Journal•ISSN: 0960-2712
Journal of Property Valuation and Investment
Emerald (MCB UP)
About: Journal of Property Valuation and Investment is an academic journal. The journal publishes majorly in the area(s): Valuation (finance) & Real estate. It has an ISSN identifier of 0960-2712. Over the lifetime, 188 publications have been published receiving 4071 citations.
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TL;DR: In this paper, the importance of transportation in determining house prices in Hong Kong is analyzed and classified into three categories: structural, physical, and environmental, using a Hedonic price model for estimating the importance each of the defined utility-bearing attributes on house prices.
Abstract: Attempts to analyse the importance of transportation in determining house prices in Hong Kong. Residential property is sold as a package of inherent attributes that are valued by consumers and this analysis classifies them into the following categories: structural, physical and environmental. Specifically, these determinants of housing price include structural attributes such as size, age and floor level of the housing units; amenities such as accessibility to various means of transport; and factors determining the quality of the environment such as availability of recreational facilities. In this study, data were obtained from a large residential area in Hong Kong. Uses a Hedonic price model for estimating the importance of each of the defined utility‐bearing attributes on house prices.
209 citations
TL;DR: In this article, the authors used hedonic analysis to examine the impact of the South Yorkshire Supertram on house prices in Sheffield and identified, for the first time, a small discrete transport induced price effect.
Abstract: The paper describes the use of hedonic analysis to examine the impact of the South Yorkshire Supertram on house prices in Sheffield. The approach was distinguished by the use of asking prices rather than transaction prices, the use of dummy variables to capture neighbourhood quality effects and the use of a GIS to calculate continuous distance variables. Compared with similar previous studies the equations performed well and identified, for the first time in a British context, a small, discrete transport induced price effect. Supertram initially depressed the prices of nearby houses but prices show signs of recovery. Further research is needed to examine the longer term impact of Supertram on the housing market.
153 citations
TL;DR: In this article, the authors apply hedonic regression techniques to an office market to identify and quantify the significant contribution of the different attributes to office rents, emphasizing the importance of age and location as principal determinants of rents.
Abstract: The primary objective of this study is to apply hedonic regression techniques to an office market to identify and quantify the significant contribution of the different attributes to office rents. This technique is widely used in the analysis of housing markets but an extensive literature review reveals little application in commercial property markets. The study analyses a sample of 477 asking rents, together with a series of locational and physical attributes, for the City of Glasgow. The results explain approximately 60 per cent of variation in rents across the city, emphasizing the importance of age and location as principal determinants of rents.
148 citations
TL;DR: The paper concludes that the neural network model is an easy‐to‐use, black‐box alternative to the MRA model and its application to the valuation of residential apartments.
Abstract: Introduces the theory of artificial neural networks (ANN). Discusses its application to the valuation of residential apartments. Compares the performance of the back propagation neural network (BP) model in estimating sale prices of apartments against the traditional multiple regression analysis (MRA) model. Concludes that the neural network model is an easy‐to‐use, black‐box alternative to the MRA model.
131 citations
TL;DR: In this paper, the effect of both proximity and size of shopping centres on surrounding residential property values, using hedonic modelling, was examined using a subset of some 4,000 single-detached, owner-occupied housing units transacted all over the Quebec Urban Community territory between January 1990 and December 1991.
Abstract: Focuses on the effect of both proximity and size of shopping centres on surrounding residential property values, using hedonic modelling. States that the data bank consists of a subset of some 4,000 single‐detached, owner‐occupied housing units transacted all over the Quebec Urban Community territory between January 1990 and December 1991. Tests several functional forms and uses up to 60 descriptors. Reveals that in line with previous studies, findings indicate that shopping‐centre size exerts a positive contributory effect on values; they also tend to confirm the non‐monotonicity of the price‐distance function. Concludes that, in that respect, resorting to the gamma function for distance variables yields most interesting results and provides consistent estimates of optimal distances for various shopping‐centre size categories.
119 citations