A hedonic price model for private properties in Hong Kong |
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| Authors: | Henry M. K. Mok Patrick P. K. Chan Yiu-Sun Cho |
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| Affiliation: | (1) Department of Decision Sciences & Managerial Economics, The Chinese University of Hong Kong, Shatin, Hong Kong;(2) Coopers & Lybrand Management Consultants Ltd., Hong Kong;(3) Hong Kong Housing Department, Hong Kong |
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| Abstract: | A hedonic model is used to explore the effects of locational, structural, and neighborhood attributes on the price structure of private condominiums in Hong Kong. The regression results and the elasticities of housing attributes obtained from the Box-Cox analysis indicate that the valuation of a property is sensitive to changes in housing traits. Home buyers are rational and are willing (unwilling) to pay for desirable (undesirable) housing attributes and that the valuation of a property is market-driven in Hong Kong. |
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| Keywords: | hedonic price model housing attributes Hong Kong private properties |
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