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Article: Estimating the value enhancement effects of refurbishment

TitleEstimating the value enhancement effects of refurbishment
Authors
KeywordsRefurbishment costing
Property management
Pricing
Models
Housing
Issue Date2003
PublisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/f.htm
Citation
Facilities, 2003, v. 21 n. 1/2, p. 13-19 How to Cite?
AbstractThere have been very few empirical studies investigating the value enhancement effects of refurbishment and most rely on cross-sectional data, which cannot show the before and after effects conclusively because of the heterogeneous nature of the properties. The problem of refurbishment is more complicated in buildings or housing estates with multiple-ownerships, since refurbishment is a collective decision, which can sometimes be difficult to achieve. This paper uses panel data in Hong Kong to estimate the impact of refurbishment on the market value of properties in a large housing estate. The results show that the refurbishment brought about approximately a 9% increase in the market value of the properties, which far exceeds the cost of refurbishment. It suggests that property owners of a housing estate will benefit if they can reach a collective decision on renovation.
Persistent Identifierhttp://hdl.handle.net/10722/42250
ISSN
2015 SCImago Journal Rankings: 0.371

 

DC FieldValueLanguage
dc.contributor.authorChau, KWen_HK
dc.contributor.authorLeung, AYTen_HK
dc.contributor.authorYiu, CYen_HK
dc.contributor.authorWong, SKen_HK
dc.date.accessioned2007-01-08T02:32:33Z-
dc.date.available2007-01-08T02:32:33Z-
dc.date.issued2003en_HK
dc.identifier.citationFacilities, 2003, v. 21 n. 1/2, p. 13-19en_HK
dc.identifier.issn0263-2772en_HK
dc.identifier.urihttp://hdl.handle.net/10722/42250-
dc.description.abstractThere have been very few empirical studies investigating the value enhancement effects of refurbishment and most rely on cross-sectional data, which cannot show the before and after effects conclusively because of the heterogeneous nature of the properties. The problem of refurbishment is more complicated in buildings or housing estates with multiple-ownerships, since refurbishment is a collective decision, which can sometimes be difficult to achieve. This paper uses panel data in Hong Kong to estimate the impact of refurbishment on the market value of properties in a large housing estate. The results show that the refurbishment brought about approximately a 9% increase in the market value of the properties, which far exceeds the cost of refurbishment. It suggests that property owners of a housing estate will benefit if they can reach a collective decision on renovation.en_HK
dc.format.extent963701 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/f.htmen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectRefurbishment costingen_HK
dc.subjectProperty managementen_HK
dc.subjectPricingen_HK
dc.subjectModelsen_HK
dc.subjectHousingen_HK
dc.titleEstimating the value enhancement effects of refurbishmenten_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0263-2772&volume=21&issue=1/2&spage=13&epage=19&date=2003&atitle=Estimating+the+value+enhancement+effects+of+refurbishmenten_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.doi10.1108/02632770310460504en_HK
dc.identifier.hkuros84040-

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