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Conference Paper: Floor-level premiums in high-rise and low-rise buildings

TitleFloor-level premiums in high-rise and low-rise buildings
Authors
KeywordsFloor level
Building density
Property price
Hedonic price model
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?
AbstractThis paper examines a unique feature of multi-storey buildings – floor-level premiums. Floor-level premiums refer to the price paid for the vertical location of a flat, measured by its floor level. Previous hedonic price studies unequivocally showed that floor-level premiums are positive. However, they were often based on the assumptions that floorlevel premiums are constant 1) across different floor levels within the same building and/or 2) across different buildings given the same floor level. This second assumption is particularly interesting because it begs the question of whether the same premium is paid for high-rise and low-rise buildings. For instance, do we pay the same for the 5th floor of a low-rise building and that of a high-rise building? Based on a sample of highly homogeneous buildings (except for their heights), we found that floor-level premiums were not constant but diminishing with respect to floor levels. Moreover, there was no significant difference in the pattern of floor-level premiums between high-rise and lowrise buildings. Finally, there was a positive and significant premium for shorter buildings over taller buildings.
Persistent Identifierhttp://hdl.handle.net/10722/115922

 

DC FieldValueLanguage
dc.contributor.authorWong, SKen_HK
dc.contributor.authorChau, KWen_HK
dc.contributor.authorYau, Yen_HK
dc.contributor.authorCheung, KCen_HK
dc.date.accessioned2010-09-26T06:07:34Z-
dc.date.available2010-09-26T06:07:34Z-
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/10722/115922-
dc.description.abstractThis paper examines a unique feature of multi-storey buildings – floor-level premiums. Floor-level premiums refer to the price paid for the vertical location of a flat, measured by its floor level. Previous hedonic price studies unequivocally showed that floor-level premiums are positive. However, they were often based on the assumptions that floorlevel premiums are constant 1) across different floor levels within the same building and/or 2) across different buildings given the same floor level. This second assumption is particularly interesting because it begs the question of whether the same premium is paid for high-rise and low-rise buildings. For instance, do we pay the same for the 5th floor of a low-rise building and that of a high-rise building? Based on a sample of highly homogeneous buildings (except for their heights), we found that floor-level premiums were not constant but diminishing with respect to floor levels. Moreover, there was no significant difference in the pattern of floor-level premiums between high-rise and lowrise buildings. Finally, there was a positive and significant premium for shorter buildings over taller buildings.-
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.subjectFloor level-
dc.subjectBuilding density-
dc.subjectProperty price-
dc.subjectHedonic price model-
dc.subjectHong Kong-
dc.titleFloor-level premiums in high-rise and low-rise buildingsen_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.authorityChau, KW=rp00993en_HK
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros118724en_HK

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