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Article: Value of scenic views: Hedonic assessment of private housing in Hong Kong

TitleValue of scenic views: Hedonic assessment of private housing in Hong Kong
Authors
KeywordsCompact city
Hedonic pricing method
Natural landscape
Property valuation
Residential housing
Scenic quality
Issue Date2009
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/landurbplan
Citation
Landscape And Urban Planning, 2009, v. 91 n. 4, p. 226-234 How to Cite?
AbstractDiverse landscape elements in cities are valued differently by residents. People are willing to pay a premium for attractive views. This study assessed the amenity value of two major types of natural landscape in Hong Kong: harbor and mountain. The study was based on 1474 transactions in 2005 and 2006 in 18 private housing estates in a residential district. The high-rise and high-density blocks were typical for middle-income housing in the city. The hedonic pricing method was employed to estimate the proportional share of various views and factors on transaction prices. Only harbor view was preferred and reflected in housing value. A broad harbor view could increase the value of an apartment by 2.97%, equivalent to US$ 15,173. Even a confined harbor view could lift price by 2.18% or US$ 11,137. On the contrary, a broad mountain view would depress apartment price by 6.7%, whereas a confined mountain view was statistically insignificant. Increasing distance between an apartment and a preferred natural landscape would lower transaction price. The negative perception of street view induced a price reduction by 3.7%. Building views were tolerated as an inevitable feature of the compact and vertical city. Quantifying the value of nature and scenic endowments in cities could inform policies and strategies on urban planning, development, nature conservation, and property appraisal. © 2009 Elsevier B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/60247
ISSN
2015 Impact Factor: 3.654
2015 SCImago Journal Rankings: 1.699
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorJim, CYen_HK
dc.contributor.authorChen, WYen_HK
dc.date.accessioned2010-05-31T04:06:42Z-
dc.date.available2010-05-31T04:06:42Z-
dc.date.issued2009en_HK
dc.identifier.citationLandscape And Urban Planning, 2009, v. 91 n. 4, p. 226-234en_HK
dc.identifier.issn0169-2046en_HK
dc.identifier.urihttp://hdl.handle.net/10722/60247-
dc.description.abstractDiverse landscape elements in cities are valued differently by residents. People are willing to pay a premium for attractive views. This study assessed the amenity value of two major types of natural landscape in Hong Kong: harbor and mountain. The study was based on 1474 transactions in 2005 and 2006 in 18 private housing estates in a residential district. The high-rise and high-density blocks were typical for middle-income housing in the city. The hedonic pricing method was employed to estimate the proportional share of various views and factors on transaction prices. Only harbor view was preferred and reflected in housing value. A broad harbor view could increase the value of an apartment by 2.97%, equivalent to US$ 15,173. Even a confined harbor view could lift price by 2.18% or US$ 11,137. On the contrary, a broad mountain view would depress apartment price by 6.7%, whereas a confined mountain view was statistically insignificant. Increasing distance between an apartment and a preferred natural landscape would lower transaction price. The negative perception of street view induced a price reduction by 3.7%. Building views were tolerated as an inevitable feature of the compact and vertical city. Quantifying the value of nature and scenic endowments in cities could inform policies and strategies on urban planning, development, nature conservation, and property appraisal. © 2009 Elsevier B.V. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/landurbplanen_HK
dc.relation.ispartofLandscape and Urban Planningen_HK
dc.subjectCompact cityen_HK
dc.subjectHedonic pricing methoden_HK
dc.subjectNatural landscapeen_HK
dc.subjectProperty valuationen_HK
dc.subjectResidential housingen_HK
dc.subjectScenic qualityen_HK
dc.titleValue of scenic views: Hedonic assessment of private housing in Hong Kongen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0169-2046&volume=91&issue=4&spage=226&epage=234&date=2009&atitle=Value+of+scenic+views:+Hedonic+assessment+of+private+housing+in+Hong+Kongen_HK
dc.identifier.emailJim, CY:hragjcy@hkucc.hku.hken_HK
dc.identifier.authorityJim, CY=rp00549en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.landurbplan.2009.01.009en_HK
dc.identifier.scopuseid_2-s2.0-67349258573en_HK
dc.identifier.hkuros164830en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-67349258573&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume91en_HK
dc.identifier.issue4en_HK
dc.identifier.spage226en_HK
dc.identifier.epage234en_HK
dc.identifier.isiWOS:000267034000007-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridJim, CY=7006143750en_HK
dc.identifier.scopusauthoridChen, WY=7409636917en_HK
dc.identifier.citeulike5010220-

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