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Article: Impacts of urban environmental elements on residential housing prices in Guangzhou (China)

TitleImpacts of urban environmental elements on residential housing prices in Guangzhou (China)
Authors
KeywordsAmenity value
China
Compact city
Environmental benefits
Guangzhou
Hedonic pricing method
Housing market
Property valuation
Urban green space
Urban natural area
Issue Date2006
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/landurbplan
Citation
Landscape And Urban Planning, 2006, v. 78 n. 4, p. 422-434 How to Cite?
AbstractThe amenity value provided by urban green spaces, water bodies and good environmental quality is difficult to assess and incorporate into urban planning and development. Developers and governments in China hitherto have seldom objectively factored these attributes into property pricing and associated decisions. The hedonic pricing method offers an appropriate approach to gauge such external benefits which contribute to real-estate transaction prices. This study explored the impacts of key environmental elements with a bearing on residential housing value in Guangzhou, including window orientation, green-space view, floor height, proximity to wooded areas and water bodies, and exposure to traffic noise. Four large private housing estates composed of multi-storied blocks with similar design and price bracket, catering to the mass property market, were sampled. Transaction price data and structural attributes of 652 dwelling units were acquired directly from developers. Data on environmental attributes were collected in the field. Two functional hedonic pricing method models, linear and semi-log, were constructed. The semi-log model offered comparatively stronger explanatory power and more reliable estimation. High floor on the multi-storey tenement blocks contributed implicitly 9.2% to the selling price. View of green spaces and proximity to water bodies raised housing price, contributing notably at 7.1% and 13.2%, respectively. Windows with a southern orientation with or without complementary eastern or northern views added 1% to the price. Proximity to nearby wooded area without public access was not significant, expressing the pragmatic mindset in the hedonic behavior. Exposure to traffic noise did not influence willingness-to-pay, implying tolerance of the chronic environmental nuisance in the compact city. The study demonstrates that hedonic pricing method could be applied in the Chinese context with an increasingly expanding and privatized property market. It could inform the decisions of policy makers and property developers concerning land selling and buying, land conversion, property development, urban nature conservation, and design of ecological green-space networks. © 2006 Elsevier B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/86151
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.accessioned2010-09-06T09:13:29Z-
dc.date.available2010-09-06T09:13:29Z-
dc.date.issued2006en_HK
dc.identifier.citationLandscape And Urban Planning, 2006, v. 78 n. 4, p. 422-434en_HK
dc.identifier.issn0169-2046en_HK
dc.identifier.urihttp://hdl.handle.net/10722/86151-
dc.description.abstractThe amenity value provided by urban green spaces, water bodies and good environmental quality is difficult to assess and incorporate into urban planning and development. Developers and governments in China hitherto have seldom objectively factored these attributes into property pricing and associated decisions. The hedonic pricing method offers an appropriate approach to gauge such external benefits which contribute to real-estate transaction prices. This study explored the impacts of key environmental elements with a bearing on residential housing value in Guangzhou, including window orientation, green-space view, floor height, proximity to wooded areas and water bodies, and exposure to traffic noise. Four large private housing estates composed of multi-storied blocks with similar design and price bracket, catering to the mass property market, were sampled. Transaction price data and structural attributes of 652 dwelling units were acquired directly from developers. Data on environmental attributes were collected in the field. Two functional hedonic pricing method models, linear and semi-log, were constructed. The semi-log model offered comparatively stronger explanatory power and more reliable estimation. High floor on the multi-storey tenement blocks contributed implicitly 9.2% to the selling price. View of green spaces and proximity to water bodies raised housing price, contributing notably at 7.1% and 13.2%, respectively. Windows with a southern orientation with or without complementary eastern or northern views added 1% to the price. Proximity to nearby wooded area without public access was not significant, expressing the pragmatic mindset in the hedonic behavior. Exposure to traffic noise did not influence willingness-to-pay, implying tolerance of the chronic environmental nuisance in the compact city. The study demonstrates that hedonic pricing method could be applied in the Chinese context with an increasingly expanding and privatized property market. It could inform the decisions of policy makers and property developers concerning land selling and buying, land conversion, property development, urban nature conservation, and design of ecological green-space networks. © 2006 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.rightsLandscape and Urban Planning. Copyright © Elsevier BV.en_HK
dc.subjectAmenity valueen_HK
dc.subjectChinaen_HK
dc.subjectCompact cityen_HK
dc.subjectEnvironmental benefitsen_HK
dc.subjectGuangzhouen_HK
dc.subjectHedonic pricing methoden_HK
dc.subjectHousing marketen_HK
dc.subjectProperty valuationen_HK
dc.subjectUrban green spaceen_HK
dc.subjectUrban natural areaen_HK
dc.titleImpacts of urban environmental elements on residential housing prices in Guangzhou (China)en_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0169-2046&volume=78&spage=422&epage=434&date=2006&atitle=Impacts+of+Urban+Environmental+Elements+on+Residential+Housing+Prices+in+Guangzhou+(China)en_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.2005.12.003en_HK
dc.identifier.scopuseid_2-s2.0-33750626194en_HK
dc.identifier.hkuros135529en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33750626194&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume78en_HK
dc.identifier.issue4en_HK
dc.identifier.spage422en_HK
dc.identifier.epage434en_HK
dc.identifier.isiWOS:000242321900013-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridJim, CY=7006143750en_HK
dc.identifier.scopusauthoridChen, WY=7409636917en_HK

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