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Conference Paper: An empirical study on the neighbourhood effect of refurbishment
Title | An empirical study on the neighbourhood effect of refurbishment |
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Authors | |
Keywords | Refurbishment Apartment properties Hedonic price model Urban rehabilitation Hong Kong |
Issue Date | 2006 |
Publisher | Pacific Rim Real Estate Society |
Citation | The 12th Annual Conference of the Pacific Rim Real Estate Society, Auckland, New Zealand, 22-25 January 2006 How to Cite? |
Abstract | An important portion of property value comes from property location, which is a function
of the quality of surrounding environment (e.g. external views). In a congested living
environment like Hong Kong, it is difficult, if not impossible, to have a view
unobstructed by buildings. As such, the quality of views is dependent upon the aesthetic
quality of surrounding buildings. It is likely that poorly maintained buildings will emit
negative visual effects to their immediate neighbourhood. Refurbishing these poor
buildings should, therefore, reduce or even counter this negative externality.
This study aims to empirically identify the effect of refurbishment on the prices of
neighbourhood properties based on an analysis of panel data in Hong Kong. The data
consists of property transactions in a large housing estate located in Pokfulam. This
estate was chosen because its surrounding buildings underwent refurbishment in 1998.
Results show that the refurbishment brought a significant increase in the price of
properties facing the refurbished buildings, keeping other things constant. Given the
aging building problem in most urban areas, the results pose significant practical
implications on building refurbishment and urban rehabilitation as a whole. Developers
or property owners may be lured to invest in the refurbishment of adjacent dilapidated
properties with a view to a value enhancement of their own properties. |
Persistent Identifier | http://hdl.handle.net/10722/115862 |
DC Field | Value | Language |
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dc.contributor.author | Yau, Y | en_HK |
dc.contributor.author | Wong, SK | en_HK |
dc.contributor.author | Cheung, KC | en_HK |
dc.contributor.author | Chau, KW | en_HK |
dc.contributor.author | Ho, DCW | en_HK |
dc.date.accessioned | 2010-09-26T06:04:53Z | - |
dc.date.available | 2010-09-26T06:04:53Z | - |
dc.date.issued | 2006 | en_HK |
dc.identifier.citation | The 12th Annual Conference of the Pacific Rim Real Estate Society, Auckland, New Zealand, 22-25 January 2006 | - |
dc.identifier.uri | http://hdl.handle.net/10722/115862 | - |
dc.description.abstract | An important portion of property value comes from property location, which is a function of the quality of surrounding environment (e.g. external views). In a congested living environment like Hong Kong, it is difficult, if not impossible, to have a view unobstructed by buildings. As such, the quality of views is dependent upon the aesthetic quality of surrounding buildings. It is likely that poorly maintained buildings will emit negative visual effects to their immediate neighbourhood. Refurbishing these poor buildings should, therefore, reduce or even counter this negative externality. This study aims to empirically identify the effect of refurbishment on the prices of neighbourhood properties based on an analysis of panel data in Hong Kong. The data consists of property transactions in a large housing estate located in Pokfulam. This estate was chosen because its surrounding buildings underwent refurbishment in 1998. Results show that the refurbishment brought a significant increase in the price of properties facing the refurbished buildings, keeping other things constant. Given the aging building problem in most urban areas, the results pose significant practical implications on building refurbishment and urban rehabilitation as a whole. Developers or property owners may be lured to invest in the refurbishment of adjacent dilapidated properties with a view to a value enhancement of their own properties. | - |
dc.language | eng | en_HK |
dc.publisher | Pacific Rim Real Estate Society | - |
dc.relation.ispartof | Proceedings from the Pacific Rim Real Estate Society (PRRES) Conference - 2006 | en_HK |
dc.subject | Refurbishment | - |
dc.subject | Apartment properties | - |
dc.subject | Hedonic price model | - |
dc.subject | Urban rehabilitation | - |
dc.subject | Hong Kong | - |
dc.title | An empirical study on the neighbourhood effect of refurbishment | en_HK |
dc.type | Conference_Paper | en_HK |
dc.identifier.email | Wong, SK: skwongb@hkusua.hku.hk | en_HK |
dc.identifier.email | Chau, KW: hrrbckw@hkucc.hku.hk | en_HK |
dc.identifier.email | Ho, DCW: danielho@hkucc.hku.hk | en_HK |
dc.identifier.authority | Chau, KW=rp00993 | en_HK |
dc.identifier.authority | Ho, DCW=rp01001 | en_HK |
dc.description.nature | published_or_final_version | - |
dc.identifier.hkuros | 118721 | en_HK |