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Article: The value of the provision of a balcony in apartments in Hong Kong

TitleThe value of the provision of a balcony in apartments in Hong Kong
Authors
KeywordsEnvironmental management
Extensions (buildings)
Hong kong
Modelling
Prices
Issue Date2004
PublisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/info/journals/pm/pm.jsp
Citation
Property Management, 2004, v. 22 n. 3, p. 250-264 How to Cite?
AbstractIn Hong Kong, a balcony is often perceived as a “green” provision in modern residential buildings. However, how the market values the benefits of balconies is seldom studied due to the difficulty in separating such benefits from other associated effects such as view enjoyment and security concerns. This paper attempts to study the implicit value of a balcony, the green effects of balconies on the prices of residential properties, and the effect of security concerns on balconies situated on lower floors. A sample of transactions in a private housing estate in Hong Kong has been studied. The sample contains apartments with and without balconies. A balcony is found to have a positive effect on the value of a property irrespective of the quality of the view. The negative effects of air and noise pollution on property prices are also found to be highly significant. Although security concerns are found on the low stories of a building, the provision of a balcony does not aggravate the hazard. Finally, the log-linearity assumption in the empirical price model is relaxed by applying the Box-Cox transformation to the continuous variables.
Persistent Identifierhttp://hdl.handle.net/10722/42236
ISSN
2015 SCImago Journal Rankings: 0.331

 

DC FieldValueLanguage
dc.contributor.authorChau, KWen_HK
dc.contributor.authorWong, SKen_HK
dc.contributor.authorYiu, CYen_HK
dc.date.accessioned2007-01-08T02:32:16Z-
dc.date.available2007-01-08T02:32:16Z-
dc.date.issued2004en_HK
dc.identifier.citationProperty Management, 2004, v. 22 n. 3, p. 250-264en_HK
dc.identifier.issn0263-7472en_HK
dc.identifier.urihttp://hdl.handle.net/10722/42236-
dc.description.abstractIn Hong Kong, a balcony is often perceived as a “green” provision in modern residential buildings. However, how the market values the benefits of balconies is seldom studied due to the difficulty in separating such benefits from other associated effects such as view enjoyment and security concerns. This paper attempts to study the implicit value of a balcony, the green effects of balconies on the prices of residential properties, and the effect of security concerns on balconies situated on lower floors. A sample of transactions in a private housing estate in Hong Kong has been studied. The sample contains apartments with and without balconies. A balcony is found to have a positive effect on the value of a property irrespective of the quality of the view. The negative effects of air and noise pollution on property prices are also found to be highly significant. Although security concerns are found on the low stories of a building, the provision of a balcony does not aggravate the hazard. Finally, the log-linearity assumption in the empirical price model is relaxed by applying the Box-Cox transformation to the continuous variables.en_HK
dc.format.extent144624 bytes-
dc.format.extent119582 bytes-
dc.format.extent2724 bytes-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypetext/plain-
dc.languageengen_HK
dc.publisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/info/journals/pm/pm.jspen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectEnvironmental managementen_HK
dc.subjectExtensions (buildings)en_HK
dc.subjectHong kongen_HK
dc.subjectModellingen_HK
dc.subjectPricesen_HK
dc.titleThe value of the provision of a balcony in apartments in Hong Kongen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0263-7472&volume=22&issue=3&spage=250&epage=264&date=2004&atitle=The+value+of+the+provision+of+a+balcony+in+apartments+in+Hong+Kongen_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.doi10.1108/02637470410545020en_HK
dc.identifier.hkuros100513-

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