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Article: Property price gradients: The vertical dimension

TitleProperty price gradients: The vertical dimension
Authors
KeywordsBuilding height
Floor level
Hedonic model
Housing price
Price gradient
Issue Date2011
PublisherSpringer Verlag Dordrecht. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1566-4910
Citation
Journal Of Housing And The Built Environment, 2011, v. 26 n. 1, p. 33-45 How to Cite?
AbstractThis is an empirical study on the pricing of two vertical property attributes: floor level and building height. Floor level is the vertical location of a unit in a multi-storey building; the extra price paid for a higher floor level is labelled a floor-level premium. Previous hedonic price studies unequivocally showed that the floor-level premium is positive, but they were silent on whether its magnitude varies with floor levels and with buildings of different heights. Indeed, building height is a feature of a building, not its constituent units, so it is not clear whether building height alone should affect the units' prices. Based on a sample of highly homogeneous housing units in buildings of varying heights, we found that (1) the floor-level premium was not constant, but diminished as floor level increases; (2) there was no significant difference in the pattern of the floor-level premium between high-rise and low-rise buildings; and (3) there was a positive and significant premium for units in low-rise buildings over those in high-rise ones. These findings can help developers determine the optimal height and shape of their development. © 2010 The Author(s).
Persistent Identifierhttp://hdl.handle.net/10722/145047
ISSN
2015 Impact Factor: 0.81
2015 SCImago Journal Rankings: 0.648
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorWong, SKen_HK
dc.contributor.authorChau, KWen_HK
dc.contributor.authorYau, Yen_HK
dc.contributor.authorCheung, AKCen_HK
dc.date.accessioned2012-02-21T05:42:34Z-
dc.date.available2012-02-21T05:42:34Z-
dc.date.issued2011en_HK
dc.identifier.citationJournal Of Housing And The Built Environment, 2011, v. 26 n. 1, p. 33-45en_HK
dc.identifier.issn1566-4910en_HK
dc.identifier.urihttp://hdl.handle.net/10722/145047-
dc.description.abstractThis is an empirical study on the pricing of two vertical property attributes: floor level and building height. Floor level is the vertical location of a unit in a multi-storey building; the extra price paid for a higher floor level is labelled a floor-level premium. Previous hedonic price studies unequivocally showed that the floor-level premium is positive, but they were silent on whether its magnitude varies with floor levels and with buildings of different heights. Indeed, building height is a feature of a building, not its constituent units, so it is not clear whether building height alone should affect the units' prices. Based on a sample of highly homogeneous housing units in buildings of varying heights, we found that (1) the floor-level premium was not constant, but diminished as floor level increases; (2) there was no significant difference in the pattern of the floor-level premium between high-rise and low-rise buildings; and (3) there was a positive and significant premium for units in low-rise buildings over those in high-rise ones. These findings can help developers determine the optimal height and shape of their development. © 2010 The Author(s).en_HK
dc.languageengen_US
dc.publisherSpringer Verlag Dordrecht. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1566-4910en_HK
dc.relation.ispartofJournal of Housing and the Built Environmenten_HK
dc.rightsThe Author(s)en_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong Licenseen_US
dc.subjectBuilding heighten_HK
dc.subjectFloor levelen_HK
dc.subjectHedonic modelen_HK
dc.subjectHousing priceen_HK
dc.subjectPrice gradienten_HK
dc.titleProperty price gradients: The vertical dimensionen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4551/resserv?sid=springerlink&genre=article&atitle=Property price gradients: the vertical dimension&title=Journal of Housing and the Built Environment&issn=15664910&date=2011-04-01&volume=26&issue=1& spage=33&authors=S. K. Wong, K. W. Chau, Y. Yau, <i>et al.</i>en_US
dc.identifier.emailWong, SK:kelvin.wong@hku.hken_HK
dc.identifier.emailChau, KW:hrrbckw@hkucc.hku.hken_HK
dc.identifier.authorityWong, SK=rp01028en_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.description.naturepublished_or_final_versionen_US
dc.identifier.doi10.1007/s10901-010-9203-8en_HK
dc.identifier.scopuseid_2-s2.0-79952984981en_HK
dc.identifier.hkuros188859-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-79952984981&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume26en_HK
dc.identifier.issue1en_HK
dc.identifier.spage33en_HK
dc.identifier.epage45en_HK
dc.identifier.eissn1573-7772en_US
dc.identifier.isiWOS:000288673900003-
dc.publisher.placeNetherlandsen_HK
dc.description.otherSpringer Open Choice, 21 Feb 2012en_US
dc.identifier.scopusauthoridWong, SK=7404591021en_HK
dc.identifier.scopusauthoridChau, KW=24830082500en_HK
dc.identifier.scopusauthoridYau, Y=12806101900en_HK
dc.identifier.scopusauthoridCheung, AKC=12805846100en_HK
dc.identifier.citeulike8417518-

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