 January 2006 How to Cite?
AbstractAn important portion of property value comes from property location, which is a function of the quality of surrounding environment (e.g. external views). In a congested living environment like Hong Kong, it is difficult, if not impossible, to have a view unobstructed by buildings. As such, the quality of views is dependent upon the aesthetic quality of surrounding buildings. It is likely that poorly maintained buildings will emit negative visual effects to their immediate neighbourhood. Refurbishing these poor buildings should, therefore, reduce or even counter this negative externality. This study aims to empirically identify the effect of refurbishment on the prices of neighbourhood properties based on an analysis of panel data in Hong Kong. The data consists of property transactions in a large housing estate located in Pokfulam. This estate was chosen because its surrounding buildings underwent refurbishment in 1998. Results show that the refurbishment brought a significant increase in the price of properties facing the refurbished buildings, keeping other things constant. Given the aging building problem in most urban areas, the results pose significant practical implications on building refurbishment and urban rehabilitation as a whole. Developers or property owners may be lured to invest in the refurbishment of adjacent dilapidated properties with a view to a value enhancement of their own properties.
Persistent Identifierhttp://hdl.handle.net/10722/115862

 

DC FieldValueLanguage
dc.contributor.authorYau, Yen_HK
dc.contributor.authorWong, SKen_HK
dc.contributor.authorCheung, KCen_HK
dc.contributor.authorChau, KWen_HK
dc.contributor.authorHo, DCWen_HK
dc.date.accessioned2010-09-26T06:04:53Z-
dc.date.available2010-09-26T06:04:53Z-
dc.date.issued2006en_HK
dc.identifier.citationThe 12th Annual Conference of the Pacific Rim Real Estate Society, Auckland, New Zealand, 22-25 January 2006-
dc.identifier.urihttp://hdl.handle.net/10722/115862-
dc.description.abstractAn important portion of property value comes from property location, which is a function of the quality of surrounding environment (e.g. external views). In a congested living environment like Hong Kong, it is difficult, if not impossible, to have a view unobstructed by buildings. As such, the quality of views is dependent upon the aesthetic quality of surrounding buildings. It is likely that poorly maintained buildings will emit negative visual effects to their immediate neighbourhood. Refurbishing these poor buildings should, therefore, reduce or even counter this negative externality. This study aims to empirically identify the effect of refurbishment on the prices of neighbourhood properties based on an analysis of panel data in Hong Kong. The data consists of property transactions in a large housing estate located in Pokfulam. This estate was chosen because its surrounding buildings underwent refurbishment in 1998. Results show that the refurbishment brought a significant increase in the price of properties facing the refurbished buildings, keeping other things constant. Given the aging building problem in most urban areas, the results pose significant practical implications on building refurbishment and urban rehabilitation as a whole. Developers or property owners may be lured to invest in the refurbishment of adjacent dilapidated properties with a view to a value enhancement of their own properties.-
dc.languageengen_HK
dc.publisherPacific Rim Real Estate Society-
dc.relation.ispartofProceedings from the Pacific Rim Real Estate Society (PRRES) Conference - 2006en_HK
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.-
dc.subjectRefurbishment-
dc.subjectApartment properties-
dc.subjectHedonic price model-
dc.subjectUrban rehabilitation-
dc.subjectHong Kong-
dc.titleAn empirical study on the neighbourhood effect of refurbishmenten_HK
dc.typeConference_Paperen_HK
dc.identifier.emailWong, SK: skwongb@hkusua.hku.hken_HK
dc.identifier.emailChau, KW: hrrbckw@hkucc.hku.hken_HK
dc.identifier.emailHo, DCW: danielho@hkucc.hku.hken_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.identifier.authorityHo, DCW=rp01001en_HK
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros118721en_HK

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