record_id,doi,title,year,venue,authors,abstract,citations,oa_pdf
ef4184c5fdc17be2c7913232ff6070705af15736,10.1016/0166-0462(92)90039-4,Specification and estimation of hedonic housing price models,1992.0,,Aysegul Can,Abstract Alternative traditional and spatial autoregressive hedonic urban housing price models are offered corresponding to different conceptualizations of the housing price determination process. Some methodological issues relevant to their estimation are addressed that draw upon recent developments from spatial econometrics. These include the selection of the appropriate estimation strategy; the application of diagnostic tests for the detection of spatial dependence and heterogeneity; and the use of robust methods in the presence of heteroskedasticity.,653.0,https://doi.org/10.1016/0166-0462(92)90039-4
f89a85edea7844498302e22eff996e5047ce6634,10.1177/000312249906400308,"“Property Values Drop When Blacks Move In, Because…”: Racial and Socioeconomic Determinants of Neighborhood Desirability",1999.0,American Sociological Review,D. Harris,"Are housing prices lower in neighborhoods with high concentrations of black residents? If so, is this relationship evidence of pure discrimination, or can it be explained by considering nonracial neighborhood traits? These questions derive their importance from the link between mobility patterns and residential segregation, and the consequent relationship between high levels of segregation and a host of deleterious outcomes. I assess the magnitude and motivations of racial aversion by conducting a hedonic price analysis of geocoded data from the Panel Study of Income Dynamics. I find clear evidence of lower property values in neighborhoods with relatively high proportions of black residents. However, whether it is blacks’ race or their socioeconomic status that affects property values depends on whether housing units are rented or owner-occupied.",357.0,
f4fc20aa3482660b9de0df37793c9515ef29d4c6,10.3828/jtep.2004.38.1.1,Meta-Analysis of Airport Noise and Hedonic Property Values,2004.0,Journal of Transport Economics and Policy,Jon P. Nelson,"Meta-analysis is applied to the negative relationship between airport noise exposure and residential property values. The effect size in the analysis is the percentage depreciation per decibel increase in airport noise, or the noise discount. Twenty hedonic property value studies are analysed, covering 33 estimates of the noise discount for 23 airports in Canada and the United States. About one-third of the estimates have not been previously reported in the literature or were not included in previous meta-analyses. A meta-regression analysis examines the variability in the noise discounts that might be due to country, year, sample size, model specification, mean property value, data aggregation, or accessibility to airport employment and travel opportunities. The analysis indicates that country and model specification have some effect on the measured noise discount, but the other variables have little systematic effect.",324.0,
2b72bdf94624c46561af943ddcc645df4511a3ed,10.1080/17421770600661337,Interpolation of Air Quality Measures in Hedonic House Price Models: Spatial Aspects,2006.0,,L. Anselin; J. le Gallo,,302.0,https://www.tandfonline.com/doi/pdf/10.1080/17421770600661337?needAccess=true
787e1ccad445cdf0bc7f05844bb9faba277aa309,10.3844/ajassp.2004.193.201,House Price Prediction: Hedonic Price Model vs. Artificial Neural Network,2004.0,,Visit Limsombunc; C. Gan; Minsoo Lee,"The objective of this paper is to empirically compare the predictive power of the hedonic model with an artificial neural network model on house price prediction. A sample of 200 houses in Christchurch, New Zealand is randomly selected from the Harcourt website. Factors including house size, house age, house type, number of bedrooms, number of bathrooms, number of garages, amenities around the house and geographical location are considered. Empirical results support the potential of artificial neural network on house price prediction, although previous studies have commented on its black box nature and achieved different conclusions.",300.0,https://ageconsearch.umn.edu/record/97781/files/2004-9-house%20price%20prediction.pdf
bac4d2d97bba8b8645d7528e701425f670703cfa,10.1016/j.landusepol.2018.12.030,Monitoring housing rental prices based on social media:An integrated approach of machine-learning algorithms and hedonic modeling to inform equitable housing policies,2019.0,Land Use Policy,Li-Rong Hu; Shen-Jing He; Zixuan Han; He Xiao; Shiliang Su; Min Weng; Zhongliang Cai,"National land use policies and strategies worldwide have attempted to establish a healthy housing rental market towards urban sustainability. Monitoring fine-scale housing rental prices should provide essential implications for equitable housing policies. However, doing so remains a challenge because aggregated data were traditionally collected at a coarse scale through census or social surveys. On-line housing rental websites (OHRWs) have become popular social media platforms in the housing studies. This paper attempts to demonstrate how to monitor fine-scale housing rental prices based on OHRWs using the case of Shenzhen in China. Employing hedonic model, a set of housing rental determinants are initially selected from three characteristics (neighborhood, location and structure) and at three levels (nearest accessibility, 15-minute walking distance availability and sub-district availability). Housing rent prediction models are then established (respectively for October 2017 and February 2018) using the training samples collected from the OHRWs and six machine-learning algorithms, including random forest regression (RFR), extra-trees regression (ETR), gradient-boosting regression ",210.0,https://doi.org/10.1016/j.landusepol.2018.12.030
https://openalex.org/W2794423274,10.3390/ijgi7030104,Impacts of Street-Visible Greenery on Housing Prices: Evidence from a Hedonic Price Model and a Massive Street View Image Dataset in Beijing,2018.0,ISPRS International Journal of Geo-Information,Yonglin Zhang; Rencai Dong,"Street greenery is a component of urban green infrastructure. By forming foundational green corridors in urban ecological systems, street greenery provides vital ecological, social, and cultural functions, and benefits the wellbeing of citizens. However, because of the difficulty of quantifying people’s visual perceptions, the impact of street-visible greenery on housing prices has not been fully studied. Using Beijing, which has a mature real estate market, as an example, this study evaluated 22,331 transactions in 2014 in 2370 private housing estates. We selected 25 variables that were classified into three categories—location, housing, and neighbourhood characteristics—and introduced an index called the horizontal green view index (HGVI) into a hedonic pricing model to measure the value of the visual perception of street greenery in neighbouring residential developments. The results show that (1) Beijing’s homebuyers would like to reside in residential units with a higher HGVI; (2) Beijing’s homebuyers favour larger lakes; and (3) Beijing’s housing prices were impacted by the spatial development patterns of the city centre and multiple business centres. We used computer vision t",185.0,https://www.mdpi.com/2220-9964/7/3/104/pdf?version=1521013192
9712b6600e7e3252d6ca1484cd87f8c6846354cd,10.1016/j.tra.2009.02.003,Capitalization of BRT network expansions effects into prices of non-expansion areas,2009.0,,D. Rodríguez; Carlos Mojica,"Abstract A before and after hedonic model is used to determine the property value impacts on properties already served by the transit system caused by extensions to Bogota’s bus rapid transit system. Asking prices of residential properties belonging to an intervention area ( N  = 1407 before, 1570 after) or a control area ( N  = 267 before, 732 after) and offered for sale between 2001 and 2006 are used to determine capitalization of the enhanced regional access provided by the extension. Properties offered during the year the extension was inaugurated and in subsequent years have asking prices that are between 13% and 14% higher than prices for properties in the control area, after adjusting for structural, neighborhood and regional accessibility characteristics of each property. Furthermore, the appreciation is similar for properties within 500 m and properties between 500 m and 1 km of the BRT.",172.0,http://hdl.handle.net/10986/4895
ee5c8de59a3efef39125f3871b0c6fd35346f4f9,10.3368/le.84.4.551,Do Seller Disclosures Affect Property Values? Buyer Information and the Hedonic Model,2008.0,Land Economics,Jaren C. Pope,"The hedonic method is widely used to infer the value of environmental amenities that are bundled with real property. The interpretation of hedonic prices as marginal values requires that households are “fully informed.”Yet, there is evidence that buyers are often less informed than sellers. A graphical illustration in this study suggests that asymmetric information between buyers and sellers can affect hedonic prices. This intuition is confirmed by a quasi-random experiment that exploits spatial and information discontinuities stemming from a seller disclosure for flood zones. Results suggest a 4% decline in housing prices in flood zones after disclosures commenced. (JEL Q51, R52)",170.0,https://le.uwpress.org/content/wple/84/4/551.full.pdf
273af7ef337bda05d42a29e1058fcc78b5b9c5c3,10.22004/ag.econ.8630,Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially Weighted Hedonic Models,2006.0,,Seong-Hoon Cho; J. Bowker; W. M. Park,,167.0,
doi_10_1023_a_1007715917198,10.1023/a:1007715917198,"The Construction of Residential Housing Price Indices: A Comparison of Repeat-Sales, Hedonic-Regression, and Hybrid Approaches",1997.0,The Journal of Real Estate Finance and Economics,Nancy E. Wallace; Richard A. Meese,,155.0,
d25958c697343bc63cd4bd06a7554d1e9ab6ae61,10.1016/j.jtrangeo.2014.08.003,"Combined impacts of highways and light rail transit on residential property values: a spatial hedonic price model for Phoenix, Arizona",2014.0,,Kihwan Seo; A. Golub; M. Kuby,,151.0,
35f21aee2cab38f964100dbf7c3a3da4ea0ac8cb,10.1016/j.jtrangeo.2020.102850,Accessibility and proximity effects of bus rapid transit on housing prices: Heterogeneity across price quantiles and space,2020.0,,Lin-Chuan Yang; Xiaoling Chu; Z. Gou; Hong-Tai Yang; Yi Lu; Wencheng Huang,"Abstract Bus rapid transit (BRT) syste ms have mushroomed worldwide in the last few decades. An enriched understanding of BRT capitalization effects is essential. Although the BRT accessibility effect on housing prices has been extensively explored, the effect of proximity to the BRT corridor (which may be related to unattractive landscape and noise pollution) has been little scrutinized. More importantly, whether and how the two effects vary across price levels and space have yet to be sufficiently studied. To this end, we estimate the effect of BRT accessibility and proximity on housing prices by applying a battery of econometric methods (including hedonic pricing models, spatial regression models, quantile regression models, and a geographically weighted regression model) to 5185 observations in the housing market in Xiamen Island, China. The results of this study are: (1) BRT accessibility premiums and proximity penalties simultaneously exist in the housing market; (2) buyers of high-priced housing have a greater willingness to pay for avoiding the nuisances attributed to proximity to the BRT corridor; (3) the effect of BRT on housing prices is spatially heterogeneous; (4) the ",147.0,http://hdl.handle.net/10072/397458
e055aeed7f30fd928d591f95a010951d6544f66b,10.1016/j.jfe.2004.08.001,Do nearby forest fires cause a reduction in residential property values,2004.0,,J. Loomis,"Abstract Linear and semi-log hedonic property models identified a statistically significant decrease in property values in a town that was 2 miles from a major wildfire that burned 12,000 acres, and destroyed 10 houses. The house price drop in the unburned community is about 15%. This suggests that home buyers and sellers appear to revise upward their perceptions of fire risk after a major fire as well possibly reflecting some loss in forest amenity value in the broader geographic area surrounding the unburned town. These factors combine to reduce the desirability of living in the forest, reducing house prices.",135.0,https://doi.org/10.1016/j.jfe.2004.08.001
5190403a0c67cb1926699e1948736a36b7e65fd6,10.1016/j.enpol.2016.03.032,The price of energy efficiency in the Spanish housing market,2016.0,,A. de Ayala; I. Galarraga; J. Spadaro,"The housing sector is a substantial consumer of energy, and therefore a focus for energy savings efforts. The Energy Performance Certificate (EPC) is the main EU policy to improve the energy performance of buildings. Following the implementation of the EPC Directive into Spanish law, from June 2013, all properties offered for sale or rented out in Spain are required to have an EPC. Given that this is a recently introduced regulation, unlike other European housing markets, the Spanish one lacks market data on energy efficiency (EE) labels and their impact on housing price. In order to overcome this gap, we determine the EE ratings of a sample of 1,507 homes across Spain on the basis of information collected previously through household surveys. This information allowed us to answer the question of whether or not, and to what extent, Spanish housing markets capitalise the value of EE. We apply the hedonic-price technique and observe that more energy efficient dwellings (meaning higher EE rating) have a price?premium between 5.4% and 9.8% compared to those with the same characteristics but lower EE level.",129.0,http://hdl.handle.net/10810/64325
9a496965470f50c013a16a12e618400cd9357eb2,10.31671/dogus.2019.223,Determinants of House Prices in Turkey : A Hedonic Regression Model,2008.0,,S. Selim,"Emlak degerlemede ve konut piyasasi arastirmalarinda konutun piyasa degeri genellikle mikro ekonomik teoriye dayanan hedonik model yoluyla analiz edilmektedir. Hedonik model, bir malin ozelliklerinin fiyat uzerindeki etkisini incelemektedir. Bu calismada Turkiye’de konut fiyatlarini belirleyen faktorler 2004 Hanehalki Butce Anketi kullanilarak analiz edilmistir. Konut fiyatlarini etkileyen en onemli degiskenler konutun tipi, yapi turu, oda sayisi konutun buyuklugu ve diger yapisal degiskenlerden konutun su sistemi, havuz, dogal gaza sahip olmasidir.",129.0,http://journal.dogus.edu.tr/index.php/duj/article/download/80/pdf_selim
ddfcdefd81b294b9edfe4b97744d2d4725aeed23,10.68479/001c.9464,Urban location and housing prices within a hedonic model,2008.0,Journal of Regional Analysis & Policy,J. Ottensmann; Seth B. Payton; J. Man,"A measure of location relative to employment is often included in hedonic housing price models. This is most often distance to the center, based on the monocentric model, which does not consider the decentralization of employment in urban areas. This paper tests the performance of alternative measures of location, considering both distance and time to the center and to multiple employment centers and measures of accessibility to employment and change in accessibility. The measures using multiple employment centers and accessibility perform better than simple distance to the center, with the combination of accessibility to employment and change in accessibility doing best.",128.0,https://jrap.scholasticahq.com/article/9464.pdf
3fdbf42cd2a1c39a5cef3b9fa4700ed4b950a5ef,10.1016/j.eneco.2014.05.010,The Windy City: Property Value Impacts of Wind Turbines in an Urban Setting,2014.0,,Corey Lang; J. Opaluch; George Sfinarolakis,"This paper examines the impact of wind turbines on house values in Rhode Island. In contrast to wind farms surrounded by sparse development, in Rhode Island single turbines have been built in relatively high population dense areas. As a result, we observe 48,554 single-family, owner-occupied transactions within five miles of a turbine site, including 3254 within one mile, which is far more than most related studies. We estimate hedonic difference-in-differences models that allow for impacts of wind turbines by proximity, viewshed, and contrast with surrounding development. Across a wide variety of specifications, the results suggest that wind turbines have no statistically significant negative impacts on house prices, in either the post public announcement phase or post construction phase. Further, the lower bound of statistically possible impacts is still outweighed by the positive externalities generated from CO2 mitigation.",125.0,https://digitalcommons.uri.edu/enre_facpubs/11
604328fb36aabf77b6e376890dbe02bd6a2a806a,10.3386/w28526,A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?,2021.0,American Economic Journal: Applied Economics,J. Brueckner; Matthew E. Kahn; Gary C. Lin,"This paper studies the impacts of work from home (WFH) in the housing market from both intercity and intracity perspectives. Our results confirm the theoretical prediction that WFH puts downward pressure on housing prices and rents in high-productivity counties, a result of workers starting to relocate to cheaper metro areas during the pandemic without forsaking their desirable jobs. We also show that WFH tends to flatten intracity house-price gradients, weakening the price premium associated with good job access. (JEL J24, J31, J61, R21, R23, R31)",125.0,https://doi.org/10.3386/w28526
f7d9de121d91db4585baec7831b1f4b5a84cb7a2,10.20944/preprints202103.0506.v1,Subjective and Objective Measures of Streetscape Perceptions: Relationships with Property Value in Shanghai,2021.0,Cities,Waishan Qiu; Wen-Jing Li; Zi-Ye Zhang; Xiao-Jiang Li; Xun Liu; Xiao-Kai Huang,"The relationship between the street environment and the health, education, mobility, and criminal behaviors of its citizens has long been investigated by economists, sociologists and urban planners. Home buyers were found to pay a premium for better street appearance. Prior studies considering streetscapes mainly focus on objective measures such as the number of nearby trees, the tree canopy area, or the view index of physical features such as greenery, sky or building. However, subjective perceptions may have complex or subtle relationships to physical features, individual physical features or simply summing them up do not capture people’s comprehensive perception. In contrast, this study proposed a new approach for the urban-scale application to quantify both subjectively and objectively measured streetscape scores for six important perception qualities, namely Greenness, Walkability, Safety, Imageability, Enclosure, and Complexity. Built on prior quantitative studies in urban design quality and emerging applications in deep learning and open source street view imagery for urban perceptions, we integrated existing frameworks to (1) effectively collect and evaluate both subjective",124.0,https://www.preprints.org/manuscript/202103.0506/v1/download
3b05d2f08136922fe3606ac9cb98991960b32dd3,10.1016/j.landurbplan.2012.11.001,"The effect of street trees on property value in Perth, Western Australia",2013.0,,Ram Pandit; M. Polyakov; S. Tapsuwan; Timothy Moran,"Trees provide a variety of benefits to urban residents that are implicitly captured in the value of residential properties. We apply a spatial hedonic model to estimate the value of urban trees in 23 suburbs of Perth Metropolitan Area in Western Australia. Results show that a broad-leaved tree on the street verge increases the median property price by about AU$16,889, suggesting a positive neighbourhood externality of broad-leaved trees. However, neither broad-leaved trees on the property or on neighbouring properties nor palm trees irrespective of the locations contributed significantly to sale price. Our result has potential implications on planting and maintaining broad-leaved trees on street verges for neighbourhood development and urban planning to generate public and private benefits of street trees.",118.0,https://admin.research-repository.uwa.edu.au/en/publications/91dde23a-ec76-425a-ac5d-d874587e1f5c
bead84f7f847c9cbeb4f83da898f1394f30c3963,10.1016/s1573-4412(86)03007-6,Limited dependent variables,1986.0,,P. Dhrymes,"Publisher Summary This chapter discusses the certain salient themes of the limited dependent variable (LDV) literature. LDV's are usually explained in terms of some economic model or rationalizing scheme for which (1) their range is intrinsically a finite discrete set and any attempt to extend it to the real line not only does not lead to useful simplification but befouls any attempt to resolve the issues at hand and (2) even though their range may be the real line their behavior is conditioned on another process. Examples of the first type are the models of occupational choice, entry into labor force, entry into college upon high school graduation, the utilization of recreational facilities, the utilization of modes of transport, and childbearing. Examples of the latter are models of housing prices and wages in terms of the relevant characteristics of the housing unit or the individual—commonly referred to as “hedonic price determination.”",117.0,https://doi.org/10.1016/s1573-4412(86)03007-6
f78c2cf2d2e1b14ec3ca2f4661148b448cdb083c,10.1016/j.eneco.2018.04.041,Does voluntary disclosure create a green lemon problem? Energy-efficiency ratings and house prices,2018.0,Energy Economics,F. Fuerst; G. Warren-Myers,"This paper seeks to elucidate whether high levels of non-disclosure lead to adverse market outcomes in the form of the well-known lemons problem. It also empirically tests whether energy-efficiency ratings (EERs) are reflected in both housing sales prices and rents in the Australian Capital Territory, the only Australian housing market with mandatory ratings for all dwellings at point of sale or lease. Using a comprehensive dataset of sale and lease transactions during the period 2011–2016, a hedonic framework is applied. The analysis confirms that both the reported energy-efficiency levels and other sustainability-related characteristics that are not part of the formal rating assessment influence the pricing of both sales and rental transactions. Characteristics such as heating and cooling systems and the presence of solar power generators are significantly reflected in rents and sales prices, as tenants and buyers are likely to estimate their expected utility costs based on the EER. It is also shown that the option of leaving the EER of a rental property unreported presents a moral hazard for landlords of sub-standard properties, in that the likelihood of EER disclosure increases",111.0,
6d5f4d2d35ecafe1e1d00de353be88e8bd06cd20,10.1017/s107407080001974x,Marginal Price of Lake Recreation and Aesthetics: An Hedonic Approach,1995.0,Journal of Agricultural and Applied Economics,Notie H. Lansford; L. Jones,"Abstract Efficient allocation of water requires knowledge of water's value in both consumptive and nonconsumptive uses. This study estimates the marginal value of water in lake recreational and aesthetic (RA) use. An hedonic price equation (employing the Box-Cox functional form) indicates lake front location, distance to lake, and scenic view are significant RA characteristics of housing. Water front properties command a premium price for the private access they offer. Beyond the water front, the marginal RA price falls rapidly with increasing distance, becoming asymptotic to some minimum. Twenty-two percent of housing price is found to be attributable to the RA component.",106.0,https://ageconsearch.umn.edu/record/15347/files/27010212.pdf
b0dedb27afcdb0c1659d68d171565fee7f6e6a02,10.1016/j.trd.2018.04.001,Walking accessibility and property prices,2018.0,Transportation Research Part D: Transport and Environment,Lin-Chuan Yang; Bo Wang; Jiang-Ping Zhou; Xu Wang,"Abstract Walking is an imperative travel mode, especially for short trips. Walking accessibility, which is defined as the ease of reaching essential destinations in the walk-in catchment area, may affect property prices because residents are more likely to be willing to pay for this attribute. In addition, different categories of public services may have varied influencing directions and magnitude. These two hypotheses are tested in this study. Taking Xiamen, China as a case study, we estimate the cumulative opportunities of public services on foot and develop a set of hedonic pricing models (more specifically, two pre-specified ordinary least squares models, four Box-Cox transformed models, and two spatial econometric models) to estimate, whether and to what extent, walking accessibility contributes to price premiums (or discounts). Using a database of 22,586 second-hand residential properties in 358 multi- or high-storey residential complexes, we find that (1) walking accessibility to public services contributes to the variations in housing prices and plays a role in determining housing prices; (2) different categories of services have vastly divergent, even opposite, influencing",104.0,
e7d264cdddf631081489619ae875dc4a25782db1,10.1016/j.envsci.2020.06.024,Property price effects of green interventions in cities: A meta-analysis and implications for gentrification,2020.0,,M. Bockarjova; W. J. Wouter Botzen; M. van Schie; M. Koetse,"Abstract Although green interventions, like nature-based solutions, contribute to more sustainable urban environments and provide ecosystem services to urban populations, some impacts are not well understood. This particularly applies to social impacts in the domain of environmental justice, including (green) gentrification. Gentrification refers to a process in which green urban renewal raises property prices, which results in an influx of affluent people, displacing poorer residents. Our study conducts a meta-analysis based on 37 primary hedonic pricing studies, to estimate value transfer functions that can assess the effects of nature types on property prices in various urban settings. Urban nature has positive impacts on house value in the areas surrounding it, which depend on population density, distance to, and the type of, urban nature. We illustrate how the estimated benefit transfer function can be applied to natural interventions in a Dutch city, and visualize the obtained effects using mapping. These maps show the distance decay of the cumulative effects of urban nature interventions on the house value at the city and the neighbourhood levels. Our application estimated i",101.0,https://www.sciencedirect.com/science/article/pii/S1462901119310457/pdf
84fe25f12d7833b71a83f2c2ae3a06dfc013ffcf,10.1371/journal.pone.0217505,Do street-level scene perceptions affect housing prices in Chinese megacities? An analysis using open access datasets and deep learning,2019.0,PLoS ONE,Xiao Fu; Tian-Xia Jia; Xue-Qi Zhang; Shanlin Li; Yonglin Zhang,"Many studies have explored the relationship between housing prices and environmental characteristics using the hedonic price model (HPM). However, few studies have deeply examined the impact of scene perception near residential units on housing prices. This article used house purchasing records from FANG.com and open access geolocation data (including massive street view pictures, point of interest (POI) data and road network data) and proposed a framework named “open-access-dataset-based hedonic price modeling (OADB-HPM)” for comprehensive analysis in Beijing and Shanghai, China. A state-of-the-art deep learning framework and massive Baidu street view panoramas were employed to visualize and quantify three major scene perception characteristics (greenery, sky and building view indexes, abbreviated GVI, SVI and BVI, respectively) at the street level. Then, the newly introduced scene perception characteristics were combined with other traditional characteristics in the HPM to calculate marginal prices, and the results for Beijing and Shanghai were explored and compared. The empirical results showed that the greenery and sky perceptual elements at the property level can significantly",100.0,https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0217505&type=printable
9415dcf906b8cafd44032d14500fdf0eacad1c2e,10.1016/j.cities.2019.01.019,Quantile effect of educational facilities on housing price: Do homebuyers of higher-priced housing pay more for educational resources?,2019.0,Cities,Hai-Zhen Wen; Yue Xiao; E. Hui,"Abstract Educational facilities are valued highly by citizens and play an important part in improving housing prices. Most existing studies applied the hedonic price model to obtain the average effects of educational facilities on housing prices. However, these effects may be heterogeneous in different conditional quantiles of housing prices. Aside from the average effects, scholars are also interested in the different behaviors of high-, medium-, and low-priced homebuyers, behaviors that cannot be simply explained by ordinary least-squares estimation without sample truncation. To fill this gap, this study utilizes quantile and spatial quantile regression models to obtain a complete description of the entire distribution. On the basis of 2015 housing transaction data in Hangzhou, substantial differences are identified in the effects of educational facilities on housing price across the conditional distribution. In particular, primary and secondary schools considerably improve housing prices over the entire conditional distribution, whereas kindergartens are only valued by homebuyers of lower- and higher-priced housing. Furthermore, only households of high-priced housing are willing",99.0,
8181714441658704d7e0aa062ef27a92aa8305ae,10.1016/j.habitatint.2019.03.008,"Effects of floor level and landscape proximity on housing price: A hedonic analysis in Hangzhou, China",2019.0,Habitat International,Yue Xiao; E. Hui; Hai-Zhen Wen,"Abstract Floor level is an important factor influencing housing price. However, most existing literature just treated floor level as a control variable and simply obtained a linear relationship between floor level and housing price. To fill this gap, this study uses the hedonic price model to deeply investigate floor level premium. The emphasis of this study is on landscape proximity and also the interactive effect of floor level and landscapes. A better understanding between floor level, landscape proximity and housing price is provided. Contrary to most existing studies, the findings suggest that the relationship between floor level and housing price is non-linear and is different in multi-storey buildings and high-rise buildings. As for the interactive effect between floor level and landscape proximity, we find that the amenity value of landscapes shows vertical heterogeneity at different floor levels within a building. On the other hand, landscape proximity significantly affects the relationship between floor level and housing price. This study addresses issues that were not studied before but are crucial to estimate the value of floor level and landscapes. It provides importan",99.0,
9327e90188c65866caeea9f095f79c26305cb368,10.1016/j.ecolecon.2016.09.029,"Planning for green infrastructure: The spatial effects of parks, forests, and fields on Helsinki's apartment prices",2017.0,,Athanasios Votsis,"As the importance of urban green spaces is increasingly recognised, so does the need for their systematic placement in a broader array of socioeconomic objectives. From an urban planning and economics perspective, this represents a spatial task: if more land is allocated to various types of green, how do the economic effects propagate throughout urban space? This paper focuses on the spatial marginal effects of forests, parks, and fields and estimates spatial hedonic models on a sample of apartment transactions in Helsinki, Finland. The results indicate that the capitalization of urban green in apartment prices depends on the type of green, but also interacts with distance to the city centre. Additionally, the effects contain variable pure and spatial spillover impacts, also conditional on type and location, the separation of which highlights aspects not commonly accounted for. The planning of green infrastructure will therefore benefit from parameterizing interventions according to location, green type, and character of spatial impacts.",95.0,https://www.sciencedirect.com/science/article/pii/S0921800916311430/pdf
67d132eca470e26b7a8c41462ca1252d056a93bb,10.1371/journal.pone.0164553,"Spatial and Social Media Data Analytics of Housing Prices in Shenzhen, China",2016.0,PLoS ONE,Chao Wu; Xin-Yue Ye; F. Ren; Y. Wan; Peng-Fei Ning; Qingyun Du,"Housing is among the most pressing issues in urban China and has received considerable scholarly attention. Researchers have primarily concentrated on identifying the factors that influence residential property prices and how such mechanisms function. However, few studies have examined the potential factors that influence housing prices from a big data perspective. In this article, we use a big data perspective to determine the willingness of buyers to pay for various factors. The opinions and geographical preferences of individuals for places can be represented by visit frequencies given different motivations. Check-in data from the social media platform Sina Visitor System is used in this article. Here, we use kernel density estimation (KDE) to analyse the spatial patterns of check-in spots (or places of interest, POIs) and employ the Getis-Ord Gi* method to identify the hot spots for different types of POIs in Shenzhen, China. New indexes are then proposed based on the hot-spot results as measured by check-in data to analyse the effects of these locations on housing prices. This modelling is performed using the hedonic price method (HPM) and the geographically weighted regressio",92.0,https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0164553&type=printable
9d094736be6766aef01899b2898a5e3b3588c0ec,10.1016/j.apgeog.2021.102429,"Built environment, special economic zone, and housing prices in Shenzhen, China",2021.0,,Han-Duo Li; Peijun Chen; Richard J. Grant,"Abstract Shenzhen's meteoric urban growth is unprecedented, and its housing prices position it among the world's top five most expensive cities. Commonly understood as a ‘miracle city,’ ‘instant city,’ and ‘model city’ orchestrated by the central state in modern experimental urban planning, the local context and the role of the SEZ are a neglected spatiality in housing studies focusing on Shenzhen. Drawing on open data ( Lianjia.com ), we examine Shenzhen's spatial patterns of residential apartment prices and their associated local attributes. Based on a hedonic model, our results affirm a dichotomous spatial structure shaped by the special economic zones' (SEZs') associated unbalanced distribution of both accessibility and public/private service amenities. Inside the original SEZ (INSEZ), cultural amenities, green space, shopping malls, and a central business district significantly affect housing prices. Outside the original SEZ (OUTSEZ), only proximity to metro stations positively affects housing prices. Urban redevelopment should concentrate more on collaborative redevelopment in urban villages and equity in private and public service provision to narrow the inequality between I",91.0,
a2a1821eabee94c4553ad099174bac8d7189c0a4,10.3390/rs14040891,Associations between Street-View Perceptions and Housing Prices: Subjective vs. Objective Measures Using Computer Vision and Machine Learning Techniques,2022.0,Remote Sensing,Xiang Xu; Waishan Qiu; Wen-Jing Li; Xun Liu; Zi-Ye Zhang; Xiao-Jiang Li; Dan Luo,"This study investigated the extent to which subjectively and objectively measured street-level perceptions complement or conflict with each other in explaining property value. Street-scene perceptions can be subjectively assessed from self-reported survey questions, or objectively quantified from land use data or pixel ratios of physical features extracted from street-view imagery. Prior studies mainly relied on objective indicators to describe perceptions and found that a better street environment is associated with a price premium. While very few studies have addressed the impact of subjectively-assessed perceptions. We hypothesized that human perceptions have a subtle relationship to physical features that cannot be comprehensively captured with objective indicators. Subjective measures could be more effective to describe human perceptions, thus might explain more housing price variations. To test the hypothesis, we both subjectively and objectively measured six pairwise eye-level perceptions (i.e., Greenness, Walkability, Safety, Imageability, Enclosure, and Complexity). We then investigated their coherence and divergence for each perception respectively. Moreover, we revealed ",90.0,https://www.mdpi.com/2072-4292/14/4/891/pdf?version=1645064747
81dcbdb2a7a14e2e7f7233c005e4bc388ab58e74,10.1080/24694452.2018.1470925,A Big Data–Based Geographically Weighted Regression Model for Public Housing Prices: A Case Study in Singapore,2018.0,Annals of the American Association of Geographers,K. Cao; M. Diao; Bo Wu,"In this research, three hedonic pricing models, including an ordinary least squares (OLS) model, a Euclidean distance–based (ED-based) geographically weighted regression (GWR) model, and a travel time–based GWR model supported by a big data set of millions of smartcard transactions, have been developed to investigate the spatial variation of Housing Development Board (HDB) public housing resale prices in Singapore. The results help identify factors that could significantly affect public housing resale prices, including the age and the floor area of the housing units, the distance to the nearest park, the distance to the central business district (CBD), and the distance to the nearest Mass Rapid Transit (MRT) station. The comparison of the three models also explicitly shows that the two GWR models perform much better than the traditional linear hedonic regression model, given the identical variables and data used in the calibration. Furthermore, the travel time–based GWR model has better model fit compared to the ED-based GWR model in the case study. This study demonstrates the potential value of the big data–based GWR model in housing research. It could also be applied to other res",88.0,https://ink.library.smu.edu.sg/sis_research/5460
5df0565bc4448a98ef97cd8b41451c370afac57c,10.1016/j.habitatint.2021.102374,"Addressing the macroeconomic and hedonic determinants of housing prices in Beijing Metropolitan Area, China",2021.0,Habitat International,Jinlong Duan; Guang-Jin Tian; Lan Yang; Tao Zhou,"Abstract This paper examined both the macroeconomic and hedonic determinants of housing prices in Beijing. The vector autoregression (VAR) model was used to explain the dynamic impacts of macroeconomic indicators on housing prices, and the geographical weighted regression (GWR) model was used to reveal the spatial variations in the effects of hedonic attributes on housing prices. The VAR results suggest that shocks to the macroeconomic indicators produce different dynamic changes in housing prices. Both an increase in the money supply and a decrease in the mortgage rates lead a rise in housing prices in the long term. Therefore, monetary policies and mortgage rates could be used as long-term financial tools to regulate the dynamics of housing prices. The GWR results show that the effects of hedonic attributes vary spatially. The size of a house has a negative impact on housing prices, especially in the downtown areas. The age of a house also has a negative impact on housing prices, especially in the suburbs. The effect of the number of bedrooms changes from positive in the downtown areas to negative in the suburbs. Furthermore, convenient accessibilities to critical amenities such ",87.0,
7cd3da0073b919c8afd3b45b7c41348334b65142,10.1016/j.landusepol.2020.104513,"A social-media-based approach to assessing the effectiveness of equitable housing policy in mitigating education accessibility induced social inequalities in Shanghai, China",2020.0,,Li-Rong Hu; Shen-Jing He; Yun Luo; Shiliang Su; Jing Xin; Min Weng,"Social inequalities induced by education accessibility are widespread and concern land use policy makers globally. Yet much of existing research heavily emphasizes on uncovering the spatial patterns of housing price in relation to education resources. This paper aims to renew our understanding of this classical topic by bringing the importance of temporal and institutional dynamics to the fore. Specifically, this research presents a detailed examination of the relationship between school quality and housing rental dynamics under the intervention of equitable housing policy, with special reference to Shanghai, the most developed megacity in China, also one of the first Chinese cities granting equal rights for renters to access schools within the catchment area. Based on time-series housing rental data collected from social media, the t-test discovers that school quality has a significant impact on housing rental prices after the introduction of this new housing policy. Moreover, housing rental prices within high-quality school districts are significantly higher than those within ordinary school districts. The hedonic model and variance partitioning further confirm that school qualit",85.0,https://doi.org/10.1016/j.landusepol.2020.104513
39da3872e4d618f962e13ddf745a9b289bde70b8,10.1080/13658816.2018.1521523,Fast Geographically Weighted Regression (FastGWR): a scalable algorithm to investigate spatial process heterogeneity in millions of observations,2019.0,International Journal of Geographical Information Science,Ziqi Li; A. Fotheringham; Wen-Wen Li; Taylor M. Oshan,"ABSTRACT Geographically Weighted Regression (GWR) is a widely used tool for exploring spatial heterogeneity of processes over geographic space. GWR computes location-specific parameter estimates, which makes its calibration process computationally intensive. The maximum number of data points that can be handled by current open-source GWR software is approximately 15,000 observations on a standard desktop. In the era of big data, this places a severe limitation on the use of GWR. To overcome this limitation, we propose a highly scalable, open-source FastGWR implementation based on Python and the Message Passing Interface (MPI) that scales to the order of millions of observations. FastGWR optimizes memory usage along with parallelization to boost performance significantly. To illustrate the performance of FastGWR, a hedonic house price model is calibrated on approximately 1.3 million single-family residential properties from a Zillow dataset for the city of Los Angeles, which is the first effort to apply GWR to a dataset of this size. The results show that FastGWR scales linearly as the number of cores within the High-Performance Computing (HPC) environment increases. It also outperf",85.0,https://www.tandfonline.com/doi/full/10.1080/13658816.2018.1521523
4f6935afba731da47b7227938b45c49f1dd0940a,10.1016/j.trd.2022.103571,COVID-19 moderates the association between to-metro and by-metro accessibility and house prices,2022.0,Transportation Research Part D: Transport and Environment,Lin-Chuan Yang; Yuan Liang; Baojie He; Hong-Tai Yang; D. Lin,"Previous studies extensively examined the role of accessibility to metro in shaping house prices but largely overlooked the contribution of accessibility by metro. In addition, limited studies examined the moderating effect of COVID-19 on the price effects of to-metro and by-metro accessibility. Based on multilevel hedonic price and quantile regression models, this study scrutinizes the association between to-metro accessibility, by-metro accessibility, and house prices in Chengdu, China, and examines the moderating role of COVID-19 in this association. We show that by-metro accessibility significantly influences house prices. COVID-19 significantly influences the value of to-metro accessibility but marginally affects that of by-metro accessibility. The value of to-metro accessibility is disproportionately affected by the pandemic. Specifically, small or low-priced houses are less affected than big or high-priced houses. In other words, the flattening of the to-metro price gradient is more discernible for big or high-priced houses. The changing preference of residents has also been verified by the decreases in house transaction volume in metro-adjacent areas.",82.0,https://doi.org/10.1016/j.trd.2022.103571
d2206cc8f09c37c83dc24c28a3073557f17ff68c,10.3846/1648715x.2016.1259190,Forecasting spatial dynamics of the housing market using Support Vector Machine,2017.0,,Jieh-Haur Chen; Chuan-Fang Ong; Lin-Zi Zheng; Shu-Chien Hsu,"This paper adopts a novel approach of Support Vector Machine (SVM) to forecast residential housing prices. as one type of machine learning algorithm, the proposed SVM encompasses a larger set of variables that are recognized as price-influencing and meanwhile enables recognizing the geographical pattern of housing price dynamics. The analytical framework consists of two steps. The first step is to identify the supporting vectors (SVs) to price variances using the stepwise multi-regression approach; and then it is to forecast the housing price variances by employing the SVs identified by the first step as well as other variables postulated by the hedonic price theory, where the housing prices in Taipei City are empirically examined to verify the designed framework. Results computed by nonparametric estimation confirm that the prediction power of using SVM in housing price forecasting is of high accuracy. Further studies are suggested to extract the geographical weights using kernel density estimates to reflect price responses to local quantiles of hedonic attributes.",82.0,https://journals.vilniustech.lt/index.php/IJSPM/article/download/1802/1424
9202c177e9b8160cfb4c6ffd15a80ded3dbc5be2,10.5399/osu/jtrf.43.1.741,Effects of Light and Commuter Rail Transit on Land Prices: Experiences in San Diego County,2010.0,,R. Cervero,"Using hedonic price models, appreciable land-value premiums were found for multiple land uses in different rail corridors of San Diego County. The most appreciable benefits were for condominiums and single-family housing near commuter-rail stations in the north county, multifamily housing near light-rail stations, and commercial properties near downtown commuterrail stations and light-rail stops in the Mission Valley. Elsewhere, commercial properties accrued small or even negative capitalization benefits. Pro-development policies, worsening traffic congestion, and a generally healthy economy are thought to have generally boosted land values in San Diego County, though impacts are corridor- and land-use specific.",82.0,http://ageconsearch.umn.edu/record/206725
bba603f6dd10fad28803d3cab634145d8447126e,10.1016/j.landusepol.2018.11.032,A hedonic urban land price index,2019.0,Land Use Policy,Brano Glumac; Marcos Herrera; Julien Licheron,"Abstract Urban development projects have many effects on society, such as improving mobility, health, education, and sustainability. For policy-relevant measures, it is important that policymakers are able to foresee how quality improvements influence the price of land. Therefore, our objective is to collect a set of variables able to account for the effects of a multitude of land quality improvements. In addition, surrounding plots and the natural and built environment might also influence urban land prices. However, most house price and land price indices do not control for any potentially related spatial effects. The urban land price index detailed here is based on land transaction prices for Luxembourg between 2010 and 2014 recorded in notarial deeds and cadastral data, together with geo-spatial characteristics. The proposed index includes many aspects in an initial hedonic model specification. After performing a spatial dependence test and identifying several spatial effects, the index also operates on a spatial model.",81.0,
63f40b4138dd0aacdb9d6c7dbc993c5bc1ea29fd,10.1086/714442,Difference-in-Differences Hedonics,2021.0,Journal of Political Economy,H. S. Banzhaf,"Cross-sectional estimates of hedonic price functions theoretically recover marginal values for characteristics but face endogeneity problems. Consequently, economists have introduced difference-in-differences and other quasi-experimental econometric methods into hedonic models. Unfortunately, the welfare interpretation of these estimands has not been clear. This paper shows that quasi-experimental hedonics can identify the movement along the ex post price function. It further shows that this effect is a lower bound on general equilibrium welfare. Thus, nonmarginal welfare can be recovered using transparent designs without Rosen’s second stage or more structural models. The paper illustrates these results with an application to toxic facilities and housing prices.",80.0,
c78318b0e4d4bfd8a796d0a47bb9f39c7ac3ae9e,10.1016/j.scs.2020.102140,"Place-varying impacts of urban rail transit on property prices in Shenzhen, China: Insights for value capture",2020.0,,Lin-Chuan Yang; Yang Chen; Nenglai Xu; R. Zhao; K. Chau; Shi-Jian Hong,"Abstract Urban rail transit (URT) is shown to mitigate numerous contemporary urban problems (e.g., traffic congestion and environmental degradation). To reap such gains, many Chinese cities have actively constructed URT and/or have been on their way of doing so. However, these URT projects often encumber local governments with debt. Value capture schemes can be used to finance URT development. To implement such schemes, we need to understand the relationship between URT and property prices. Despite numerous studies on this topic in other countries, limited empirical studies in urban China have been conducted. Moreover, most previous studies are silent on two issues that are important to value capture, namely: (1) whether transfer stations provide a larger housing price premiums than regular stations, and (2) whether the price effect of URT accessibility is more perceptible in the suburban area than that in the urban. This study contributes to our understanding of these issues by constructing a set of hedonic pricing models using price data from 722 residential complexes in the vicinity of a URT line in Shenzhen, China. Our empirical results show that (1) URT has a positive impact o",78.0,
79775b166642eb096d0be262f1026c1e5b243890,10.3828/jtep.1993.27.1.3,Density of Residential Land Use and the Impact of Airport Noise,1991.0,Journal of Transport Economics and Policy,D. Uyeno; S. Hamilton; A. Biggs,"Although communities have shown an increasing concern for the environment, hedonic regression shows little change over time in the relationship of airport noise to the property values of detached dwellings. The effects of noise on the value of condominiums and on the value of vacant land are found to be higher than for detached houses and are statistically significant.",78.0,
baaee624057dd67c85185a4177e6d00e5b13c4a2,10.35808/ijeba/526,The Hedonic Pricing Model Applied to the Housing Market,2020.0,International journal of economics and business administration,My-Linh Thi Nguyen,"Purpose: The article applies the hedonic pricing model to estimate house price in the housing market of Vietnam, which is a country with a fledgeling housing market, so the study is expected to bring interesting findings. Design/Methodology/Approach: By applying the hedonic pricing model, most of the previous studies have reported that house price is significantly influenced by the characteristics of the house itself, its location and surrounding facilities. Based on this, the article adopts the Ordinary Least Squares (OLS) regression in combination with robustness statistics in the model estimation, so the estimated results on house price are reliable and able to be widely applied. Data are collected through the survey into housing projects in Ho Chi Minh and Ha Noi city, which are the two largest cities in Vietnam. Findings: The findings reveal that the hedonic pricing model can be applied to estimate house price in Vietnam’s housing market. This can be said to be a big success in giving first empirical evidence in Vietnam on this matter. Specifically, house price is negatively affected by its proximity to the city center. Also, factors including house size, house type, house str",77.0,https://www.ijeba.com/journal/526/download
e03d4fa501b21f71dc522a652cf17ec776dff133,10.1016/j.ecolecon.2019.03.025,Can proximity to urban green spaces be considered a luxury? Classifying a non-tradable good with the use of hedonic pricing method,2019.0,Ecological Economics,E. Łaszkiewicz; Piotr Czembrowski; J. Kronenberg,"Abstract Environmental goods are sometimes considered a luxury that only the rich can afford. This is no less true in the case of green spaces. However, a typical microeconomic lens is not relevant to study the potential luxury of non-tradable goods. Typically, the distributional interpretation of the income elasticity of the willingness to pay (WTP) for such goods would involve stated preferences valuation methods. The possibility to describe the luxury of green space proximity based on revealed preferences methods has not been evaluated yet. Through this study, we would like to fill this gap. We proposed a three-step analysis of the apartment market in Lodz (Poland), based on the hedonic pricing method, to check how the marginal WTP (MWTP) for proximity to parks/forests differs among apartment price sub-segments. We discuss whether and to what extent the variability of the MWTP could be linked with the presumed luxury of green space proximity. We found that proximity does not result in increased apartment prices for all parks and forests. The estimated MWTP for the proximity to selected parks rises in consecutive apartment price sub-segments. This could be interpreted as a sign o",77.0,
83ba64d9f847b27c2fec2269c21bce255277a528,10.3828/jtep.1994.28.2.175,Aircraft Noise and Residential Property Values: An Artificial Neural Network Approach,1994.0,Journal of Transport Economics and Policy,Alan Collins; Alec Evans,The properties of Artificial Neural Networks (ANNs) are outlined and shown to discriminate the effect of aircraft noise from other value determinants in a study of residential property values adjacent to Manchester International Airport. The varying effects of noise on different property types and neighbourhoods are identified. The results are contrasted with earlier hedonic regression-based studies.,77.0,
9224e82eec489138457af449bfc03ea1214825b8,10.1016/j.apgeog.2016.12.012,The economic value of streets: mix-scale spatio-functional interaction and housing price patterns,2017.0,,Yao Shen; K. Karimi,"Location factors are vital elements for describing housing price variation. However, limited studies have explicitly illustrated the relationship between urban design and the heterogeneity of housing price patterns. This article specifically evaluates how the interactions between the spatial layouts and land-use system at various scales through street network affect the valuation of the residential properties and the segmentation of housing markets in a network-based Mixed-scale Hedonic Model (MHM) where the submarkets pattern are determined and annotated by the spatially varying estimates on streets. The application of the delivered method in the case of Shanghai City, China, confirms the necessity of using the non-Euclidean distance metric and represent the coexistence between the stationarity and the non-stationarity of the introduced street accessibility variables. The results provide evidence that the impacts of street accessibility measures on the local levels showcase significant spatial variation. It is common for all the places that the properties located on the streets with the higher levels of angular closeness, smaller values of angular betweenness and longer angular di",76.0,https://discovery.ucl.ac.uk/1539269/1/Karimi_Applied_Geography_YSKK.pdf
c7cfce5c41fcb860f56105218cf7286f5fb9ecaa,10.2139/ssrn.1391782,Making - or Picking - Winners: Evidence of Internal and External Price Effects in Historic Preservation Policies,2009.0,Social Science Research Network,Douglas S. Noonan; Douglas J. Krupka,"Making – or Picking – Winners: Evidence of Internal and External Price Effects in Historic Preservation Policies Much has been written identifying property price effects of historic preservation policies. Little attention has been paid to the possible policy endogeneity in hedonic price models. This paper outlines a general case of land use regulation in the presence of externalities and then demonstrates the usefulness of the model in an instrumental-variables estimation of a hedonic price analysis – with an application to historic preservation in Chicago. The theoretical model casts doubt on previous results concerning price effects of preservation policies. The comparative statics identify some determinants of regulation that seem, on the face of it, most unlikely to also belong in a hedonic price equation. The analysis employs these determinants as instruments for endogenous regulatory treatment in a hedonic price analysis. OLS estimation of the hedonic offers results consistent with much of previous literature, namely that property values are higher for historic landmarks. In the 2SLS hedonic, robust estimates of the “own” price effect of historic designation are shown to be l",76.0,https://doi.org/10.2139/ssrn.1391782
d41645b6dabef4ba6d0adfbeb1c35c29abb7a96d,10.1016/j.regsciurbeco.2017.03.002,"Measurement and valuation of urban greenness: Remote sensing and hedonic applications to Lisbon, Portugal",2017.0,Regional Science and Urban Economics,Sofia Franco; Jacob L. Macdonald,"Abstract This paper explores the role of remote sensing techniques in capturing urban environmental data in the form of tree canopy coverage and measures of urban greenery. Using a classification algorithm, we identify tree canopy coverage in Lisbon, Portugal, to be approximately 8%. Our results have an accuracy rating of approximately 90% highlighting the benefits of this technique in capturing novel forms of data. Using these measures aggregated to the neighborhood level, we explore the impact of open space accessibility and urban greenness on the residential property market in Lisbon. We capture the heterogeneity of open spaces through their size and average vegetation level, and further explore how the greenness of a resident’s neighborhood may elicit complementary or substitutability behavior in house pricing relative to proximity to urban open spaces and other urban ecological variables. Our results indicate that proximity to both large urban forests and smaller neighbourhood parks are capitalized through residential prices. These effects are dependent on neighborhood green composition with neighborhoods which have a higher proportion of sparse or low lying vegetation willing",76.0,
99e263283b0064ff3261214a37718bf3f7137a6b,10.3390/su10124343,The Impact of Micro-Level Influencing Factors on Home Value: A Housing Price-Rent Comparison,2018.0,Sustainability,Nana Cui; Heng-Yu Gu; T. Shen; Chang-Chun Feng,"The housing sales market in China has flourished and gained considerable interest, while the housing rental market has lagged behind and been ignored over the past two decades. With the acceleration of urbanization, the housing rental demand is rising rapidly. Exploring and comparing the influencing factors on housing sale prices and rental prices has significance for sustainable urban planning and management. Using house purchase transaction and rent transaction data in 2017, as well as the average housing price and rent data in 2016 in Beijing, China, this paper compares the spatial distribution and it employs the hedonic price model and quantile regression model to quantify the average and distributional effects of micro-level influencing factors on housing prices and housing rents. Results show that housing prices and housing rents both have a decentralized distribution with multiple centers, but rents of residential communities with high housing prices may not necessarily be high. Both homeowners and renters prefer properties with good structural, locational, and neighborhood characteristics, as well as a good school attendance zone, whereas they still differ in terms of prefe",73.0,https://www.mdpi.com/2071-1050/10/12/4343/pdf?version=1542880236
https://openalex.org/W2769797207,10.3390/ijgi6110358,Exploring Determinants of Housing Prices in Beijing: An Enhanced Hedonic Regression with Open Access POI Data,2017.0,ISPRS International Journal of Geo-Information,Yixiong Xiao; Xiang Chen; Qiang Li; Yu Xi; Jin Chen; Jing Guo,"The housing market in Chinese metropolises have become inflated significantly over the last decade. In addition to an economic upturn and housing policies that have potentially fueled the real estate bubble, factors that have contributed to the spatial heterogeneity of housing prices can be dictated by the amenity value in the proximity of communities, such as accessibility to business centers and transportation hubs. In the past, scholars have employed the hedonic pricing model to quantify the amenity value in relation to structural, locational, and environmental variables. These studies, however, are limited by two methodological obstacles that are relatively difficult to overcome. The first pertains to difficulty of data collection in regions where geospatial datasets are strictly controlled and limited. The second refers to the spatial autocorrelation effect inherent in the hedonic analysis. Using Beijing, China as a case study, we addressed these two issues by (1) collecting residential housing and urban amenity data in terms of Points of Interest (POIs) through web-crawling on open access platforms; and (2) eliminating the spatial autocorrelation effect using the Eigenvector ",72.0,https://www.mdpi.com/2220-9964/6/11/358/pdf?version=1510761388
5bf1856dda2d373ddda62e4b2baf234d6c827148,10.1177/0042098019879382,A novel hedonic price modelling approach for estimating the impact of transportation infrastructure on property prices,2021.0,,S. Lieske; Ryan van den Nouwelant; Hoon-Han Jung; C. Pettit,"Hedonic estimations of the effect of transport infrastructure on property prices vary widely. This high variability demonstrates a deficit in our understanding of these relationships, limits the utility of econometrics for the valuation of urban property markets, and limits the development and implementation of effective and fair market-based policy tools. Several avenues may lead to improved consistency: re-consideration of accessibility, inclusion of urban design characteristics, assessment of spatial dependence and spatial heterogeneity, and consideration of geographic scale. This paper outlines the rationale and opportunities for inclusion of, and presents empirical tests for, these assertions using a case study in western Sydney, Australia. Results show a number of urban design characteristics to be significant determinants of residential property price. Street connectivity and higher density in areas surrounding residences negatively impact price, higher density close to train stations positively impacted price in one model. Park-and-ride stations led to decreases in property values. Smaller study area results indicate a nonlinear relationship between distance to train statio",72.0,http://hdl.handle.net/1959.4/unsworks_60283
7a18e0726455cd3b8aa426564763efb8df85a0ee,10.1016/j.ecolecon.2019.106568,"Exploring spillover effects of ecological lands: A spatial multilevel hedonic price model of the housing market in Wuhan, China",2020.0,,Tian Liu; Wei-Yan Hu; Yan Song; An-Lu Zhang,"This paper attempts to explore the spillover effects of ecological lands, including forest, grassland, wetland, and cultivated land, on housing prices. To this end, we test hypotheses from a spatial multilevel hedonic model in Wuhan, China. We find that forest size and wetland size has a linear positive spillover effect on urban housing prices, and a moderate grassland area and distance from wetland generates positive spillover effect on urban housing prices, while too much or poor grassland area and distance from wetland may not. Also, only cultivated land very proximity to urban residential areas may raise the housing prices, most of the cultivated land in our case may reduce the housing prices. This article contributes to the literature by integrating different ecological lands into the hedonic analysis based on spatial multilevel models and deepens the relationship between the accessibility and visibility of ecological lands and housing prices. This result implies that demand for the forest, grassland, and wetlands can be well reflected in the housing market, while demand for cultivated land is less reflected in the housing market. Our findings urge policymakers to increase the",72.0,https://cdr.lib.unc.edu/downloads/qv33sc72n
327115a5186cc436d1749ca2acaa98314f882fee,10.1016/j.landusepol.2014.07.017,"Bus stop, property price and land value tax: A multilevel hedonic analysis with quantile calibration",2015.0,,Yiming Wang; D. Potoglou; S. Orford; Yi Gong,"Based on a multilevel and quantile hedonic analysis regarding the local public bus system and the prices of residential properties in Cardiff, Wales, we find strong evidence to support two research hypotheses: (a) the number of bus stops within walking distance (300–1500 m) to a property is positively associated with the property's observed sale price, and (b) properties of higher market prices, compared with their cheaper counterparts, tend to benefit more from spatial proximity to the bus stop locations. Given these statistical findings, we argue that, land value tax (LVT), albeit a classic political idea dating back to the early 20th century, does have contemporary relevance and, with modern geographic information technologies, can be rigorously analysed and empirically justified with a view to actual implementation. Levying LVT will not only generate additional fiscal revenues to help finance the development and maintenance of local public infrastructures, but will also ensure a more just distribution of the economic welfare yielded by public investment.",72.0,https://linkinghub.elsevier.com/science/article/pii/S0264837714001641/pdfft?md5=6d59ddbd91f8a68599a8029afd8aa056&pid=1-s2.0-S0264837714001641-main.pdf
7939b56e53b535621b66a4eb9b9e39c173e02f6c,10.1016/j.apenergy.2016.07.076,Green signalling effects in the market for energy-efficient residential buildings,2016.0,,F. Fuerst; Elias Oikarinen; Oskari Harjunen,"Empirical evidence from recent studies suggests that the price premium on energy-efficient buildings is potentially higher than the pure capitalisation of energy savings but the empirical evidence on the size of the non-savings components is scant. This study aims to fill this research gap by investigating whether the mandatory energy efficiency ratings for residential properties imply benefits that go beyond energy savings. Using a sample of several thousand apartment transactions from Helsinki, Finland, we first test if higher ratings were significantly associated with higher prices. In addition to a large number of property and neighbourhood characteristics, this dataset contains information on building-level energy usage which allows us to distinguish between the cost savings effect of energy consumption and the value of more intangible factors associated with the energy label. The hedonic model yields a statistically significant 3.3% price premium for apartments in the top three energy-efficiency categories and 1.5% when a set of detailed neighbourhood characteristics are included. When maintenance costs containing energy usage costs are added, a robust and significant price p",70.0,https://www.repository.cam.ac.uk/bitstreams/715ef5d8-347a-48dc-8671-801a06c606aa/download
977b656f8e490bf1468a6c034bc18f79395c85e0,10.1111/pirs.12038,The Impact of Hudson-Bergen Light Rail on Residential Property Appreciation,2014.0,,Kyeongsu Kim; M. Lahr,"This paper analyzes the impact of the Hudson-Bergen Light Rail (hereafter HBLR) on annual value increase of residential property. Unlike similar studies using hedonic model with cross-sectional data, this study investigates longitudinal data of repeat-sales properties between 1991 and 2008. It shows how proximity to the HBLR stations and the commencement date of the nearest HBLR station influence housing value change. The results show that locations nearest the HBLR line had lower-than-average rates of value appreciation, revealing a modest nuisance cost. However, properties near three commuting stations furthest from the revitalized central business district (CBD) experienced high appreciation. By approximating a negative–exponential gradient, the authors find that these higher appreciation rates tended to dissipate about 1/4 miles from those three stations. This provides strong support that properties around rail commuting stations enjoy higher marginal benefits through reduced transportation costs. This study reveals that housing values appreciated more in neighborhoods with higher percentages of working-age group, of foreign born population, and of good education, Furthermore, ",70.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/pirs.12038
67305ce9c361f776c3556859fac143bcd7f2b383,10.1016/j.jhe.2014.01.005,A new approach for constructing home price indices: The pseudo repeat sales model and its application in China,2014.0,,Xiao-Yang Guo; Si-Qi Zheng; D. Geltner; Hong-Yu Liu,"This paper develops a “pseudo repeat sale” estimation sample construction procedure (ps-RS) to construct more reliable and less biased quality-controlled price indices for newly-constructed homes. The method may be useful wherever new housing development is of sufficiently large scale and homogeneous. Such circumstances characterize many emerging market countries, and here we apply the technique in China. We match two very similar new sales within a defined matching space. Here we test three versions of matching spaces – complex, phase, and building. We then regress the within-pair price differentials onto time dummies and the differentials in unit-specific physical attributes. Locational and community variations, as well as many unobservable or difficult to measure physical attribute variations, are cancelled out in the model, and thereby controlled for. The building-version ps-RS index does the best job in this regard because its within-pair differential is the smallest. We further introduce a “hedonic value” distance metric criterion so that one can deal flexibly with the trade-off between the within-pair “similarity” and the sample size. We explicate and demonstrate formal sign",69.0,https://dspace.mit.edu/bitstream/1721.1/111137/1/Geltner_A%20new%20approach.pdf
9063ae8700b5e083ceddbdce64f51b957763215e,10.15396/eres2016_146,Can Geospatial Data Improve House Price Indexes? A Hedonic Imputation Approach with Splines,2018.0,,R. Hill; Michael Scholz,,69.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/roiw.12303
48d25d8068f17010f84dade2136f696403c9bedc,10.1016/j.regsciurbeco.2018.02.001,"The Effects of Cultural Heritage on Residential Property Values: Evidence from Lisbon, Portugal",2018.0,,Sofia F. Franco; Jacob L. Macdonald,"This paper examines the impact of historic amenities on residential housing prices in the city of Lisbon, Portugal. Our study is directed towards identifying the spatial variation of amenity values for churches, palaces, lithic (stone) architecture and other historic amenities via the housing market, making use of both global and local spatial hedonic models.Our empirical evidence reveals that different types of historic and landmark amenities provide different housing premiums. While having a local non-landmark church within 100 meters increases housing prices by approximately 4.2%, higher concentrations of non-landmark churches within 1000 meters yield negative effects in the order of 0.1% of prices with landmark churches having a greater negative impact around 3.4%. In contrast, higher concentration of both landmark and non-landmark lithic structures positively influence housing prices in the order of 2.9% and 0.7% respectively.Global estimates indicate a negative effect of protected zones, however this significance is lost when accounting for heterogeneity within these areas. We see that the designation of historic zones may counteract negative effects on property values of nea",68.0,http://hdl.handle.net/10362/17162
ebefda640bee5302366b339dc1624f32b129581a,10.1007/s10901-010-9203-8,Property price gradients: the vertical dimension,2011.0,,S. Wong; Wing-Chau Kwong; Y. Yau; A. Cheung,"This is an empirical study on the pricing of two vertical property attributes: floor level and building height. Floor level is the vertical location of a unit in a multi-storey building; the extra price paid for a higher floor level is labelled a floor-level premium. Previous hedonic price studies unequivocally showed that the floor-level premium is positive, but they were silent on whether its magnitude varies with floor levels and with buildings of different heights. Indeed, building height is a feature of a building, not its constituent units, so it is not clear whether building height alone should affect the units’ prices. Based on a sample of highly homogeneous housing units in buildings of varying heights, we found that (1) the floor-level premium was not constant, but diminished as floor level increases; (2) there was no significant difference in the pattern of the floor-level premium between high-rise and low-rise buildings; and (3) there was a positive and significant premium for units in low-rise buildings over those in high-rise ones. These findings can help developers determine the optimal height and shape of their development.",68.0,https://link.springer.com/content/pdf/10.1007/s10901-010-9203-8.pdf
8dad1875cdb64b4b2fdfd31e3104a24903d9da00,10.1111/j.1435-5957.2008.00200.x,Spatial effects of urban public policies on housing values,2009.0,,C. Baumont,"Problems of spatial segregation have often stressed on the social status and social capital of a neighbourhood as main driving forces behind housing price formation. In this paper, it is assumed that spatial effects are additional variables worth considering since the impact of urban policies such as social housing policies and urban regeneration policies may permeate outside the areas where they are implemented. Our case study is of the urban area of Dijon (France), where these two types of urban policies have been implemented in the last three decades. Spatial effects are introduced in the hedonic model and a spatial error model is estimated, revealing a positive and significant global spatial effect combined with the usual influence of accessibility to the CBD.We also show the negative influence of location in social housing districts and the spatial diffusion effect they exert on neighbouring districts.",67.0,https://doi.org/10.1111/j.1435-5957.2008.00200.x
f4adcc05148ab0cae194997ef987bf7816447e89,10.1016/j.erss.2018.08.014,Tearing down the information barrier: the price impacts of energy efficiency ratings for buildings in the German rental market,2019.0,Energy Research & Social Science,Marcelo Cajias; F. Fuerst; S. Bienert,"Abstract Improving the energy efficiency levels of the housing stock is of particular concern in the private rental market where capital costs and utility cost savings are not shared in equal measure by landlords and tenants. This problem is particularly pronounced in the German housing market with its predominance of rented accommodation over owner occupancy. The present study is the largest to date to investigate the effect of energy efficiency ratings on rental values. Using a semiparametric hedonic model and an empirical sample of nearly 760 thousand observations across 403 local markets in Germany with full hedonic characteristics, we find evidence that energy-efficient rental units are rented at a premium. However, this effect is not confirmed for the largest metropolitan housing markets. In a second step, a survival hazard model is estimated to study the impact of the energy ratings on time-on-market. It is found that energy inefficient dwelling have longer marketing periods and are hence less liquid than their more energy efficient counterparts.",66.0,https://www.repository.cam.ac.uk/handle/1810/283123
a503c4495a90c3ec33e5aabfd1aff30f85bab9ac,10.1016/j.habitatint.2018.09.002,The value of a south-facing orientation: A hedonic pricing analysis of the Shanghai housing market,2018.0,Habitat International,Jia-Jun Lu,"Abstract The relationship between the view orientation of an apartment and its property value is examined in the context of Shanghai housing market. Using a hedonic pricing model and a unique dataset, comprised of apartment attributes, ambient environmental indicators and urban spatial structure, this paper shows that a south-facing orientation is associated on average with a 14% premium in property value. Among possible view orientations, due south reflects the highest price. A view of one Shanghai's landmark increases property values by 6%, with this premium being boosted a further 4% by south-facing orientation. Dust pollution lowers prices and shrinks the value of a south-facing view, while PM2.5, which is not visible, has little influence on either. Preference for height in apartment buildings is strongly influenced by the presence of elevators. Internal apartment attributes have the expected signs, but magnitudes can be misleading unless the larger set of apartment attributes is controlled for.",66.0,
35023ddbc6507bea1f9631e44893a1f4e9a0367c,10.3368/le.91.2.386,An Alternative to the Standard Spatial Econometric Approaches in Hedonic House Price Models,2015.0,Land Economics,Kathrine von Graevenitz; T. Panduro,,63.0,https://le.uwpress.org/content/wple/91/2/386.full.pdf
d9970188d1f09336dc963fed1a447c899751e7a4,10.1108/jerer-08-2018-0035,Estimation and updating methods for hedonic valuation,2019.0,Journal of European Real Estate Research,Michael Mayer; Steven C. Bourassa; M. Hoesli; D. Scognamiglio,"
Purpose
The purpose of this paper is to investigate the accuracy and volatility of different methods for estimating and updating hedonic valuation models.


Design/methodology/approach
The authors apply six estimation methods (linear least squares, robust regression, mixed-effects regression, random forests, gradient boosting and neural networks) and two updating methods (moving and extending windows). They use a large and rich data set consisting of over 123,000 single-family houses sold in Switzerland between 2005 and 2017.


Findings
The gradient boosting method yields the greatest accuracy, while the robust method provides the least volatile predictions. There is a clear trade-off across methods depending on whether the goal is to improve accuracy or avoid volatility. The choice between moving and extending windows has only a modest effect on the results.


Originality/value
This paper compares a range of linear and machine learning techniques in the context of moving or extending window scenarios that are used in practice but which have not been considered in prior research. The techniques include robust regression, which has not previously been used in this context. The data",62.0,https://aura.abdn.ac.uk/bitstreams/001f368d-c052-4950-8b1f-709dbded807a/download
51ef849426aba6c91853d861a501bbec37c2e2a7,10.1016/j.jtrangeo.2016.09.003,The impact of regional commuter trains on property values: Price segments and income,2016.0,,Helena Bohman; Desirée Nilsson,"Using single-family home transactions and commuter rail data from 2014, we estimate hedonic price models using two-stage spatial quantile regression to capture variations across price segments. The results are significant and robust across different model specifications and across the different price segments, but the price effect of proximity to a commuter train station is strongest in lower price segments of the housing market. These price segment effects are also valid for proximity to highways, as well as for several other property attributes. Results also reveal that the largest of the three regional labour markets in our study has a greater effect on prices. Furthermore, the study introduces property-specific neighbourhood data from raster data, showing that population density has a negative impact on property prices at the neighbourhood level while population size has a positive impact at the municipal level.",58.0,https://www.sciencedirect.com/science/article/pii/S0966692316300151/pdf
5620845e6b4fb4e90ee1aa1b201eac1c9615072b,10.1016/j.scitotenv.2019.133628,Environmental amenities of urban rivers and residential property values: A global meta-analysis.,2019.0,Science of the Total Environment,Wendy Y. Chen; Xun Li; Junyi Hua,"Environmental amenities and disamenities of urban rivers and their capitalization in property prices have been a major subject of empirical investigation in the hedonic price method (HPM) literature for several decades. Primary studies across the globe have nonetheless adopted varying valuation scenarios and modelling approaches. And systematic variation has been shown in homeowners' marginal willingness-to-pay (WTP) for urban rivers' amenities and disamenities, ranging between -12.2% and 63.58% price premium. To identify which valuation scenarios, socio-economic variables, and modelling characteristics might affect the quantification of urban rivers' impacts on property values, we conducted a very first meta-analysis of existing evidence to extract additional information concerning the heterogeneity in WTP estimates pertaining to urban rivers' environmental amenities and disamenities. A total of 53 observations from 30 primary studies that adopted HPM to provide WTP estimates for three prominent valuation scenarios, i.e., proximity, view and water quality, were synthesized using a random effects model. Our meta-analysis results revealed several important factors in explaining the ",57.0,
7d18523ad59970ce1bbbcf06109cd0a615881216,10.3390/su10051676,Influence Factors and Regression Model of Urban Housing Prices Based on Internet Open Access Data,2018.0,,Hao Wu; Hongzan Jiao; Yang Yu; Zhigang Li; Zheng-Hong Peng; Ling-Bo Liu; Zheng Zeng,"With the commercialization of housing and the deepening of urbanization in China, housing prices are having increasing influence on the land market, and thus indirectly affecting urban development. As various spatial features of an urban housing property directly affect its price, the study of this connection has significance for urban planning. The present study uses mainly open internet data of housing prices, supplemented by other data sources, to identify the spatial features of housing prices and the influence factors in a case study city, Wuhan. Methods employed in the study include the hedonic linear regression model, the geographically weighted regression (GWR) model and the artificial neural network (ANN) model, etc. Progress is made in the following two aspects: first, when calculating the influence factors, hierarchical values for accessibility variables of certain public facilities are used instead of simple Euclidean distance and the results shows a better model fit; second, the ANN model shows the best fit in the study, and while the three models all show respective strengths, the combined use of all models offers the possibility of a more comprehensive analysis of th",57.0,https://www.mdpi.com/2071-1050/10/5/1676/pdf?version=1526976944
33509043102139028caa3453d5c1905a5e6cd3d8,10.1016/j.ecolecon.2018.03.012,Tropical Vegetation and Residential Property Value: A Hedonic Pricing Analysis in Singapore,2018.0,Ecological Economics,Richard N. Belcher; R. Chisholm,"Abstract Effective urban planning depends on knowing homebuyers' preferences for neighbourhood features that provide different amenities, such as managed parks and trees. As the expansion of tropical urban areas into biodiversity hotspots is predicted to more than double by 2030, knowing homebuyers utility from different vegetation types can contribute to global biodiversity conservation strategies. We used the hedonic pricing method to estimate the economic value of managed, spontaneous and high conservation value vegetation to Singapore public housing using a mixed effects model. On average vegetation had positive effects on property selling price, accounting for 3% of the average property's value, or a total of S$179 million for all public housing apartments sold over 13 months. These effects were almost entirely driven by managed vegetation, which had positive marginal effects on price for 98.1% of properties. The estimated marginal effects of high conservation value vegetation were mostly negative (90.5%% properties), but positive for properties without much managed vegetation nearby. The estimated marginal effects of spontaneous vegetation were mixed and mostly small. To reco",57.0,
751f4d91ee8d547584086e71e97b94dfa6351e49,10.1016/j.ecolecon.2019.106430,Mixed monetary and non-monetary valuation of attractive urban green space: A case study using Amsterdam house prices,2019.0,,Michiel N. Daams; F. Sijtsma; P. Veneri,"Abstract This paper offers new insight into the monetary value of green space at the intra-urban level. To this end, an established monetary valuation method, hedonic price analysis, is integrated with a relatively novel non-monetary valuation method. In specific, online value mapping-based survey data (N = 723) are used to inform hedonic models of the preferences that potential home buyers may have for nearby attractive green spaces. The estimation uses data on 35,298 home transactions in the Amsterdam agglomeration's urban core. Homes nearby attractive green space are found to sell at a price premium, which decays with distance and becomes negligible after one kilometer. The estimated price-effect varies from 7.1%–9.3% for houses within 0.25 km from the nearest attractive green space to 1.7%–2.3% for houses located at 0.75–1.0 km away, depending on the scale at which omitted spatial variables are controlled for. Adding to the discussion of spatial controls in this type of analysis, the controls are evaluated at multiple scales and a metric that simplifies the interpretation of the scale of spatial controls – the mean equalized diameter – is introduced. This study's findings may i",56.0,https://research.rug.nl/en/publications/e876d10f-31bb-44e9-96b8-687ad42ed2c6
b40981d7f2cbcf3a3db408e9704abbc50b6710c4,10.1186/1476-072x-12-22,Relative residential property value as a socio-economic status indicator for health research,2013.0,International Journal of Health Geographics,N. Coffee; Tony Lockwood; G. Hugo; C. Paquet; Natasha J. Howard; M. Daniel,"BackgroundResidential property is reported as the most valuable asset people will own and therefore provides the potential to be used as a socio-economic status (SES) measure. Location is generally recognised as the most important determinant of residential property value.Extending the well-established relationship between poor health and socio-economic disadvantage and the role of residential property in the overall wealth of individuals, this study tested the predictive value of the Relative Location Factor (RLF), a SES measure designed to reflect the relationship between location and residential property value, and six cardiometabolic disease risk factors, central obesity, hypertriglyceridemia, reduced high density lipoprotein (HDL), hypertension, impaired fasting glucose, and high low density lipoprotein (LDL). These risk factors were also summed and expressed as a cumulative cardiometabolic risk (CMR) score.MethodsRLF was calculated using a global hedonic regression model from residential property sales transaction data based upon several residential property characteristics, but deliberately blind to location, to predict the selling price of the property. The predicted sellin",55.0,https://ij-healthgeographics.biomedcentral.com/counter/pdf/10.1186/1476-072X-12-22
d0184a9b536a06e158b4ae91721f420d0a1b2e74,10.1016/j.ufug.2021.127370,"Spatial Impacts of Multimodal Accessibility to Green Spaces on Housing Price in Cook County, Illinois",2021.0,Urban Forestry & Urban Greening,Si Chen; Le Zhang; Yi Huang; G. Mosey; Brian Deal,"Abstract This study explores the impacts of multimodal accessibility to green space on housing price. Quantifying the benefits of green space accessibility is important for supporting green infrastructure planning and guiding land use development. In this study, we calculate multimodal travel times (walking and driving) from each residential property in Cook County (Chicago metro), Illinois to each articulated (public or significant private) green space. A gravity-model based method is used to compute accessibility (by travel mode), which considers the access to multiple green spaces and weights prioritization. Green spaces are divided into seven categories depending on their type and size to differentiate their potential benefits. Hedonic models using housing structural features, locational attributes, socio-economic factors and green space accessibility as explanatory variables, are used to evaluate housing price (using housing transactions records from 2010 sales in the county). The spatial effects of green space accessibilities on housing prices are explored by an Ordinary Least Squares (OLS) regression, with and without fixed locational effects, and a Geographically Weighted R",55.0,
ed5f0b1249196ace2a0f1ad8a327151b19914c44,10.2139/ssrn.357280,Hedonic House Prices Without Characteristics: The Case of New Multiunit Housing,2002.0,Social Science Research Network,Olympia Bover; P. Velilla,"In this Paper we propose an alternative to traditional hedonics for estimating new multiunit housing inflation, adjusting for quality changes. By relying on the within-site variation we control in a very general way for unobserved housing characteristics using site-specific effects. Precise location, transport, traffic, closeness to services, or construction quality are some of the unobserved but typically relevant housing characteristics that may bias estimated house price inflation, even when using hedonic methods. We also estimate standard hedonic equations and compare the results to those obtained with the alternative hedonic equations with site dummies. Our dataset is fairly rich in observable housing characteristics but, nevertheless, the quality-adjusted house price evolution is quite different in some cases. The data cover the construction of new housing in some of the large Spanish cities and in the smaller towns on the outskirts of the capital during part of the 1990s.",55.0,https://doi.org/10.2139/ssrn.357280
170598e43bc9b609ba1e39a81429aa1379f83651,10.1080/095999197368735,A hedonic investigation of the rental value of apartments in central Bordeaux,1997.0,,M. Hoesli; Bernard Thion; Craig Watkins,"In recent research it has been argued that the hedonic regression technique can be usefully applied to the valuation of residential property. This research has focused on the valuation of owneroccupied dwellings. It is the aim of this paper to show how this technique can also usefully be applied to the private rented sector. This research implicitly recognizes both the importance of physical characteristics and the existence of market segmentation (reflected in neighbourhood premiums) in determining rental values, and finds that empirical results support this. It is argued that the model developed can help provide an understanding of the structure of local housing markets and the factors influencing the determination of rents. This should prove useful, both for landlords and tenants, in estimating the rental value of a property on the basis of the income approach to valuation.",55.0,https://archive-ouverte.unige.ch/unige:36942
416244dcac790a50e1100858c6071c54dd1650ba,10.1080/1648715x.2007.9637567,"Analysing location attributes with a hedonic model for apartment prices in Donetsk, Ukraine",2007.0,,Marko Kryvobokov; Mats Wilhelmsson,A hedonic model is specified for asking prices for apartments in Donetsk (Ukraine). This model is used to determine statistically significant location attributes. These attributes can be used for land assessment in a city where data on the land market are lacking. Distance gradients for CBD accessibility are investigated in different geographical directions. Separate models are created for sub‐samples located inside and outside the city centre. A spatial weight matrix is used to detect spatial autocorrelation. The regression results are compared with the valuation of experts.,55.0,https://journals.vgtu.lt/index.php/IJSPM/article/download/7106/6140
https://openalex.org/W2743729757,10.1007/s10109-017-0257-y,Housing price prediction: parametric versus semi-parametric spatial hedonic models,2017.0,Journal of Geographical Systems,José‐María Montero; Román Mı́nguez; Gema Fernández‐Avilés,,54.0,
30adab40128b6432d5c9664a3ebbfc2ca8a9ca59,10.21837/pm.v17i9.581,THE ARTIFICIAL NEURAL NETWORK MODEL (ANN) FOR MALAYSIAN HOUSING MARKET ANALYSIS,2019.0,PLANNING MALAYSIA JOURNAL,Siti Norasyikin Abd. Rahman; N. H. Adi Maimun; Muhammad Najib Mohamed Razali; S. Ismail,"The Hedonic Model, a traditional method for forecasting house prices has been criticised due to nonlinearity, multicollinearity and heteroskedasticity problems, which were argued to affect estimation accuracy. Unlike the Hedonic Model, the Artificial Neural Network Model (ANN), permits nonlinear relationships and thus avoids the problems plaguing the Hedonic Model resulting in superior forecasting performance. Despite these advantages, attempts to model house prices using ANN are limited in geography and data thus besetting the usefulness of the results. To address the research gap, this paper aims to establish such a new model using ANN in forecasting house prices. A sample of double-storey terraced houses transacted in Johor Bahru are analysed using ANN. The findings illustrate a superior forecasting performance for ANN through high values of goodness of fit and low values of errors. This paper adds to the house price modelling literature and provides new knowledge to both academics and practitioners.",53.0,https://doi.org/10.21837/pmjournal.v17.i9.581
3eab4b48611db997d1885463c7f5c87a8f0d1406,10.1017/s1074070800027103,Evidence on the Amenity Value of Wetlands in a Rural Setting,2005.0,Journal of Agricultural and Applied Economics,Okmyung Bin; S. Polasky,"This study uses a hedonic property price method to estimate how wetlands affect residential property values in a rural area. The study utilizes wetland inventory data coupled with extensive property sales records between January 2000 and September 2004 from Carteret County, NC. Our results indicate that i) a higher wetland percentage within a quarter mile of a property, ii) closer proximity to the nearest wetland, and iii) larger size of the nearest wetland are associated with lower residential property values. These results contrast with previous hedonic studies that use data from urban areas, which found positive associations between wetlands and property values. The amenity value of wetlands appears to depend at least as much on the characteristics of the area being considered as it does on the characteristics of the wetlands.",53.0,https://ageconsearch.umn.edu/record/42789/files/Bin%20JAAE%20December%202005a.pdf
2b6b5228da7c0ecbc1eae785a1044f7fdbe27c7d,10.25071/1874-6322.1261,Implicit Rents from Own-housing and Income Distribution: Econometric Estimates for Greater Buenos Aires,2004.0,Journal of Income Distribution,L. Gasparini; Walter Sosa Escudero,"Most income studies do not take into account the implicit rent obtained by households who inhabit their own dwellings, a fact that introduces a potentially relevant bias in inequality, poverty, and welfare measures. In this paper we estimate these implicit rents for the Greater Buenos Aires area from Argentina's National Household Expenditures Survey (ENGH) of 1996-1997. Based on a sample of households that rent their dwellings, quantile regressions are used to estimate observed rents from a hedonic model. Estimated coefficients are applied to households that do not rent their houses or apartments in order to predict the implicit rents derived from living in an owned house. Estimated implicit rents are added to the notion of household income and various inequality measures are re-estimated. We find that the consideration of these implicit rents reduces inequality due to an income elasticity in spending in housing less than one, and to the relatively large proportion of house owners in the lower strata of income distribution.",51.0,http://cedlas.econo.unlp.edu.ar/archivos_upload/doc_cedlas14.pdf
fdd35c6ba2cb5e27140e02015ac22fe3fce7dc87,10.3390/su9112088,The Impact of Aircraft Noise on Housing Prices in Poznan,2017.0,,R. Trojanek; Justyna Tanas; Saulius Raslanas; A. Banaitis,"In the paper, we analyzed the impact of aircraft noise on housing prices. We used a dataset containing geo-coded transactions for 1328 apartments and 438 single-family houses in the years 2010 to 2015 in Poznan. In this research, the hedonic method was used in OLS (ordinary least squares), WLS (weighted least squares), SAR (spatial autoregressive model) and SEM (spatial error model) models. We found strong evidence that aircraft noise is negatively linked with housing prices, which is in line with previous studies in other parts of the world. In our research, we managed to distinguish the influence of aircraft noise on different types of housing. The noise depreciation index value we found in our study was 0.87% in the case of single-family houses, and 0.57% regarding apartments. One of the reasons for the difference in the level of impact of aircraft noise may be the fact that the buyers of apartments may be less sensitive to aircraft noise than the buyers of single-family houses.",51.0,https://www.mdpi.com/2071-1050/9/11/2088/pdf?version=1510800451
c406e688e08ce472e4cb9f8b2c06f013473db4bb,10.1016/j.cities.2018.11.004,Trade-off relationship between public transportation accessibility and household economy: Analysis of subway access values by housing size,2019.0,Cities,Wonseok Seo; Hyunggwon Nam,"Abstract This study examines whether different income groups have different trade-off preferences between public transportation accessibility and income and economic power. In this study, apartments, the most typical housing type in Seoul, were categorized according to size (small, medium, and large) based on the premise that apartment size is a measure of the economic status of an individual or household. Subsequently, the effect of subway accessibility on apartment prices for the three types of apartments was examined through the conventional hedonic price model and the spatial autoregressive combined model, followed by an investigation of the spatial patterns of the effect with a focus on a geographically weighted regression. As a result, this study finds that, although subway accessibility serves as a positive factor in housing location decisions for most socioeconomic classes, the positive effect is not spatially unanimous, indicating that households with relatively robust economic stability preferred housing locations further away from subway stations in pursuit of a more attractive residential environment. Although high-income households trade greater accessibility to public",50.0,
c48d7e5562662aaad789c87de8f3d5958a2e40a3,10.3390/su14010284,Urban Rail Transit in Bangkok: Chronological Development Review and Impact on Residential Property Value,2021.0,Sustainability,Varameth Vichiensan; Vasinee Wasuntarasook; Y. Hayashi; M. Kii; Titipakorn Prakayaphun,"Bangkok suffered from the world’s worst traffic congestion in the 1990s due to rapidly increasing car ownership, reflecting the economic growth and road-dependent transport policy beginning in the 1960s. Due to its monocentric but scattered urban structure, traffic congestion is severe, causing tremendous economic loss, deteriorating air quality, and badly affecting the quality of life. A historical review reveals that the urban and transport plan and development were not efficiently coordinated, resulting in unorganized suburbanization and progressively more severe traffic congestion. It is important to reveal the impact of the transportation project on the housing market in order to incorporate the policies for transportation and urban development. To define the impact, the OLS hedonic price model and the local multiscale geographically weighted regression (MGWR) model were estimated, along with the condominium sales data. The results revealed that the impact of rail transit on a rise in property value significantly varied across the study area. It was estimated that, for the area along the major rail transit corridor in the city center, a premium of a location 100-m closer to th",50.0,https://www.mdpi.com/2071-1050/14/1/284/pdf?version=1640681198
8aa2f19d5417a0076d1daf28e192c04e048c41cf,10.1016/j.cities.2015.11.027,The extreme primacy of location: Beijing's underground rental housing market,2016.0,,Annette M. Kim,"This article analyzes Beijing's subterranean housing market within the context of the city's larger housing supply system. The emergence of this widespread market of rooms for rent in bomb shelters and basements indicates a demand for housing attributes that neither the mainstream private housing market nor public housing programs yet supply. The study collected market data about these rental units from internet ads during October 2012–September 2013 and mapped their locations, displaying their general spatial distribution. Next, a hedonic price model was deployed on this data which reveals the relative priorities and preferences in price levels, location, and housing amenities of the middle–lower income population, particularly migrants who do not possess hukou, Chinese urban residence rights.",50.0,https://www.sciencedirect.com/science/article/pii/S0264275115300196/pdf
6cf9c79d5ed8caf04b23189027abe4604dbdf82d,10.1016/j.worlddev.2016.08.009,Tenure security premium in informal housing markets : a spatial hedonic analysis,2015.0,,Shohei Nakamura,"This paper estimates slum residents’ willingness to pay for formalized land tenure in Pune, India. The results show that the legal assurance of slum residents’ occupancy of their lands could benefit them. Previous studies have discussed the legal and non-legal factors that substantially influence the tenure security of residents in informal settlements; however, it remains unclear how and to what extent the assignment of legal property rights through the formalization of land tenure improves the tenure security of residents in informal settlements and living conditions, even in the presence of other legal and non-legal factors that also contribute to their tenure security. To address this question, this study focuses on the city of Pune, India, where government agencies have formalized slums by legally ensuring the occupancy of the residents under the “slum declaration.” Applying a hedonic price model to an original household survey, this paper investigates how slum residents evaluate formalized land tenure. A spatial econometrics method is also applied to account for spatial dependence and spatially autocorrelated unobserved errors. The spatial hedonic analysis shows that the prem",49.0,https://doi.org/10.1596/1813-9450-7526
744574600b6dba6b3e4ab6aa938ca00cd349ee48,10.1002/jae.2377,Hedonic Housing Prices in Paris: An Unbalanced Spatial Lag Pseudo‐Panel Model with Nested Random Effects,2015.0,,B. Baltagi; G. Bresson; Jean-Michel Étienne,"This paper estimates a hedonic housing model based on flats sold in the city of Paris over the period 1990-2003. This is done using maximum likelihood estimation taking into account the nested structure of the data. Paris is historically divided into 20 arrondissements, each divided into four quartiers (quarters), which in turn contain between 15 and 169 blocks (�lot, in French) per quartier. This is an unbalanced pseudo-panel data containing 156,896 transactions. Despite the richness of the data, many neighborhood characteristics are not observed, and we attempt to capture these neighborhood spill-over effects using a spatial lag model. Using Likelihood Ratio tests, we find significant spatial lag effects as well as significant nested random error effects. The empirical results show that the hedonic housing estimates and the corresponding marginal effects are affected by taking into account the nested aspects of the Paris housing data as well as the spatial neighborhood effects.",49.0,https://surface.syr.edu/cpr/383
5a8ce5cf2324913e7deaf4d124e47de99dca4392,10.1016/j.cities.2019.06.004,House prices and relative location,2019.0,,Axel Heyman; D. E. Sommervoll,"Abstract Location is known to be a main determinant in people's efforts to estimate the value of a house. However, the type of location, and subsequently how the value of that location is estimated, has not been investigated to the same degree. In hedonic price modelling, a well-used method of estimating housing as a composite good, locational proxies such as postcodes or census tracts are often used to control for location. This notion of location is what geographers refer to as absolute location, a fixed position in space, as opposed to relative location, a position in space relative to other positions. In this paper, we look at the difference in explanatory power of absolute versus relative location in a hedonic model for apartment sales, using the city of Oslo as our case. The main finding is that the added explanatory power of postcode dummies significantly diminishes when introducing relative location explanatory variables such as walking distance to key places like the metro and parks. As house prices correlate with consumer preferences, these findings will have implications for urban planning insofar as different neighborhood designs vary with respect to their ability to ha",48.0,https://www.sciencedirect.com/science/article/pii/S0264275118312241/pdf
7536e063ce8f2b920b206deec418fa6cdba91cd3,10.5089/9781475552249.001,How to Better Measure Hedonic Residential Property Price Indexes,2016.0,Social Science Research Network,M. Silver,"Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.",48.0,https://www.elibrary.imf.org/doc/IMF001/23813-9781475552249/23813-9781475552249/Other_formats/Source_PDF/23813-9781475555332.pdf
5240aae24cfb6fd4754a1dea76651142b4b8595c,10.1080/19475683.2021.1906746,Machine learning for inference: using gradient boosting decision tree to assess non-linear effects of bus rapid transit on house prices,2021.0,Ann. GIS,Lin-Chuan Yang; Yuan Liang; Qing Zhu; Xiaoling Chu,"ABSTRACT The adoption of bus rapid transit (BRT) systems has gained worldwide popularity over the past several decades. China is no exception as it has long been aiming at promoting public transportation. Prior studies have provided extensive evidence that BRT has substantial effects on house prices with traditional econometric techniques, such as hedonic pricing models. However, few of those investigations have discussed the non-linear relationship between BRT and house prices. Using the Xiamen data, this study employs a machine learning technique, namely the gradient boosting decision tree (GBDT), to scrutinize the non-linear relationship between BRT and house prices. This study documents a positive association between accessibility to BRT stations and house prices and a negative association between proximity to the BRT corridor and house prices. Moreover, it suggests a non-linear relationship between BRT and house prices and indicates that GBDT has more substantial predictive power than hedonic pricing models.",47.0,https://www.tandfonline.com/doi/pdf/10.1080/19475683.2021.1906746?needAccess=true
4297410d21dd4057294e7149bf2910835e0286b8,10.3390/su11020372,The Uneven Price Impact of Energy Efficiency Ratings on Housing Segments and Implications for Public Policy and Private Markets,2019.0,Sustainability,Carlos Marmolejo-Duarte; Ai Chen,"In the literature, there is extensive, although in some cases inconclusive, evidence on the impact of Energy Performance Certificates (EPC) on housing prices. Nonetheless, the question of whether such an impact is homogenous across residential segments remains highly unexplored. This paper addresses this latter issue utilizing multifamily listing data in metropolitan Barcelona. In doing so, first the entire sample is analyzed using a hedonic model. Second, the sample is split on the basis of a multivariate segmentation. Finally, separated hedonic models are specified again. The results suggest that in general, there is a modest impact of EPC ratings on listing prices, nonetheless it is not homogeneous across housing segments: (1) for the most modern apartments, with state-of-the-art features and active environmental comfort, energy ratings seem to play a null role in the formation of prices; (2) conversely, for the cheapest apartments, apartments boasting the most basic features, and apartments located in low-income areas, the “brown discount” is enormously significant, potentially depreciating the equity of those who have the least resources to carry out an energy retrofit. These ",46.0,https://www.mdpi.com/2071-1050/11/2/372/pdf?version=1548138120
ba69e5ce249fde150cceb2968a6b42d660c6cade,10.1016/j.worlddev.2020.104965,Value of cleaner neighborhoods: Application of hedonic price model in low income context,2020.0,,Mani Nepal; R. Rai; Madan S. Khadayat; E. Somanathan,"Abstract Municipal solid waste management is a challenging issue in developing countries. An unclean neighborhood could have a significant negative impact on housing property values too as it may lead to numerous diseases in addition to diminished aesthetic value. This study examines the effects of municipal solid waste collection services at the neighborhood level on housing property values using the hedonic price model. We use a sub-sample of nationally representative household survey data from urban areas as well as primary data collected from one of the metropolitan cities in Nepal. Our results suggest that city residents place a high price premium (between 25% and 57%) on cleaner neighborhoods and less (−11%) on open drains. These numbers indicate that better waste management will bring high returns to home owners, and also the municipality in cities where the tax base includes the assessed value of property.",46.0,https://doi.org/10.1016/j.worlddev.2020.104965
549a2285265ba101d9558a0140313a72b9258ca6,10.1080/17421772.2017.1286373,A two-step approach to account for unobserved spatial heterogeneity,2016.0,,A. Billé; R. Benedetti; Paolo Postiglione,"ABSTRACT A two-step approach to account for unobserved spatial heterogeneity. Spatial Economic Analysis. Empirical analysis in economics often faces the difficulty that the data are correlated and heterogeneous in some unknown form. Spatial econometric models have been widely used to account for dependence structures, but the problem of directly dealing with unobserved spatial heterogeneity has been largely unexplored. The problem can be serious particularly if we have no prior information justified by economic theory. In this paper we propose a two-step procedure to identify endogenously spatial regimes in the first step and to account for spatial dependence in the second step. This procedure is applied to hedonic house price analysis.",46.0,https://arxiv.org/pdf/1602.05757
35b0e34c43595f2139ae225aceb59ae4af4bb8da,10.1371/journal.pone.0110458,Incentivizing the Public to Support Invasive Species Management: Eurasian Milfoil Reduces Lakefront Property Values,2014.0,PLoS ONE,J. Olden; M. Tamayo,"Economic evaluations of invasive species are essential for providing comprehensive assessments of the benefits and costs of publicly-funded management activities, yet many previous investigations have focused narrowly on expenditures to control spread and infestation. We use hedonic modeling to evaluate the economic effects of Eurasian milfoil (Myriophyllum spicatum) invasions on lakefront property values of single-family homes in an urban-suburban landscape. Milfoil often forms dense canopies at the water surface, diminishing the value of ecosystem services (e.g., recreation, fishing) and necessitating expensive control and management efforts. We compare 1,258 lakeshore property sale transactions (1995–2006) in 17 lakes with milfoil and 24 un-invaded lakes in King County, Washington (USA). After accounting for structural (e.g., house size), locational (e.g., boat launch), and environmental characteristics (e.g., water clarity) of lakes, we found that milfoil has a significant negative effect on property sales price ($94,385 USD lower price), corresponding to a 19% decline in mean property values. The aggregate cost of milfoil invading one additional lake in the study area is, on a",45.0,https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0110458&type=printable
e97607ba81290908f1c19bb8fb24e849aefa9319,10.1108/17539260910999992,Does noise have a stationary impact on residential values,2009.0,,C. Duarte; C. Tamez,"Purpose – Environmental noise has become a major issue in densely urbanized areas. The impact of this externality on the quality of life is reflected by a decrease in the residents' well‐being, and subsequently a decrease in property values. A considerable number of studies have used hedonic pricing (HP) to assess the impact of noise on property markets, but few of them have considered the existence of submarkets. Theoretically, it could be expected that the marginal value of 1 dB varies according to the neighbourhood's noise exposure, the property characteristics (e.g. insulation level) and the annoyance experienced by residents. The purpose of this paper is to determine whether noise has a stationary impact on property prices.Design/methodology/approach – Geographically weighted regression is used, which resolves spatial dependencies (i.e. spatial autocorrelation) and considers “soft borders” between submarkets to study the impact of noise on the value of a sample of multifamily dwellings in Barcelona.F...",45.0,https://hdl.handle.net/2117/7965
a5df2b8e444df131cbad3d1a3e2001e4e76e36cc,10.3390/su11020412,Investigating the Impact of Airport Noise and Land Use Restrictions on House Prices: Evidence from Selected Regional Airports in Poland,2019.0,Sustainability,Jacek Batóg; I. Foryś; R. Gaca; Michał Głuszak; Jan Konowalczuk,"In this paper, we investigate the influence of airport operation on property prices. In this research, we apply spatial hedonic regression and a difference-in-differences approach to address the introduction of new land use restrictions on property prices. We use data on housing transactions from two housing submarkets around regional airports in Poland. The results suggest that the introduction of land use restrictions impacts property prices. In general, as expected, more rigid restrictions translate into higher discounts in property prices. This research contributes to the limited knowledge on the impact of the introduction of land use restrictions on property prices, as most previous papers have focused solely on the impact of noise. These findings must be treated with caution, as some estimates were not statistically significant, mainly due to limited sample size. The research has important policy implications. Growing airports in Poland face tensions between economic and environmental sustainability. Currently, airports in Poland are obliged to limit their environmental impact by creating limited use areas related to the aircraft related noise while being responsible for prop",44.0,https://www.mdpi.com/2071-1050/11/2/412/pdf?version=1547540680
9f93bd5a5f5b147cec904445df9deaa2e2868f84,10.1016/j.eneco.2020.104699,On the use of hedonic regression models to measure the effect of energy efficiency on residential property transaction prices: Evidence for Portugal and selected data issues,2020.0,,Rui Evangelista; Esmeralda A. Ramalho; J. A. E. Silva,"Using a unique dataset of 256,000 residential property sales for Portugal, this paper reveals a clear sales premium for energy efficiency, which is more pronounced for apartments (13%) than for houses (5 to 6%). Price premiums tend to increase from 2009 to 2013, a period in which the Portuguese housing market was depressed. Quantile regression reveals that, when compared with the rest of the sample, the group of the most energy efficient properties receives a statistically relevant price premium, that is mostly stable across the entire spectrum of the conditional price distribution. Cross-country comparisons suggest that energy efficiency price premiums are higher than those found for central and northern European markets. Illustrations on the effect of data issues in hedonic regression models are provided. They show how the use of appraisal prices and explanatory variables with measurement errors may seriously bias energy efficiency partial effect estimates. In contrast, the omission of variables associated with the quality of the properties has not produced relevant distortions. Finally, it became apparent that the use of smaller datasets would have produced similar results, as n",44.0,https://www.repository.utl.pt/bitstream/10400.5/27628/1/JASILVA.et%20al.%202020..pdf
bc7f6a5a027943acacebcba5ca30b9d77f1b75da,10.3828/jtep.2012.46.2.239,A Hedonic Analysis of the Value of Rail Transport in the Greater Dublin Area,2008.0,Journal of Transport Economics and Policy,K. Mayor; S. Lyons; D. Duffy; R. Tol,"We use a hedonic house price model to estimate the value of transport networks to homeowners in the Dublin area. Using a data set of house sales and data on rail lines in Dublin, we assess the values assigned to different transport links by homeowners. We find that the value attributed to transport depends on its distance from a property and is affected by the availability of alternative transport options. There are differences in the values assigned to recently constructed tramlines compared to the traditional rapid transit train stations. The study also takes into account house characteristics and other environmental amenities.",43.0,http://hdl.handle.net/2262/27968
8b995887e852f71f9974ee388dd1bad3a9367136,10.1016/j.tra.2019.09.053,Valuing walkability: New evidence from computer vision methods,2019.0,,Christopher Yencha,"Abstract Walkability describes the efficiency and pleasure of walking in an area and is an aspect of urban design that has received much attention. Frequently used measures of walkability largely ignore the quality of nearby pedestrian pathing, such as sidewalks, in quantifying walkability. This paper expands upon the literature's understanding of walkability by supplementing current measures of walkability with data gathered from street-level images using computer vision techniques. Using hedonic methods and a sample of almost 60,000 house transactions in Ohio, I find that nearby establishments are an amenity capitalized into home prices only when there also exists access to adequate pedestrian pathing, and that walkability measures derived from computer vision methods contain information not found in other commonly used measures of walkability. With cities increasingly pushing towards creating more walkable neighborhoods, this paper provides evidence that walkable space is indeed valued by residents.",43.0,
8fb7d192681a4d59f3c4588795fd0deb8ee67fc4,10.1080/17421771003730703,"Valuing Access to Water—A Spatial Hedonic Approach, with an Application to Bangalore, India",2010.0,,L. Anselin; Nancy Lozano-Gracia; U. Deichmann; Somik V. Lall,"Abstract An important infrastructure policy issue for rapidly growing cities in developing countries is how to raise fiscal revenues to finance basic services in a fair and efficient manner. This requires estimates of the potential benefits or positive welfare effects that may follow from improved infrastructure. In this paper, we take advantage of a unique geo-referenced household survey to carry out a hedonic analysis of housing values that explicitly accounts for spatial spillovers. We use this to derive an estimate of the value of improved access to water in the Indian city of Bangalore. The findings suggest that by limiting the focus to individual or private benefits only, we may underestimate the overall social welfare from investing in service supply. We further demonstrate how spatially explicit policy simulations based on these estimates provide insight into the total effects of targeted interventions. Appréciation de l'accès à l'eau—Une méthode hédonique spatiale appliquée à la ville de Bangalore, en Inde Rèsumè Un important problème de politique en matière d'infrastructure qui se pose pour les villes à expansion rapide de pays en voie de développement est comment lever d",42.0,http://hdl.handle.net/10986/5884
ff33e98614f9d3817474b69ff399c5d96dc34d1a,10.1080/2578983x.2019.1662595,Do crime hot spots affect housing prices?,2019.0,Nordic Journal of Criminology,V. Ceccato; Mats Wilhelmsson,"ABSTRACT Our knowledge about what happens to housing values when properties are close to places with high concentrations of crime, often called ‘hot spots’, is limited. Previous research suggests that crime depresses property prices overall, but crime hot spots affect house prices more than crime occurrence does and may affect prices of single-family houses more than prices of flats. Here we employ hedonic price modelling to estimate the impact of crime hot spots on housing sales, controlling for property, neighbourhood and city characteristics in the Stockholm metropolitan region, Sweden. Using a Geographic Information System (GIS), we combine property sales by coordinates into a single database with locations of crime hot spots. The overall effect on house prices of crime (measured as crime rates) is relatively small, but if its impact is measured by distance to a crime hot spot, the effect is non-negligible. By moving a house 1 km further away from a crime hot spot, its value increases by more than SEK 30,000 (about EUR 2,797). Vandalism is the type of crime that most affects prices for both multi- and single-family housing, but that effect decreases with distance from a crime h",41.0,https://www.tandfonline.com/doi/pdf/10.1080/2578983X.2019.1662595?needAccess=true
daa1e767aab880f1fd791560140d3352eb8f3fda,10.1093/forestscience/56.6.529,Property Value Impacts of Hemlock Woolly Adelgid in Residential Forests,2010.0,Forestry sciences,T. Holmes; Elizabeth A. Murphy; K. Bell; D. Royle,"
 This study estimates the economic losses attributable to a nonindigenous forest insect, the hemlock woolly adelgid (Adelges tsuga), using cross-sectional and difference-in-difference hedonic price models. The data span a decade of residential property value transactions in West Milford, New Jersey. Hemlock health in naturally regenerated hemlock stands was measured biannually over this period using remote sensing data and the image differencing technique. These data were linked with spatially referenced land use and land cover data, measured twice during the decade, and the locations and housing characteristics associated with parcels sold. Spatial dependence in the regression models was addressed using spatial error and fixed-effects panel data models. The empirical results demonstrated that hemlock decline consistently caused statistically significant reductions in property values both for parcels containing hemlock resources as well as for neighboring nonhemlock parcels. We conclude that failure to account for spatial spillover effects would downwardly bias estimates of economic losses and total economic losses on properties sold during the study period ranged from $0.64 milli",40.0,https://academic.oup.com/forestscience/article-pdf/56/6/529/22546125/forestscience0529.pdf
d0ef3bbf286defaf326a1f02572878402364b70c,10.1080/10511482.2019.1681016,"Examining the Impact of Short-Term Rentals on Housing Prices in Washington, DC: Implications for Housing Policy and Equity",2020.0,,Zhen-Peng Zou,"ABSTRACT As on-demand short-term rentals (STRs) grow popular with the rise of sharing platforms like Airbnb, regulations for the STR market have become the center of a debate among policymakers, housing interest groups, the hotel and lodging industry, and STR platforms. Washington, DC, the nation’s capital and one of the most popular tourist destinations in the United States, is on the front lines of legalizing and regulating the STR business. With the heated policy debate over whether STRs disrupt the rental housing market in DC, a concrete discussion about what STRs impose on the owner housing market is left out. Using web-scraped data from Airbnb and property-level data from the city, I investigated the net impact of STRs on single-family property prices through a series of hedonic analyses. The results suggest that having Airbnb establishments in the neighborhood can significantly inflate property prices. Because of the uneven spatial market penetration of STRs, such price impact could inequitably affect low-income homebuyers and add another hurdle to resolving the housing affordability issue faced by policymakers in Washington, DC.",40.0,
af26f9f316a196a8566bceb8ef0c63ec7db95c15,10.1177/2399808317721184,"Effects of spatial access to neighborhood land-use density on housing prices: Evidence from a multilevel hedonic analysis in Seoul, South Korea",2019.0,,Chang-Deok Kang,,40.0,
42a757304a6edce1c85ec3b695a3ee7ca4e1c09f,10.1007/s101100050034,"Spent nuclear fuel and residential property values: the influence of proximity, visual cues and public information",1999.0,,D. E. Clark; T. Allison,"Abstract. This article examines whether public knowledge of spent fuel storage at nuclear power plants, and any local adverse risk perceptions that may have occurred, affect the sale price of single-family residential properties. We present evidence from the Rancho Seco, California, plant on residential property values using an hedonic modeling framework. We include a large number of control variables, data with a high level of spatial detail and a number of public information variables in order to model property market effects within a fifteen mile radius of the plant. Our findings indicate that proximity and visual reminders of the plant have some influence on local property markets, and that there is a small media coverage effect on single-family home sale prices.",39.0,https://doi.org/10.1111/j.1435-5597.1999.tb00753.x
7e9e6bc7ee241fc22bf724eec26a5bd6be0df5e9,10.1016/j.regsciurbeco.2018.09.001,Eliciting preferences for urban parks,2018.0,Regional Science and Urban Economics,T. Panduro; C. U. Jensen; T. Lundhede; Kathrine von Graevenitz; B. Thorsen,"Abstract The hedonic pricing method has been used extensively to obtain implicit prices for availability of urban green space, but few have obtained households' preference parameters. We elicit preferences and estimate willingness to pay functions for park availability in Copenhagen using an approach that places identifying restrictions on the utility function. We do this for two different measures of park availability and examine sources of preference heterogeneity. We find that the implicit price of another hectare of park within a 1000 m radius is 53.25 EUR per ha per year for the average apartment corresponding to an increase in annual rent of 0.33% per additional ha. For reducing distance to the nearest park by a meter, the price is 0.59 EUR per meter per year, corresponding to an increase in annual rent of 0.03‰ per meter. We apply our results to a policy scenario reducing the park area available in an area of central Copenhagen and show how estimates of aggregate welfare changes are highly sensitive to the measure of park availability applied. The findings stress the importance of paying attention to how public goods are defined when undertaking welfare economic policy analy",39.0,
ba026f6ecd8135f4df50f8f95091385c77ca1a52,10.1016/j.landurbplan.2017.01.012,Cumulative impacts of polluted urban streams on property values: A 3-D spatial hedonic model at the micro-neighborhood level,2017.0,,Wendy Y. Chen; Xun Li,"Abstract Urban streams could concurrently bring about both positive amenities accruing to the view of waterscape and negative disamenities associated with water pollution. In this paper, we focus on a specific question that has not yet been explicitly answered in the extant literature: how to estimate the cumulative impacts of urban streams (which refer to the combined impacts of amenities and disamenities of multiple sources) in high density and high-rise urban contexts. A typical residential apartment complex (comprised of a number of apartment units located in dozens of mid- to high-rise commercial apartment buildings on a contiguous land parcel) in Guangzhou, south China, is used as a case study. A detailed palette of natural amenities and environmental disamenities of two bifurcated streams are quantified via the generalized spatial two-stage least squares (GS2SLS) model. In this model, an originally constructed 3-D spatial connectivity matrix, cube contiguity, is applied to address, in a sophisticated manner, an array of endogenous, exogenous, and error interactions along both horizontal and vertical dimensions that inherently exist in the spatial context of high-rise housing",38.0,http://hdl.handle.net/10722/245405
33b79cf36579ae3f85aa1db50b2d2c31cb4ba23a,10.1371/journal.pone.0244953,"Predicting the rental value of houses in household surveys in Tanzania, Uganda and Malawi: Evaluations of hedonic pricing and machine learning approaches",2021.0,PLoS ONE,Weldensie T. Embaye; Yacob A. Zereyesus; Bowen Chen,"Housing value is a major component of the aggregate expenditure used in the analyses of welfare status of households in the development economics literature. Therefore, an accurate estimation of housing services is important to obtain the value of housing in household surveys. Data show that a significant proportion of households in a typical Living Standard Measurement Survey (LSMS), adopted by the Word Bank and others, are self-owned. The standard approach to predict the housing value for such surveys is based on the rental cost of the house. A hedonic pricing applying an Ordinary Least Squares (OLS) method is normally used to predict rental values. The literature shows that Machine Learning (ML) methods, shown to uncover generalizable patterns based on a given data, have better predictive power over OLS applied in other valuation exercises. We examined whether or not a class of ML methods (e.g. Ridge, LASSO, Tree, Bagging, Random Forest, and Boosting) provided superior prediction of rental value of housing over OLS methods accounting for spatial autocorrelations using household level survey data from Uganda, Tanzania, and Malawi, across multiple years. Our results showed that th",38.0,https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0244953&type=printable
ee5cbb51f7cbb3767e3fed7a8a15f6ef62f16ab6,10.1016/j.trip.2019.100070,The impact on neighbourhood residential property valuations of a newly proposed public transport project: The Sydney Northwest Metro case study,2019.0,Transportation Research Interdisciplinary Perspectives,Y. Chen; M. Yazdani; M. Mojtahedi; S. Newton,"Abstract The development of new and upgraded transport infrastructure projects are driving economic benefits for business, the environment and society. Major transport projects can fundamentally reshape the very fabric of urban development. However, they are also incredibly expensive to build and can represent a significant burden on the public purse. A vexed question is how the broader benefit of improved transport infrastructure in operation might usefully be leveraged to contribute to the capital investment cost. The Transit-Oriented Development impact of new transportation infrastructure on the value of local property is gaining increasing attention as a potential source of capital contribution. This study investigates the extent of value uplift in property brought about by the announcement and construction of a major transport infrastructure development in Sydney, Australia. A Hedonic Price Model approach is used to assess data on the market valuation of nearby properties and relevant Census data over two distinct project stages: project announcement (2008–2012), and project construction (2013–2019). Findings of the case study show that the impact of rail transit on property p",38.0,https://doi.org/10.1016/j.trip.2019.100070
707908c262e6e6beaad9a7b235ff4053a43d765b,10.3389/fpubh.2022.993801,Review of the impact of urban parks and green spaces on residence prices in the environmental health context,2022.0,Frontiers in Public Health,Kaida Chen; H. Lin; Shuying You; Yang-Rui Han,"Urban parks have consistently played an important role in people's living environment, reflecting house prices and the extent of the people's attention. Although many studies have been conducted in this filed, the consolidated related research has not been discussed often. Therefore, related papers on the impact of urban park green spaces on housing prices in recent years should be sorted out. Different choices of urban parks and green areas will undoubtedly influence research methods, housing preferences and the nature of the effects. Consequently, a logical framework of previous studies must be constructed. This study will review the literature from four aspects: (i) review of research methods on how park green spaces affect home prices (i.e., Research techniques, such as hedonic price analysis methods, geographically weighted regression models and neural network models, are frequently used in studies, and methodological advancements have helped the field advance); (ii) examining the varying effects of the same or similar types of parkland on home values; (iii) review of studies on the subject, analyzing variations in the scope and degree of the effects of various parks on home v",38.0,https://www.frontiersin.org/articles/10.3389/fpubh.2022.993801/pdf
5c034aee01fdf74ee728ac69389cea26ce9a974b,10.5171/2012.383101,Multiple regressions in analysing house price variations,2012.0,,A. Yusof; Syuhaida Ismail,"An application of rigorous statistical analysis in aiding investment decision making gains momentum in the United States of America as well as the United Kingdom. Nonetheless in Malaysia the responses from the local academician are rather slow and the rate is even slower as far as the practitioners are concern. This paper illustrates how Multiple Regression Analysis (MRA) and its extension, Hedonic Regression Analysis been used in explaining price variation for selected houses in Malaysia. Each attribute that theoretically identified as price determinant is priced and the perceived contribution of each is explicitly shown. The paper demonstrates how the statistical analysis is capable of analyzing property investment by considering multiple determinants. The consideration of various characteristics which is more rigorous enables better investment decision making.",38.0,http://ibimapublishing.com/articles/CIBIMA/2012/383101/383101.pdf
6c554bbc30f053c6546ae8df71b70b126d3f4178,10.3389/fenvs.2021.696626,"Evaluating the Impact of Urban Blue Space Accessibility on Housing Price: A Spatial Quantile Regression Approach Applied in Changsha, China",2021.0,Frontiers in Environmental Science,Tuo-Fu Huang; Qing-Yun He; Dongxiao Yang; Xiao Ouyang,"Urban nature spaces are increasingly recognized as essential urban features providing crucial amenities to the residents’ health and well-being. While many studies have been conducted focusing on the influence of green spaces on house prices, very few have explored the impact of urban blue spaces. In this study, we analyzed the proximity effects of different types and sizes of urban blue spaces on property value in Changsha metropolis, China, and examined the spatial quantile effect across different housing prices. A two-stage instrumental method (2SLS) hedonic model was employed to evaluate the impact of different types of urban blue space: river (mainstream and tributary), wetland park, and lakes (large, medium, and small). Spatial quantile regression (SQR) was then used to measure the spatial effect of accessibility on various house price ranges. The 2SLS results show that, except for small-sized lakes, proximity to blue spaces significantly increases property value. Analysis of the SQR model reveals that proximity to major blue spaces increases the marginal willingness-to-pay among homebuyers of high-priced properties, while ordinary blue spaces are more attractive to buyers of",37.0,https://www.frontiersin.org/articles/10.3389/fenvs.2021.696626/pdf
8dc530c35e44e3b5c0d48659ce98f793e7094008,10.1016/j.proenv.2010.10.104,Driving Forces Analysis for Residential Housing Price in Beijing,2010.0,,Cheng-Jie He; Zhen Wang; Huai-Cheng Guo; Hu Sheng; R. Zhou; Yong-Hui Yang,"Abstract Previous research showed that various factors could influence the housing market. In this paper, hedonic pricing method was employed to analyze the effects of structural variables, including land transaction price, the distance to downtown area, central business district, railway station and hospital, floor area ratio (FAR), number of bus lines nearby and dichotomous variables, including nearness to rail transit, recreational facilities and parks which reflects the accessibility and living conditions, on housing transaction price. Hedonic pricing models including linear and semi-logarithm regression model were constructed. Results showed that the semi-logarithm model had relatively stronger explanatory power than linear model. The main determinants of housing transaction price in Beijing city were land transaction price, FAR and the distance between housing to downtown area. Among which, transaction price of located land had notably raised housing transaction price, contributing 98.8% to the selling price. FAR and distance from housing to the downtown area were the main negative driving forces for housing transaction price. Compared with structural variables, though correl",37.0,https://doi.org/10.1016/j.proenv.2010.10.104
f5ff0f9effd1bdba33a0a9e18af7d4b48a58db0f,10.3390/su11030686,"Green Premium Evidence from Climatic Areas: A Case in Southern Europe, Alicante (Spain)",2019.0,Sustainability,Paloma Taltavull de La Paz; V. Pérez-Sánchez; R. Mora-García; J. Perez-Sanchez,"The existence of a green premium in house (asking) prices in Alicante province, Spain, are analyzed using circa 9000 property observations. In developing the sample, information from energy efficiency certificates was matched with two other databases. The model tests for green premium by climatic zones using pool Ordinary Least Squares (pool-OLS) and Instrumental Variables (IV) hedonic models, adds new knowledge concerning the existence of green premiums from Southern Europe, explores differences in their estimation by climatic zone, debates the nature of the estimated green parameters, and explains the role of endogeneity in hedonic green premium models. The empirical evidence assesses the sensitivity of asking price to either energy consumption (KWh) or carbon dioxide emissions (CO2) with an apparent premium of 3%, and captures an association with efficiency rating from G to F of 1.8% and from F to E of 1.1%. Significantly, the results relating to price responses show a distinct variation between the coast and the cooler climatic zone of the interior. The paper shows that energy efficiency incentive policies should discriminate by climatic areas, and provides a price reference by",37.0,https://doi.org/10.3390/su11030686
256ef6ffaf2fc4a58cac46ae69fb41c0b699d4ae,10.1002/soej.12327,Flood Risk and Salience: New Evidence from the Sunshine State,2019.0,Southern Economic Journal,Laura A. Bakkensen; Xiaozhou Ding; La-La Ma,"A growing literature finds evidence that flood risk salience varies over time, spiking directly following a flood and then falling off individuals' cognitive radar in the following years. In this article, we provide new evidence of salience exploiting a hurricane cluster impacting Florida that was preceded and followed by periods of unusual calm. Utilizing residential property sales across the state from 2002 through 2012, our main estimate finds a salience impact of −8%, on average. The salience effect persists when we base estimation only on spatial variation in prices to limit confounding from other simultaneous changes due to shifting hedonic equilibria over time. These effects range from housing prices decreases of 5.4–12.3% depending on the year of sale. Understanding flood risk salience has important implications for flood insurance and disaster policy, the benefits transfer literature, and, more broadly, our understanding of natural disaster resilience.",37.0,https://repository.arizona.edu/bitstream/10150/632130/1/Bakkensen_Ding_Ma_2019.pdf
b8bba3e2b7c7a12f68a848e56a384a13c7204dee,10.1111/iere.12389,LEARNING IN A HEDONIC FRAMEWORK: VALUING BROWNFIELD REMEDIATION,2019.0,International Economic Review,La-La Ma,"Incomplete information in property value hedonic models can bias estimates of marginal willingness to pay (MWTP). Using brownfield remediation as an application, this article recovers hedonic values from a dynamic neighborhood choice framework that allows households to learn about brownfield contamination in a Bayesian fashion before choosing where to live. I find that ignoring learning yields nontrivial biases to the MWTP estimate. This has important implications for hedonic valuation if agents are imperfectly informed. Estimates are used to calculate information’s value had it been withheld from the public and to assess heterogeneity in information’s value along site and homebuyer demographics.",37.0,
41e682d558ebafb0606827d8675a866843204a7b,10.1016/j.wasman.2016.10.036,Monetising the impacts of waste incinerators sited on brownfield land using the hedonic pricing method.,2017.0,Waste Management,M. Rivas-Casado; Jan Serafini; J. Glen; A. Angus,"In England and Wales planning regulations require local governments to treat waste near its source. This policy principle alongside regional self-sufficiency and the logistical advantages of minimising distances for waste treatment mean that energy from waste incinerators have been built close to, or even within urban conurbations. There is a clear policy and research need to balance the benefits of energy production from waste incinerators against the negative externalities experienced by local residents. However, the monetary costs of nuisance emissions from incinerators are not immediately apparent. This study uses the Hedonic Pricing Method to estimate the monetary value of impacts associated with three incinerators in England. Once operational, the impact of the incinerators on local house prices ranged from approximately 0.4% to 1.3% of the mean house price for the respective areas. Each of the incinerators studied had been sited on previously industrialised land to minimise overall impact. To an extent this was achieved and results support the effectiveness of spatial planning strategies to reduce the impact on residents. However, negative impacts occurred in areas further a",36.0,http://dspace.lib.cranfield.ac.uk/handle/1826/11393
ada819e6a4f45bd246f702097dd075d1daf22f6f,10.1016/j.habitatint.2007.11.004,"Private space, shared space and private housing prices in Hong Kong: An exploratory study",2008.0,Habitat International,E. Chan; Hing-Mei So; B. Tang; W. Wong,"This exploratory study examines the relationship between internal space, shared space and private housing prices. Housing floor area is an ambiguous concept in Hong Kong because it covers a possible exaggeration of the amount of ‘private space’ exclusively enjoyed by the owner and an unidentifiable portion of ‘public space’ shared with other owners within the development. Using hedonic pricing models, this study has found that different distributions between private and shared space command different values from the housing buyers. Shared communal space generally exerts a downward pressure on housing prices. The buyers are willing to pay more for the private space and some desirable forms of communal space. A higher willingness-to-pay for the desirable attributes such as clubhouse indicates that the Hong Kong people are increasingly concerned about the quality of living space in the built environment. This study suggests a need of further research into the exact measurement and the different forms of housing space rather than simply taking the stated floor space figures for granted.",36.0,https://www.ncbi.nlm.nih.gov/pmc/articles/7124225
06facf62d9a60446838ffa184a6ddf9435c76d18,10.1007/s11146-021-09845-1,"Machine Learning, Architectural Styles and Property Values",2021.0,Journal of real estate finance and economics,T. Lindenthal; Erik B. Johnson,"This paper couples a traditional hedonic model with architectural style classifications from human experts and machine learning (ML) enabled classifiers to estimate sales price premia over architectural styles, both at the building and the neighborhood-level. We find statistically and economically significant price differences for houses from distinct architectural styles across an array of specifications and modeling assumptions. Comparisons between classifications from ML models and human experts illustrate the conditions under which ML classifiers may perform at least as reliable as human experts in mass appraisal models. Hedonic estimates illustrate that the impact of architectural style on price is attenuated by properties with less well-defined styles and we find no evidence for differential price effects of Revival or Contemporary architecture for new construction.",36.0,https://doi.org/10.2139/ssrn.3604052
a72fc46884630d6d6da3598accd48627a8712439,10.1111/j.1467-8489.2012.00608.x,Space matters: the importance of amenity in planning metropolitan growth,2012.0,,P. Mahmoudi; D. MacDonald; N. Crossman; David M. Summers; J. van der Hoek,"Most Australian capital cities require many 100,000s of additional dwellings to accommodate demographic change and population pressures in the next two or three decades. Urban growth will come in the form of infill, consolidation and urban expansion. Plans to redevelop environmental amenities such as parks and open green spaces are regularly being put forward to local councils and State governments. Maintaining parks and reserves represents one of the largest costs to local councils. To aid in the evaluation of some of the different propositions, we report the results of a spatial hedonic pricing model with fixed effects for Adelaide, South Australia. The results indicate that the private benefits of a close proximity to golf courses, green space sporting facilities, or the coast, are in the order $0.54, $1.58, and $4.99 per metre closer (when evaluated at the median respectively). The historic Adelaide Parklands add $1.55 to a property’s value for each additional metre closer. We demonstrate how the estimated model could be used to calculate how local private benefits capitalized in property values change with changes in the configuration of a park.",35.0,https://ageconsearch.umn.edu/record/233841/files/ajar608.pdf
c1d35d045c5cd44db567cf58a972524c158a8cd6,10.1016/j.jenvman.2011.07.003,A combined site proximity and recreation index approach to value natural amenities: an example from a natural resource management region of Murray-Darling Basin.,2012.0,Journal of Environmental Management,S. Tapsuwan; D. MacDonald; D. King; N. Poudyal,"This paper presents a hedonic property price model of rural land in a natural resource management region of the Murray-Darling Basin in Australia. In traditional hedonic models, the marginal value of environmental amenities is estimated using distance to or size of the environmental asset. The approach applied in this study offers the potential for a richer set of information, where environmental assets are described in terms of their 'recreational attractiveness'. The level of recreational attractiveness is represented as latent variables that are based on park facilities and recreational activities offered at each site. For a property in the study area that is 1 km away from the River Murray, moving half a kilometre closer will increase the property price by $245,000, holding every other variable constant at the mean. This value is magnified by $27,000 if the house is in an area where there is high river recreational attractiveness and drops by $14,000 if river recreational attractiveness is low. By including recreational quality indices in a typical hedonic framework that is corrected for spatial dependency, the model is able to capture how individuals value environmental amenit",34.0,https://figshare.com/articles/journal_contribution/A_combined_site_proximity_and_recreation_index_approach_to_value_natural_amenities_An_example_from_a_natural_resource_management_region_of_Murray-Darling_Basin/22928561
461f8c8aa68c6a2b5157bc03f6d689991ee3ac64,10.11113/jt.v61.1620,"Estimating the Effects of Light Rail Transit (LRT) System on the Property Values in the Klang Valley, Malaysia: A Hedonic House Price Approach",2013.0,,M. Dziauddin; S. Alvanides; N. Powe,"This study investigates the increased value of land in the form of house prices as a result of improved accessibility owing to the construction of Light Rail Transit (LRT) systems. Kelana Jaya Line LRT system is chosen as the case study in this research. Hedonic house price modelling is employed to estimate the effects of the LRT system on the prices of the house that are located within the radius of two kilometres from the Kelana Jaya LRT stations. Selling prices, structural attributes, land use and socio-economic attributes were collected from the database of Department of Valuation and Services of Malaysia, selected maps and reports. Fifty-five factors that are likely to influence a house price were identified and used to estimate the overall effects of the LRT system on it. However, only significant variables were included in the final deliberation and these were identified by using correlation analysis and modified step-wise procedures. The outcome of this study shows a positive relationship between the existence of the LRT system and house prices. In other words, properties that are located within close proximity to the LRT station are valued more than properties that are loc",34.0,https://journals.utm.my/jurnalteknologi/article/download/1620/1268
f88e02ff362996b9f87e7f9fe6fa29dff11a6114,10.1080/10511482.2018.1529694,Does the Likely Demographics of Affordable Housing Justify NIMBYism?,2018.0,Housing Policy Debate,Robert W. Wassmer; Imaez Wahid,"ABSTRACT NIMBYism (not in my backyard) decreases the amount of affordable housing construction. A possible motivator for this is an existing homeowner’s fear that proximity to affordable housing depresses property value. Using a hedonic regression analysis of the sales prices of homes in Sacramento County, California, this study finds that increases in the demographic characteristics in a census tract that are likely to increase if more affordable housing is built there lower the sales price of a home. This finding holds even after controlling for the percentages of racial/ethnic groups more likely to face discrimination. Policymakers should recognize this economic element of NIMBYism as they consider instruments to increase the amount of affordable housing built. We conclude with a suggestion for a knowingly controversial policy mechanism based upon cap and trade with the hope it will spur further debate on this issue.",34.0,https://www.tandfonline.com/doi/pdf/10.1080/10511482.2018.1529694?needAccess=true
8608769bf99b3ca08fd8a68ce2950f5a018d858e,10.1108/jchmsd-06-2018-0044,Sustainable adaptive reuse – economic impact of cultural heritage,2019.0,Journal of Cultural Heritage Management and Sustainable Development,T. Kee,"
Purpose
The purpose of this paper is to investigate the positive externalities of adaptive reuse of heritage buildings and the economic impact on adjacent residential property prices as adaptive reuse is emerging as a significant heritage management and cultural heritage conservation practice recognized by the International Council on Monuments and Sites.


Design/methodology/approach
Through mixed methodologies of hedonic price model and case studies of three tenement houses in Hong Kong, this paper argues that the adaptive reuse of heritage buildings increases the values of residential properties within the district and revitalizes the area economically and culturally because of the positive externalities generated from the cultural heritage.


Findings
The findings have identified key cultural heritage values of adaptive reuse via the case studies as well as the major intangible cultural values associated with the heritage assignment. On the other hand, the hedonic regression also verifies that key variables such as heritage completion and distance from heritage show significance to the property prices of adjacent residential units.


Practical implications
The research is usef",33.0,http://ira.lib.polyu.edu.hk/bitstream/10397/104607/1/Kee_Sustainable_Adaptive_Reuse.pdf
8e88c2f94b2921b18c2e94e4f34364533b5fd7f4,10.3390/urbansci3010003,How is Location Measured in Housing Valuation? A Systematic Review of Accessibility Specifications in Hedonic Price Models,2018.0,Urban Science,Axel Heyman; S. Law; M. Berghauser Pont,"Accessibility is frequently used for measuring location in housing studies, but specifications of the measures differ greatly and its implications are hardly discussed. This paper sets out to systematically review accessibility measures that are used in hedonic price models (HPM), a method for estimating the implicit value of housing characteristics, such as location. From a systematic database search of peer-reviewed journal articles, we examined 54 articles that applies accessibility measures in hedonic price models that are based on three aspects of measure specification: type, impedance, and opportunities. We find that there are clear couplings between different impedances, types, and opportunities. We also noticed a tendency towards less advanced measurements, such as Euclidean distance and zonal measures, being used. Furthermore, we argue that these basic measures have a weaker connection to consumer perception, which is fundamental to the hedonic price approach. We also observed a lack of consideration to how this coupling between type, impedance, and opportunity could possibly affect the results. Theoretically, we can already conclude that some dominating impedances poorly ",33.0,https://www.mdpi.com/2413-8851/3/1/3/pdf?version=1545802400
ece552a0d039f5c8b83856f45d10c5bfe1989de3,10.3390/su10010197,Price Determinants of Affordable Apartments in Vietnam: Toward the Public–Private Partnerships for Sustainable Housing Development,2018.0,,Ducksu Seo; You Seok Chung; Y. Kwon,"Since the Doi Moi policy of economic reform in 1986, Vietnam has experienced economic development and housing market growth with increasing foreign direct investment. While high-end apartment development has dominated since the emergence of the privatized housing market, more recent focus is on the affordable apartment segment with the remarkable surge of middle-income households in Ho Chi Minh City (HCMC). While most previous studies have analyzed housing price determinants based on locational classification, this study is based on the affordability framework of the housing market in HCMC. It aims to investigate the price determinants of affordable and unaffordable apartment units using the hedonic regression model. The study identified common factors between the two types of apartments, such as vertical shared access and proximity to downtown, as well as unique factors for each, such as more high-rise towers, foreign development, proximity to main roads, and shopping malls only for the affordable segments. The findings have valuable implications, not only for future investors and developers in setting up successful housing development strategies, but also for the public sector in",33.0,https://www.mdpi.com/2071-1050/10/1/197/pdf?version=1516035457
6df047ce592269e97c3473e6c5d0763072151590,10.1016/j.eneco.2023.106699,House of the rising Sun: The effect of utility-scale solar arrays on housing prices,2023.0,Energy Economics,Vasundhara Gaur; Corey Lang,"While utility-scale solar energy is important for reducing dependence on fossil fuels, solar arrays use significant amounts of land (about 5 acres per MW of capacity) and may create local land use disamenities. This paper seeks to quantify the externalities from nearby solar arrays using the hedonic method. We study the states of Massachusetts and Rhode Island, which have high population densities and ambitious renewable energy goals. Using difference-in-differences, repeat sales identification strategies, results suggest that houses within 0.6 miles depreciate 1.5-3.6% following construction of a solar array. However, additional analysis reveals that this average effect is primarily driven by solar developments on farm and forest lands and in rural areas, which is intuitive given the composite impact of solar, loss of open space, and loss of rural character. For these states, the local disamenities are the same order of magnitude as the global benefits of abated carbon emissions, which helps explain local opposition to siting.",33.0,https://doi.org/10.1016/j.eneco.2023.106699
eccbfc2a261f59024fbb2a7c9400041b513ba5b5,10.1016/j.scs.2019.101561,Accessibility-based premiums and proximity-induced discounts stemming from bus rapid transit in China: Empirical evidence and policy implications,2019.0,Sustainable cities and society,Lin-Chuan Yang; K. W. Chau; Xiaoling Chu,"Abstract Bus rapid transit (BRT) is popular worldwide because it provides high-quality transit services at low costs. China is not an exception in this regard, and it tops the world rankings in BRT network expansion rate. Many studies conducted in the West have shown that BRT accessibility has a positive impact on nearby property prices (accessibility effect). Comparatively, few studies have been conducted in urban China. Moreover, there are even fewer empirical studies on the undesirable factors associated with proximity to the BRT corridor, such as noise, air pollution, and unpleasant visual scenes (proximity effect). Based on 16,165 housing samples in Xiamen (China), we estimated a set of, non-spatial and spatial, hedonic pricing models to simultaneously investigate the accessibility and proximity effects of BRT and tested whether or not accessibility-based premiums and proximity-induced discounts coexist in the housing market. Empirical results of this study suggest that: (1) accessibility to BRT positively affects nearby property prices; (2) proximity to the BRT corridor negatively affects property prices; and (3) accessibility to BRT has a stronger positive impact on property",33.0,
5b23cc4c8e14824e38e82eb9a2f7e58b4efbefd0,10.1016/j.ufug.2020.126794,Using Zillow data to value green space amenities at the neighborhood scale,2020.0,,J. Holt; M. Borsuk,"Abstract It is important to quantify the value of green space amenities in order to justify the cost of their creation and maintenance; furthermore, advances in available data and methods have produced exciting ways to measure the economic values of green infrastructure. In this study, we use publicly available data from Zillow, Inc. to implement the hedonic pricing method at a novel scope and scale. We analyze over 5000 Zillow neighborhoods located in metropolitan areas across 44 states to identify the marginal value of urban green spaces with respect to median neighborhood home prices. By incorporating a vast, heterogeneous study area, we are able to gain a national-scale perspective on the effects of green spaces on home values. Furthermore, Zillow neighborhoods permit reproducible, extensible, and policy-relevant insight into the effects of green spaces on neighborhoods holistically. Our results suggest that for Zillow neighborhoods on average the normalized difference vegetation index (NDVI) and open space are dis-amenities; however, parks and tree cover add premiums to Zillow neighborhood value. By interacting tree cover with land surface temperature, we find the amenity valu",33.0,
f63da4549323019df7233874321111fcf8e78196,10.5367/te.2011.0074,The Second-Home Rental Market: A Hedonic Analysis of the Effect of Different Characteristics and a High-Market-Share Intermediary on Price,2011.0,,A. Saló; A. Garriga,,33.0,https://dugi-doc.udg.edu/bitstream/10256/9402/1/Second-homeRentalMarket.pdf
39bc9c54e8e447eab908a3dea0e3656fa23d6f8e,10.2307/3146361,Double Counting in Hedonic and Travel Cost Models,1990.0,,K. Mcconnell,"agency is responsible for reducing pollution in a lake. The pollution causes economic damage because the lake is less attractive for fishing and swimming. Evidence of the influence of pollution can be found through judicious sifting of the prices of houses near the lake and from reduced recreational use of the lake. The administrator of the environmental agency responsible for the lake wants to reduce the pollution in the lake but, cognizant of scarce resources, wants some evidence that the expensive investment in publicly owned treatment works will yield commensurate benefits. Consequently, she contracts with two economists for research on the benefits of environmental improvements. One will study the damages from the perspective of the housing market. The other will study the damages through the demand for recreation. When the environmental administrator receives the estimates of damages from the two economists, should she add them together? This is the basic question explored in this paper. Both travel cost models of recreation demand and hedonic models of housing can produce measures of pollution damages. When applied to the same polluted resources, do travel cost models and he",32.0,http://ageconsearch.umn.edu/record/197628
b75d2d6485ce4ad743fc5c746268d10c2c110e23,10.3390/su11216101,Energy Performance Certificates and Its Capitalization in Housing Values in Sweden,2019.0,Sustainability,Mats Wilhelmsson,"The impact on energy performance certificates on housing prices has been investigated extensively in recent years. However, the results of these investigations are mixed. We add to the literature by more specifically controlling for potential biases, by employing a combination of alternative approaches to estimate the causal relationship between house prices and energy performance certificates. We use a traditional hedonic modeling approach, but we additionally employ propensity score methods to be able to compare treated houses with a control group. We also investigate the impact of the outliers, spatial dependency, and parameter heterogeneity of our estimates. Moreover, we use the quantile regression technique to test the hypothesis that the capitalization effect varies across the price distribution. Our results, analyzing more than 100,000 observations, indicate there is an upward bias if one is not controlling for outlier and selection bias. Regardless of the propensity score method approach, the results are lower than a model (around 3 percent capitalization, compared to 6 percent). However, our results do not support that the impact of energy performance certificates varies i",32.0,https://www.mdpi.com/2071-1050/11/21/6101/pdf?version=1572665564
8674ce1937729ab9e1f1084511ae7a29ecdbc635,10.3390/ijgi12060249,The Role of Subjective Perceptions and Objective Measurements of the Urban Environment in Explaining House Prices in Greater London: A Multi-Scale Urban Morphology Analysis,2023.0,ISPRS Int. J. Geo Inf.,Sijie Yang; K. Krenz; Waishan Qiu; Wen-Jing Li,"House prices have long been closely related to the built environment of cities, yet whether the subjective perception (SP) of these environments has a differing effect on prices at multiple urban scales is unclear. This study sheds light on the impact of people’s SP of the urban environment on house prices in a multi-scale urban morphology analysis. We trained a machine learning (ML) model to predict people’s SP of the urban environment around properties across Greater London with survey response data from an online survey evaluating people’s SP of street view image (SVI) and linked this to house price data. This information was used to construct a hedonic price model (HPM) and to evaluate the association between SP and house price data in a series of linear regression models controlling location information and urban morphological characteristics such as street network centralities at multiple urban scales, quantified using space syntax (SS) methods. The findings show that SP influences house prices, but this influence differs depending on the urban scale of analysis. Particularly, a sense of ‘enclosure’ and ‘comfort’ are important factors influencing house price variation. This s",32.0,https://www.mdpi.com/2220-9964/12/6/249/pdf?version=1687180279
c38547ef2f0acc0cb387d47dee2078d1ca10d571,10.1016/j.regsciurbeco.2022.103858,Is there a diminishing willingness to pay for consumption amenities as a result of the Covid-19 pandemic?,2022.0,Regional Science and Urban Economics,A. van Vuuren,"We employ the Covid-19 pandemic as an unanticipated event in order to investigate the willingness to pay for consumption amenities such as restaurants, cinemas and theaters. We use a hedonic pricing model in combination with a time-gradient difference-in-difference approach. Our data set contains virtually all apartments for sale in the larger Stockholm area. We use a very detailed and flexible definition of the density of consumption amenities based on the exact location of these amenities and the walking distance from the apartments to these amenities. Although there are differences between specifications, we find a decrease of 3.9 percent of apartments that we label as amenity rich. Based on the average apartment price, this equals a drop of 195,240 Swedish Kronor (or almost 22,000 US dollars).",32.0,https://www.sciencedirect.com/science/article/pii/S0166046222000965/pdf
af10017f963f97c8eac5cd0564ba6fae460f64f9,10.1108/ijhma-10-2016-0072,Location and neighbourhood conditions for housing choice and its rental value,2017.0,,U. De; Vitsosie Vupru,"Purpose 
 
 
 
 
The purpose of the study is to understand the relative impacts of structural characteristics of house, its locational attributes and neighbourhood characteristics on the choice of house and the rent paid by the individual tenants. The micro level study helps in understanding the issues of urban housing and help in policy formulation. 
 
 
 
 
Design/methodology/approach 
 
 
 
 
This paper tried to identify the socio-economic, locational and neighbourhood factors that influence tenant households in determining their residential choices in an urban area of North-east India. Also, the extent of impacts of those characteristics on the monthly rent for housing is analysed. The analysis is based on the primary data collected from the sample residents of Dimapur Town in Nagaland. The sample units are selected by cluster sampling technique from all the wards. Regression technique is used under hedonic pricing technique to examine the impacts of various potential factors on the rent. 
 
 
 
 
Findings 
 
 
 
 
The analysis reveals that family size, income, education of the head of family, water availability, security, convenience to access workplace, road conditions, etc. ",31.0,
b09a7a2ac0d92d6b3fbad3f295c16ad119a0ef36,10.9734/ajeba/2021/v21i130345,Combining Housing Price Forecasts Generated Separately by Hedonic and Artificial Neural Network Models,2021.0,,S. J. Terregrossa; Mohammed Hussein Ibadi,"Aims: A) To enhance accuracy in forecasting housing unit prices by forming combinations of component forecasts generated separately by hedonic and artificial neural network models; B) To help ascertain whether a constrained or unconstrained linear combining model achieves superior forecasting performance. Place and Duration of the Study: Department of Business Administration, Istanbul Aydin University, Istanbul 34295, Turkey; from 2019 to 2020. Study Design: A cross sectional data set of housing unit prices and corresponding housing unit attributes and characteristics is formed and then randomly divided into two segments: in sample (80%) and out of sample (20%). Three different methods (hedonic, artificial neural network and combining) are then employed to process the same in sample data set, and generate out of sample forecasts. The three forecasting methods are then tested and compared. Original Research Article Terregrossa and Ibadi; AJEBA, 21(1): 130-148, 2021; Article no.AJEBA.65400 131 Methodology: Out of sample combination forecasts are formed with component forecast weights generated by in sample weighted least squares (WLS) regression of realized price against in sample co",31.0,https://doi.org/10.9734/ajeba/2021/v21i130345
34327d24b560cd82e41cbe5ed097a3aa437a6412,10.3390/su13020858,Spatial and Statistical Analysis of Urban Poverty for Sustainable City Development,2021.0,Sustainability,Wojciech Kisiała; I. Rącka,"One of the main pillars of sustainable urban development at the local scale is to control the social aspect of urban equality of socio-economic systems. A number of studies confirm that poverty in urban space is accompanied by negative phenomena, such as high unemployment, social pathologies, increased crime rate, or the high level of the decapitalization of space, including the poor condition of housing and municipal infrastructure. However, there is a gap in defining the relation between urban poverty and city structure to control and preferably minimize social inequalities. The aim of the study was to empirically verify the impact of the location of residential properties in relation to poverty-stricken areas in the city. The research covered the housing market in one Polish city (Kalisz) in the years 2006–2018. By applying GIS technologies, we identified the location of each property in relation to poverty areas. The data was subjected to regression analysis, with the use of the hedonic approach based on exponential models. The analysis of data allowed us to conclude that location in a poorer area does affect the prices of new flats, which is not only a contribution to the deve",31.0,https://www.mdpi.com/2071-1050/13/2/858/pdf?version=1610792697
5848a13e3b376c7b4886f9e1267454f2216aa9cd,10.1177/00420980231208560,New metro and housing price and rent premiums: A natural experiment in China,2023.0,Urban studies,Dongsheng He; Gui-Bo Sun; Ling-Yu Li; Chris Webster,"Causal evidence of housing premiums of new metro lines is indispensable for financing and governing infrastructure investments. Previous studies have investigated the housing effects of urban rail transit with varying methods, while causality remains unsettled. This study used a natural experiment to estimate the causal effects of the new metro interventions on housing premiums in Shenzhen, China. We used metro planning knowledge, reasoning on pursuits in land finance and engineering efficiency to verify the as-if randomness of the treatment–control group assignment in the natural experiment to reinforce the power of causal inference. We applied hedonic difference-in-difference (DID) models to estimate the average treatment effects based on the longitudinal housing price and rent data. We found that housing rents increased significantly and consistently after the metro entered operation, but the price premium varied. In addition, the rent premiums around new metro lines showed a price gradient over the distance to stations. Our findings provide scientific evidence for designing value capture mechanisms (e.g. value-added property tax and rent revenue) to recover metro investment cos",31.0,
780edd13060402b09a553ce0bdd0248a2710348c,10.1007/s00168-023-01212-7,Machine learning approach to residential valuation: a convolutional neural network model for geographic variation,2023.0,The annals of regional science,Ho-Jun Lee; Hoon Han; C. Pettit; Qishuo Gao; Vivien Shi,"Geographic location and neighbourhood attributes are major contributors to residential property values. Automated valuation models (AVM) often use hedonic pricing with location and neighbourhood attributes in the form of numeric and categorical variables. This paper proposed a novel approach to automated property valuation using a machine learning model with a convolutional neural network (CNN), fully connected neural network layers with numeric and categorical variables. In this study we compare the results of a fused model, which treat geographical data as an input with the performance of the baseline neural network model with only numerically or categorically represented data. Furthermore, the residential valuation by the proposed fused model was tested with actual sold price data in Greater Sydney, Australia. The study found that the fused model produced valuations with a significantly lower mean absolute percentage error (MAPE) (8.71%) than the MAPE of the baseline model (11.59%). The results show that the fused model with CNN significantly improves the accuracy for residential valuation, reducing spatial information loss by data manipulation and distance calibration.",30.0,https://link.springer.com/content/pdf/10.1007/s00168-023-01212-7.pdf
bde987199c56619b2632c9ff10f3df8ca741fd56,10.32468/be.536,Quality of Life in Urban Neighborhoods in Colombia:The Cases of Bogotá and Medellín,2008.0,,C. Medina; L. Morales; J. Nunez,"We use data from Bogota and Medellin to describe key quality of life indicators of each city and illustrate their spatial segregation at the census sector level and present evidence that the main two Colombian cities are highly spatially segregated according to their education levels and access to education, coverage of public services, households headed by women and key demographic variables like their levels of adolescent pregnancy. Not surprisingly, our estimated quality of life indexes resemble the mentioned segregation patterns in each city. We present evidence that the spatial agglomeration is statistically significant for each of the variables enumerated. We estimate hedonic models of house values and life satisfaction for Bogota and Medellin and find that the importance of the average level of education at the census sector level to determine house prices is striking. We also compare hedonic models for Bogota and Medellin. Bogota is better endowed than Medellin in the variables included in the analysis, in particular, it has higher education levels, and additionally, education is more equally distributed within census sectors. Bogota has also better access to gas, and has i",29.0,http://repositorio.banrep.gov.co/bitstream/20.500.12134/5553/1/be_536.pdf
a76d09d827edac5bbb59a163a85fa1bc8ae5d85d,10.3390/su11226269,Green Affordable Housing: Cost-Benefit Analysis for Zoning Incentives,2019.0,Sustainability,Armin Jeddi Yeganeh; A. P. McCoy; S. Hankey,"In the year 2017, about 89% of the total energy consumed in the US was produced using non-renewable energy sources, and about 43% of tenant households were cost burdened. Local governments are in a unique position to facilitate green affordable housing, that could reduce cost burdens, environmental degradation, and environmental injustice. Nonetheless, limited studies have made progress on the costs and benefits of green affordable housing, to guide decision-making, particularly in small communities. This study investigates density bonus options for green affordable housing by analyzing construction costs, transaction prices, and spillover effects of green certifications and affordable housing units. The authors employ pooled cross-sectional construction cost and price data from 422 Low-Income Housing Tax Credit (LIHTC) projects and 11,016 Multiple Listing Service (MLS) transactions in Virginia. Using hedonic regression analyses controlling for mediating factors, the study finds that the new construction of market-rate green certified houses is associated with small upfront costs, but large and statistically significant price premiums. In addition, the construction of market-rate g",29.0,https://www.mdpi.com/2071-1050/11/22/6269/pdf?version=1573193244
c27fb428313aa49bc8927386e4652dc31f3abb51,10.32468/be.508,The cost of avoiding crime: the case of Bogota,2008.0,,Alejandro Gaviria; C. Medina; L. Morales; J. Nunez,"We use hedonic price models to estimate the value households are willing to pay to avoid violent crime in the city of Bogota. We find that households living in the highest socioeconomic level (stratum 6) pay up to 7.2% of their house values in order to prevent average homicide rates from increasing in one standard deviation. Households in stratum 5 pay up to 2.4% of their house values to prevent homicide rates from increasing. The results indicate the willingness to pay for security by households in Bogota, and additionally, reveal that a pure public good like security, ends up creating urban private markets that auction security. These markets imply different levels of access to public goods among the population, and actually, the exclusion of the poorest. We find as well evidence of negative capitalization of the rate of attacks against life, and positive capitalization of the presence of police authority.",29.0,http://repositorio.banrep.gov.co/bitstream/20.500.12134/5525/1/be_508.pdf
e71d157b4b71647b7856b846de25baba2c0f980f,10.5424/738,Value of oak woodlands and open space on private property values in southern California,2001.0,Forest Systems,R. Standiford; T. Scott,"This paper evaluates the extent to which dedicated open space in California’s oak woodlands in a rapidly urbanizing area in southern California, influences private land and home prices. The Santa Rosa Plateau area in southern Riverside County was the location for this pilot study. Data on home and land value for 4,800 parcels surrounding an 8,300 acre oak woodland open space owned and operated a private land conservancy were collected. This was merged with spatial data from vegetation maps using a geographic information system (GIS). Distance from each parcel to the edge of the open space land, to the nearest trailhead and to the nearest stand of native oaks was calculated. Hedonic regression showed that both land and home value decreased as the distance from the open space boundary, trailheads, and local stands of native oak habitat increased. The model results were applied to the overall home and land parcels in the study area. A decrease of 10 percent in the distance to the nearest oak stands and to the edge of the permanent open space land resulted in an increase of $4 million in the total home value, and an increase of $16 million in total land value in the community. This dem",28.0,https://doi.org/10.5424/738
6b688875a221680f7ac6d3cabf04bbfc9b04a866,10.1016/j.ufug.2019.01.014,"Urban trees, house price, and redevelopment pressure in Tampa, Florida",2019.0,Urban Forestry & Urban Greening,Geoffrey H. Donovan; Shawn M. Landry; C. Winter,"Abstract We examined the relationship between urban trees and the sales price of single-family homes in Tampa, Florida. We chose Tampa, because the city is facing major redevelopment pressure that may impact the association between trees and house price. In particular, a frequently voiced view in Tampa’s development community is that trees adversely affect the value of houses that are being sold for redevelopment. We estimated hedonic models of sales price controlling for house and neighborhood characteristics and correcting for spatial autocorrelation (n = 1,924). We found that trees within 152m (500 feet) of a house’s lot were significantly associated with higher sales prices. Specifically, a 1-percentage point increase in tree-canopy cover was associated with a total increase in sales price of $9,271 to $9,836 (results were largely insensitive to correction for spatial autocorrelation). Our results demonstrate that, even in a city facing major redevelopment pressure, trees are associated with higher sales prices.",28.0,
fc2aa1e144d9381c67f04862beb40fca4fbcf19c,10.1177/0739456x18787011,The Impact of Transit-oriented Development on Housing Value Resilience: Evidence from the City of Atlanta,2018.0,Journal of planning education and research,Wenwen Zhang; Fangru Wang; Camille Barchers; Yong-Su Lee,"This research examines whether transit-oriented development (TOD) contributes to housing value resilience in Atlanta, Georgia. We developed two spatial hedonic models using property sale records to examine whether being located in TOD areas contributes to the resilience of housing prices during and after the Great Recession, compared to being located in transit-adjacent development areas. Our results suggest that there is a growing demand for TOD properties in recent years, which contributes to maintaining and faster regaining property values in TOD areas. Our results support future investment in TOD areas and also suggest challenges to incorporating affordable housing in TOD designs.",28.0,
d5d163d4a76dfc9872afa9849aea00fd2df2fc2a,10.1108/ijhma-04-2021-0049,Gentrification effects on housing prices in neighbouring areas,2021.0,International Journal of Housing Markets and Analysis,Mats Wilhelmsson; Mohammad Ismail; Abukar Warsame,"
Purpose
This study aims to measure the occurrence of gentrification and to relate gentrification with housing values.


Design/methodology/approach
The authors have used Getis-Ord statistics to identify and quantify gentrification in different residential areas in a case study of Stockholm, Sweden. Gentrification will be measured in two dimensions, namely, income and population. In step two, this measure is included in a traditional hedonic pricing model where the intention is to explain future housing prices.


Findings
The results indicate that the parameter estimate is statistically significant, suggesting that gentrification contributes to higher housing values in gentrified areas and near gentrified neighbourhoods. This latter possible spillover effect of house prices due to gentrification by income and population was similar in both the hedonic price and treatment effect models. According to the hedonic price model, proximity to the gentrified area increases housing value by around 6%–8%. The spillover effect on price distribution seems to be consistent and stable in gentrified areas.


Originality/value
A few studies estimate the effect of gentrification on property values.",27.0,https://doi.org/10.1108/ijhma-04-2021-0049
8ae979208845a8022dcbe8b230598e858795e69a,10.1016/j.landurbplan.2020.104016,Who demands peri-urban nature? A second stage hedonic house price estimation of household’s preference for peri-urban nature,2021.0,Landscape and Urban Planning,C. U. Jensen; T. Panduro; T. Lundhede; Kathrine von Graevenitz; B. Thorsen,"Abstract We analyze housing markets in a suburb north of the Danish capital Copenhagen. There the concentration of affluent households decreases rapidly with distance to nature. This indicates systematic differences in preferences that are highly correlated with demographics. We assess if and to what extent this is the case by conducting a second-stage hedonic house price study, where we recover household-specific preferences for the availability of peri-urban nature. Preference parameters are identified locally through restrictions on household utility functions. We assess the relationship between demographic factors and household Willingness To Pay for nature availability across the Willingness To Pay distribution. The results of the analysis show that households paid on average 968 EUR per year for the level of peri-urban nature they have available from their home. In extreme cases, some households paid more than seven times the average amount. Willingness To Pay for peri-urban nature increases with income and wealth across the entire population. However, an increase in income will increase Willingness To Pay more for households at the lower end of the willingness to pay distrib",27.0,
2addf5694b5a786ec02729699f14bfd6dcf7cf33,10.1016/j.ecolecon.2020.106757,The Effects of Aquaculture and Marine Conservation on Cultural Ecosystem Services: An Integrated Hedonic – Eudaemonic Approach,2020.0,Ecological Economics,Elisavet Spanou; J. Kenter; Marcello Graziano,"Abstract Understanding the cultural contributions of ecosystems is essential for recognising how environmental policy impacts on human well-being. We developed an integrated cultural ecosystem services (CES) valuation approach involving non-monetary valuation through a eudaemonic well-being questionnaire and monetary valuation through hedonic pricing. This approach was applied to assess CES values on the west coast of Scotland. The impact of scenic area and marine protected area (MPA) designations on CES values and potential trade-offs with aquaculture, an increasingly important provisioning ecosystem service in the region, were investigated. Results confirmed a eudaemonic well-being value structure of seven factors: engagement and interaction with nature, place identity, therapeutic value, spiritual value, social bonds, memory/transformative value, and challenge and skill. Visibility of, but not proximity to aquaculture negatively influenced housing prices. In contrast, proximity to MPAs and visibility of scenic areas increased property values. All eudaemonic well-being value factors were positively and significantly associated with scenic areas and a subset of these with MPAs. Th",27.0,https://www.sciencedirect.com/science/article/pii/S0921800918315829/pdf
690f6a9d7c2ffb0af4285fe48e23d16379978a33,10.3390/su10010031,Investigating How the Rents of Small Urban Houses are Determined: Using Spatial Hedonic Modeling for Urban Residential Housing in Seoul,2017.0,,Jaewoong Won; Jae-Su Lee,"The Seoul metropolitan government has launched the Urban Residential Housing (URH) program to address the shortage of small urban houses, and enhance residential stability for the increasing number of one- and two-person households in Seoul, Korea. While studies have examined the price premium of locational and neighborhood environmental features for houses in general, little is known about how and to what extent these features influence the rents of small urban houses. We estimate and compare conventional and spatial hedonic price models (HPMs) to examine the effects of those features on the monthly rents of URH units, while using geographic information system techniques to measure the variables. We found that the spatial HPM outperforms the conventional HPM in terms of goodness of fit measures. All of the locational features, and most of the variables with respect to the neighborhood environment, had a significant impact on rents. Rent tended to be lower in areas adjacent to a university, suggesting that it is a good place for one and two-person households to enhance residential affordability. However, access to parks does not appear to be important for residents. We conclude tha",27.0,https://www.mdpi.com/2071-1050/10/1/31/pdf?version=1514016949
c8845286678d010541443739ff169c50f1c3c20a,10.1016/j.habitatint.2020.102132,An empirical study of the impact of vehicular traffic and floor level on property price,2020.0,,Hai-Zhen Wen; Zaiyuan Gui; Ling Zhang; E. Hui,"Abstract Urban road traffic often generates noise and air pollution, thereby resulting in a disamenity effect on surrounding residential property and subsequently affecting the willingness to pay of homebuyers. Given that the distribution of road-traffic externalities varies in vertical space, heterogeneous effects of road traffic result on properties situated in different floors. Based on data of 7590 multi-story and 4980 high-rise residential property in Hangzhou, China in 2017, this study constructs hedonic price and spatial econometric models to investigate the relationship among road-traffic externality, floor level, and property price. Empirical results show that road-traffic externalities have a significant disamenity effect on property price. Different from existing studies, we find that the floor level has a significant moderating effect on the disamenity effect of road traffic. In particular, effects on different submarkets reveal that capitalization rate is non-monotonic in vertical space and different in multi-story and high-rise buildings. Previous literature has largely ignored these issues, but the latter is crucial in estimating the influence of road-traffic externa",27.0,http://ira.lib.polyu.edu.hk/bitstream/10397/103231/1/Hui_Empirical_Study_Impact.pdf
b2316b1cfbeb148f129fe9d0b8d00bcb44f57a54,10.1016/j.cities.2019.01.015,Market versus public provision of local goods: An analysis of amenity capitalization within the Metropolitan Region of Santiago de Chile,2019.0,Cities,Yasna Cortés; Víctor Iturra,"Abstract The liberalization of the Chilean economy since 1974 has generated important modifications on its urban development policies. However, little attention has been paid to estimate how urban amenities are capitalized in housing prices under this new scenario. In this paper, we explore this relationship through a hedonic pricing model and 27 urban amenities for the Chilean main urban agglomeration, the Metropolitan Region of Santiago (MR). We recognize that the capitalization of urban amenities into housing prices is spatially heterogeneous, therefore we study this relationship by using the geographically weighted regression (GWR). The main results suggest that urban amenities play an important role in determining housing prices with a significant spatial heterogeneity, where notably differences between public and private local services are found. Particularly, private services such as schools, shopping centers, healthcare centers or restaurants have positive capitalizations on housing prices. In contrast, public schools, public hospitals and public kindergartens have negative valuations in housing prices, suggesting that living closer to these services reduces housing values.",27.0,
ecb4633d0ea892a19f15178f194d6438aec57fec,10.1002/2016wr019606,The impact of water quality in Narragansett Bay on housing prices,2017.0,,Ting-Ting Liu; James J. Opaluch; E. Uchida,"We examine the impact of water quality in Narragansett Bay on housing prices in coastal towns and cities using a hedonic housing‐price model. Unlike other hedonic studies of water quality, we test whether housing market responds to average water quality or more to extreme events. We also test the spatial and temporal extent of effects of water quality on housing prices. We find that poor coastal water quality, measured in terms of the concentration of chlorophyll, has a negative impact on housing prices that diminishes with distance from the shoreline. Furthermore, our finding suggests that housing prices are most influenced by the extreme environmental conditions, which may be accompanied by unpleasant odors, discoloration, and even fish kills. We further predict potential increases in home values associated under water quality improvement scenarios and find an increase in the values of homes in coastal communities along Narragansett Bay of about $18 million up to $136 million.",27.0,https://digitalcommons.uri.edu/enre_facpubs/134
de6b5cc62fe136f7448033bd612903bed8aa5c29,10.3846/1648-715x.2008.12.217-236,Predicting Urban Land Prices: A Comparison of Four Approaches,2008.0,,Marko Hannonen,"This paper investigates forecasting accuracy of four different hedonic approaches, when vacant urban land prices are predicted in local markets. The investigated hedonic approaches are: 1) ordinary least squares estimation, 2) robust MM‐estimation, 3) structural time series estimation and 4) robust local regression. Post‐sample predictive testing indicated that more accurate predictions are obtained if the unorthodox methods of this paper are used instead of the conventional least squares estimation. In particular, the predictive unbiassness can significantly be improved when using the unconventional hedonic methods of the study. The paper also studied the structure of urban land prices. The most important attribute variables in explaining land prices were permitted building volume, house price index, northing and easting. The influence of parcel size variable and different indicator variables on land prices were much weaker.",27.0,https://journals.vilniustech.lt/index.php/IJSPM/article/download/6766/5847
1ce55be799df6cb17762fb0541fe95340687f3de,10.1007/s12076-012-0079-y,The willingness to pay for access to piped water: a hedonic analysis of house prices in Southwest Sri Lanka,2012.0,,Caroline van den Berg; Céline Nauges,"We apply a hedonic house price analysis to value connection to the piped water network in Southwest Sri Lanka based on a household survey that was conducted in 2003-04. We find that the willingness-to-pay for a piped water connection is on average about 5 percent of monthly household expenditure, which is at the lower end of the range from estimates obtained in case studies in other developing countries. In addition, the willingness-to-pay for piped water decreases as a proportion of income when income goes up. An important policy conclusion is that connection to the piped water system should be considered in relation to the availability and quality of alternative water sources. If alternative sources with good water quality are available, the need for a piped water connection is less urgent.",27.0,https://link.springer.com/content/pdf/10.1007/s12076-012-0079-y.pdf
449b8af1e98d0318647429318b2d66506460aa91,10.1016/j.retrec.2020.100844,"Subway boosts housing values, for whom: A quasi-experimental analysis",2020.0,,Chuan-Hao Tian; Ying Peng; Hai-Zhen Wen; W. Yue; Li Fang,"Abstract This study investigates the property price premium brought by the opening of a subway to illustrate temporal dynamics and heterogeneous mechanism of property value effects. The estimation of changes caused by subways on property value can aid in assessing the benefits of public transit investments well. On the basis of residential property transaction records in Hangzhou, China in 2009–2013, hedonic models in a difference-in-differences framework are applied to handle certain endogeneity problems of estimation by eliminating unobserved factors. Results show that treatment groups located within 1000 m of a subway have an average price increase of 444 yuan per m2 from the opening of Line1. High-cost houses constantly gain significant increment and their price premium regress during the research period. However, for their counterparts in low-cost communities, the insignificant price effects are negative for a short time, and then become positive. The generalized results are robust when subway radius is adjusted.",27.0,
87f031f0ad9dc17cd7151e97fc7ad56a0e7b728f,10.31235/osf.io/cw2a9,Spatial Variability of the 'Airbnb Effect': A Spatially Explicit Analysis of Airbnb's Impact on Housing Prices in Sydney,2021.0,ISPRS Int. J. Geo Inf.,William Thackway; M. Ng; C. Lee; Vivien Shi; C. Pettit,"Over the last decade, the emergence and significant growth of home sharing platforms such as Airbnb has coincided with rising housing unaffordability in many global cities. It is in this context that we look to empirically assess the impact of Airbnb on housing prices in Sydney - one of the least affordable cities in the world. Employing a hedonic property valuation model, our results indicate that Airbnb’s overall effect is positive. A 1% increase in Airbnb density is associated with approximately a 2% increase in property sales price. However, recognising that Airbnb’s effect is geographically uneven and given the fragmented nature of Sydney’s housing market, we also employ a GWR to account for the spatial variation in Airbnb activity. The findings confirm that Airbnb’s influence on housing prices is varied across the city. Sydney’s northern beaches and parts of western Sydney experience a statistically significant value uplift attributable to Airbnb activity. However, traditional tourist locations focused around Sydney’s CBD and the eastern suburbs experience insignificant or negative property price impacts. The results highlight the need for policymakers to consider local Airbn",26.0,https://unsworks.unsw.edu.au/bitstreams/e9645cb0-517a-4896-9acf-3ce5adedd276/download
77f34967a32c096b6870564c6d4ee776b33afe76,10.1080/14445921.2019.1626543,The price of a view: estimating the impact of view on house prices,2019.0,Pacific Rim Property Research Journal,A. S. Jayasekare; S. Herath; R. Wickramasuriya; P. Perez,"ABSTRACT Houses with desired aesthetic views have a price premium over similar houses without such views. This article raises the following questions in relation to view as a location-specific amenity: How can we calculate a reliable indicator for view using available information? Are dwellings with a view sold for a premium compared to otherwise similar properties? Using more than 5,000 house transactions in the Illawarra region in Australia, and applying hedonic price method, the study analyses the price effects of key aesthetic views. Due to unavailability of view as a housing characteristic within historical records, spatial analysis tools were used to estimate views for housing locations. The results confirm the significance of aesthetic views in explaining house prices. Beach view is the most important aesthetic view. An increase of 1% of beach view drives house prices up by nearly 2–3%. Significant positive contributions to prices are also evident from sea, conservation area and inland water views. In addition to the views, other location-specific attributes also influence house prices. Methods developed in this study to quantify the value of aesthetic views and location-spe",26.0,
46125f9c61c23750abf37885090306e6aab72ab9,10.1080/13683500.2020.1806794,Trust in peers or in the institution? A decomposition analysis of Airbnb listings’ pricing,2020.0,Current Issues in Tourism,Paschalis A. Arvanitidis; Athina Economou; Georgios Grigoriou; C. Kollias,"ABSTRACT The present paper examines whether Airbnb listing prices differ significantly between ‘casual’ hosts and hosts with multiple listings, regarded as professionals. To this effect the Airbnb apartment market in Athens (Greece) is used as a case study. Drawing on a sample of about 3.500 Airbnb apartments listed in May 2017, the study employs, first, typical hedonic price modelling to assess the determinants of listings’ price of both groups, and then it uses the Blinder–Oaxaca decomposition methodology to examine whether there is a price gap between casual and professional hosts, the characteristics that cause this price gap and their relative contribution to it. The research finds a statistically significant difference in the Airbnb pricing between casual and professional hosts, where about a half of the price gap is attributed to the ‘better’ listings that professionals manage (in terms of size, availability of amenities and locational attributes), and a half to the different reaction hosts have towards specific Airbnb characteristics. In particular, professionals value higher (i.e. place more trust on) the Superhost badge issued by Airbnb as an institution, whereas casual h",26.0,
f01c5cdbf2768b00564b2dea6af4603e5aa3f2c6,10.1016/j.regsciurbeco.2018.07.006,Spatial interactive effects on housing prices in Shanghai and Beijing,2019.0,Regional Science and Urban Economics,Juncong Guo; X. Qu,"Abstract When connected through economic, financial, and policy shocks, cities can be considered to be neighbors in the social-economic sense. Therefore, a spatial correlation may exist in cities that are not geographically contiguous. The paper simultaneously studies the spatial correlation within each city and the spatial interactive effects among different cities on housing prices. We build a spatial autoregressive hedonic pricing model in a system of interrelated networks, which allows for multiple spatial interactive effects among housing units inside the same city and from other cities. For estimation, we propose a two-stage least squares (2SLS) method and the maximum likelihood estimation (MLE). Finite sample properties of these two methods are investigated in a Monte Carlo simulation. After applying these steps to March 2016 housing prices in Shanghai and Beijing, the empirical findings show that the spatial correlations within each city are significantly large, i.e., approximately 0.6–0.8, and spatial interactive effects between the two cities exist, although the magnitude is smaller, i.e., approximately 0.1–0.2.",26.0,
3372ad7c12532642d33524d3fe7c38467c784796,10.1007/bf03399271,Estimation of Hedonic Models Using a Multilevel Approach: An Application for the Swiss Rental Market,2008.0,,D. Djurdjević; Christine Eugster; R. Haase,"SummaryThis paper is an empirical application of a hedonic model to determine rents in Switzerland. Unlike traditional hedonic models, we take account of the fact that data are clustered at different levels. The resulting spatial autocorrelation and heterogeneity permits a consideration of different submarkets within Switzerland. For the empirical analysis, we consider the special case of the clustering of apartments at municipality level. Our results show that even after controlling for housing and locational attributes, a significant part of rental differences are still attributable to municipality differences.",26.0,https://sjes.springeropen.com/counter/pdf/10.1007/BF03399271
e1c3a5cf185211e5f120176c74656cd27c3a55fa,10.11113/ijbes.v4.n2.182,A model to Estimate the Implicit Values of Housing Attributes by Applying the Hedonic Pricing Method,2017.0,,T. Randeniya; G. Ranasinghe; Susantha Amarawickrama,"Many scholars focused on the location based attributes rather than the non-location factors in decision making on land prices. Further, new research studies have identified the importance of the non-location attributes with the location factors. Many studies suggest that, many attributes exist which affects the housing price. Since the attributes involved and dominant for a particular case differs from one situation to the other, there cannot be an exact list of attributes. Yet, identification of factors that determine housing price and their relationships and the level of influence have poorly understood in planning and property development in the context of Sri Lanka. This study attempts to address what make householders to decide on housing price and application of hedonic pricing approach to estimate the implicit price of housing attributes in context of Sri Lanka. A sample study of selected fifty (50) single house transactions in Maharagama urban neighborhood area has been utilized to illustrate the applicability of the hedonic pricing model. As a methodology, correlation analysis has been carried out to study the degree of relationship between the housing price and the indepe",25.0,https://ijbes.utm.my/index.php/ijbes/article/download/182/99
9fda34e5f379104dec7d9bd135e2fd792336625c,10.1016/j.retrec.2019.06.001,Are low-end housing purchasers more willing to pay for access to basic public services? Evidence from China,2019.0,Research on Transport Economics,Lin-Chuan Yang; K. Chau; Xu Wang,"Abstract Previous studies suggest that generally, access to public services has a positive impact on housing price. However, most of them are silent on whether the impact varies across different housing submarkets. In some contexts like China, compared with high-end counterparts, low-end housing purchasers, generally, have lower income and thus lower car availability (and transportation mobility). As such, they may prefer and attach a higher value to living in the proximity of basic public services (which are essential to life, such as transit). This is likely to be applicable to contexts where purchasing and/or using cars are not fully affordable for low-income households. We use 22,586 second-hand housing data in Xiamen (China) to assess the differential price impacts of access to basic public services in low and high-end submarkets. Results from two-sample two-tailed t -tests and F -tests and hedonic modeling confirm several findings: (1) there are systematic differences between access to basic public services in low- and high-end properties; (2) the two housing submarkets do not follow the same pricing mechanism; (3) access to transit, commercial centers, shopping centers, and ",25.0,
91b7dd63d779b9bfc5961da2cf5599ed5160c16d,10.32468/be.422,Stratification and Public Utility Services in Colombia: Subsidies to Households or Distortion of Housing Prices?,2006.0,,C. Medina; L. Morales,"Domiciliary public utility services in Colombia have a cross subsidy system which charges subsidized rates to the households who live in houses located in strata associated to low wealth levels, and taxed rates to the better off. We assesses the hypothesis that the flow of subsidies that potentially come from a particular house, are discounted by housing market agents so that most of them are transferred to the prices of the houses that generate the subsidies. By estimating a hedonic prices model applying a regression discontinuity approach, we find that the increment in house value estimated because of subsidies is similar in magnitude to the present value of the flow of subsidies. Likely effects are found on the rent amount. We conclude that subsidies to the poor population through public spending in domiciliary public utility services in Colombia is being achieved, if anything, in a very limited way. Most of the financial effort on this subject ends up distorting housing relative prices according to socioeconomic strata, with an annual cost of up to 0.7% of GDP in supposed gross subsidies to domiciliary public utility services.",25.0,https://researchonline.lse.ac.uk/id/eprint/123270/1/63ff0c2a9df60.pdf
4db361bfba81d37864bbf3202a89284ec9567c28,10.1007/s00191-009-0142-z,On the distribution of product price and quality,2009.0,,Alex Coad,"We investigate the structure of demand by focusing on the distribution of prices within narrowly-defined classes of goods. We observe considerable heterogeneity—products that are functionally similar but presumably of different ‘quality’ may sell at very different prices. We analyze distribution of prices for bottles of wine, used cars, houses in London and week-long holidays in Majorca, and observe in each case that the the resulting distribution is more skewed than the lognormal but less skewed than a Pareto distribution. We then present a theoretical model whereby products can distinguish themselves along multiple hedonic dimensions of ‘performance’, with these product attributes being random variables subject to multiplicative interactions. Variations of this model can reproduce a lognormal price distribution and a Pareto distribution as lower and upper bound benchmarks (respectively).",25.0,https://link.springer.com/content/pdf/10.1007/s00191-009-0142-z.pdf
e8141f49e8f72ae194a062730665b01aa1006400,10.1016/j.cities.2020.103080,The impact of mixes of transportation options on residential property values: Synergistic effects of walkability,2021.0,,Kwangyul Choi; H. Park; James R. Dewald,"Abstract Calgary offers many public transportation options, including light rail transit (LRT), bus rapid transit (BRT), and local buses as well as facilities for non-motorized travelers. Yet the individual and synergistic effects of these mobility options on residential property values in Calgary have not been clearly understood. By using a multilevel hedonic modeling approach, we examine the independent and interactive economic impacts of different transportation options on Calgary's residential properties in 2017. Our findings suggest that proximity to LRT and better neighborhood walkability can appreciate residential property values, whereas proximity to major roads and bus service tend to depreciate the values, although the degree and significance vary by property type. When proximity to LRT is coupled with high walkability, more appreciation of property values is expected, particularly in the case of attached houses and apartment properties. Our results imply that urban planners and city officials should strive to create safe and pedestrian-friendly environments near LRT stations that could lead to more dynamic civic activities.",25.0,
6664bea9b26a60249f7f27ac8a88f302c52a81c6,10.1080/08920753.2020.1732799,Valuing Recreational Beaches: A Spatial Hedonic Pricing Approach,2020.0,,Jinwon Kim; Sukjoon Yoon; Eunjung Yang; B. Thapa,"Abstract Despite several studies that have estimated the economic value of beach proximity on housing values, previous linear hedonic pricing models (HPMs) have yet to explore the spatially heterogeneous beach premiums for housing prices. To address the issue, this study demonstrated the feasibility of spatial HPM (S-HPM) using geographically weighted regression (GWR) analysis of 152 properties in Jacksonville Beach, Florida. Specifically, this study (1) investigated the spatial associations between multiple beach proximity attributes and housing values, (2) explored local variations in modeling housing values, and (3) assessed whether GWR-based S-HPM outperformed previous linear HPM. Results indicated that the GWR-based S-HPM revealed spatially heterogeneous beach premiums for housing values, with improvements in model performance over the corresponding linear HPM. Findings of this study can contribute to understanding the local patterns of beach premiums for housing prices, ultimately providing guidelines for location-based beach access planning and management.",25.0,
1337ef0d44a7b275ff8e86d43738d53d7b895368,10.1061/(asce)up.1943-5444.0000651,Spatial Autoregressive Analysis and Modeling of Housing Prices in City of Toronto,2021.0,,Yu Zhang; Da-Chuan Zhang; E. Miller,"Abstract Previous housing price studies based on hedonic price modeling have mainly focused on applying various factors, including built environment variables in the analysis, without establishing ...",25.0,
c17cc5fcfb62b3be4ee440370f7caf912350b13e,10.1111/j.1757-7802.2012.01062.x,"Is the price right?: Assessing estimates of cadastral values for Bogotá, Colombia",2012.0,,Nancy Lozano-Gracia; L. Anselin,"Hedonic house price models are increasingly applied in the process of mass appraisal, in which econometric specifications are used to obtain automated valuation of properties for taxation purposes. The predictive quality of such models is important, since it directly affects the revenue stream of local authorities. In this paper, we assess the relative predictive performance of different model specifications used in automated valuation. Specifically, we focus on the issue of spatial heterogeneity by comparing models that utilize different definitions of housing submarkets. In addition, we consider the inclusion of ‘spatial’ explanatory variables in the form of distance to various amenities as computed from a GIS. We apply this to data from the city of Bogota, Colombia, a pioneer in the application of mass appraisal techniques in a developing country context. We find that specifications that include the submarkets improve predictive performance and that the inclusion of the spatial variables is superior to the traditional models of homogenous zones. However, even the best models are still characterized by relatively poor performance in the form of a high degree of overprediction of ",24.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1757-7802.2012.01062.x
f854709854430a018c7ed9e17026547a0bb65b70,10.3390/land11112002,Investigating the Impact of Perceived Micro-Level Neighborhood Characteristics on Housing Prices in Shanghai,2022.0,Land,Qiwei Song; Yifeng Liu; Waishan Qiu; Ruijun Liu; Meikang Li,"It is widely accepted that houses in better-designed neighborhoods are found to enjoy a price premium. Prior studies have mainly examined the impact of macro-level neighborhood attributes (e.g., park accessibility using land use data) on housing prices. More recently, research has investigated the micro-level features using street view imagery (SVI) data, though scholars limited the scope to objective indicators such as the green view index and sky view index. The role of subjectively measured street qualities is less discussed due to the lack of large-scale perception data. To provide better explanations of whether and how the micro-level neighborhood environment affects housing prices, this article introduces a framework to collect designers’ perceptions on five subjective urban design perceptions from pairwise SVI rankings in Shanghai with an online visual survey and further predicted through machine learning (ML) algorithms. We also extracted ten important objective features from the scenes. The predictive power of micro-level neighborhood street perceptions (subjective perceptions and objective features) on housing prices was investigated using the hedonic price model (HPM) th",24.0,https://www.mdpi.com/2073-445X/11/11/2002/pdf?version=1667982063
6b1852b76cb1932dda8ece8bba09746c101b5ab3,10.3390/su8010044,"The Effects of Ambient Water Quality and Eurasian Watermilfoil on Lakefront Property Values in the Coeur d’Alene Area of Northern Idaho, USA",2016.0,,F. Liao; F. Wilhelm; Mark D. Solomon,"Amenity value of water resources has become a major driving force of recent population growth in the region centered on Coeur d’Alene Lake in northern Idaho, USA. Despite regulatory measures aimed to protect lake water quality, surface water quality is increasingly threatened by lakefront development and invasions of Eurasian watermilfoil ( Myriophyllum spicatum ), a non-indigenous aquatic plant species. We used hedonic modeling to estimate the effects of ambient water quality and the presence of Eurasian watermilfoil on lakefront property values of single-family homes in the Coeur d´Alene area. We find that property values are positively associated with Secchi depth (a proxy of water quality or clarity), and negatively related to the presence of watermilfoil. Results of spatial regime analysis indicate the geographical variations of these associations. The presence of watermilfoil was related to a 13% decline in mean property value, corresponding to $64,255 USD, on average, lower property sales price. Our study demonstrates that proactive mitigation approaches to cope with potential environmental degradation in lake ecosystems could have significant economic benefits to owners ",24.0,https://www.mdpi.com/2071-1050/8/1/44/pdf?version=1451998332
cda7954c0c7d899d0c8f7fca2eeeb857d414f95d,10.1016/j.regsciurbeco.2011.01.006,Neighborhood Diversity and the Appreciation of Native- and Immigrant-Owned Homes,2011.0,Social Science Research Network,D. Cobb-Clark; Mathias Sinning,"This paper examines the effect of neighborhood diversity on the nativity gap in home-value appreciation in Australia. Specifically, immigrant homeowners experienced a 41.7% increase in median home values between 2001 and 2006, while the median value of housing owned by the native-born increased by 59.4% over the same period. We use a semi-parametric decomposition approach to assess the relative importance of the various determinants of home values in producing this gap. We find that the differential returns to housing wealth are not related to changes in the nature of the houses or the neighborhoods in which immigrants and native-born homeowners live. Rather, the gap stems from the fact that over time there were differential changes across groups in the hedonic prices (i.e., returns) associated with the underlying determinants of home values.",24.0,https://doi.org/10.2139/ssrn.1493186
f6937e775386d05ff6ac41c049e145a1a3b9eb46,10.1016/j.trd.2020.102640,Capitalisation of accessibility to dockless bike sharing in housing rentals: Evidence from Beijing,2021.0,,Si Qiao; Anthony Gar-On Yeh; Meng-Zhu Zhang,"Abstract Chinese cities have seen a rapid development of dockless bike sharing (DBS) in recent years. Numerous studies have examined the positive social effects of DBS, but a crucial question remains: if docklessness has successfully reworked shared bikes into a desired and valuable amenity, will unequal access to DBS affect housing rentals? The present study examines this question by considering the case of Beijing. A big data approach is employed to analyse the listed rents of 75,197 houses in Beijing and their attributes that affect housing rentals. Measurement of accessibility to DBS at the housing level is constructed from 3.2 million DBS trips generated over two weeks. Results of the hedonic model show that every one-point increase in the accessibility to DBS generates a premium worth 28.02 CNY in housing rental, thereby supporting the hypothesis that docklessness has turned DBS into a valuable amenity for renters. These findings suggest that although low- and middle-income workers benefit from the convenience of DBS in the short term, the benefits are gradually eroded and transferred to landlords through rental premiums. Unequal accessibility to DBS may induce gentrification",24.0,
cd5fa82da5742b6dd7a9dd8459406de558878302,10.1017/jwe.2019.13,Should You Invest in an Old Bottle of Whisky or in a Bottle of Old Whisky? A Hedonic Analysis of Vintage Single Malt Scotch Whisky Prices,2019.0,Journal of Wine Economics,David Moroz; Bruno Pecchioli,"Abstract This article examines the main determinants of differences in ask prices set by investors for single malt whiskies from Islay in Scotland using an original dataset collected from a web trading platform specializing in whisky investment. We find strong evidence that the vintage age (the number of years between the distillation date and the data collection date) positively affects investor asking prices. More precisely, given that the characteristics of whisky, unlike wine, do not change over time once bottled, we disentangle the vintage age effect by subdividing the vintage age into whisky age (the time spent in the cask) and bottle age (the time spent in the bottle). Our results show that whisky age has a more pronounced impact (8.9% per year on average) than bottle age (6.7%). Other findings include the significant influence of distillery reputation, with a moderating effect for independent bottling (i.e., not in-house by the distiller itself) and a positive impact for cask strength whiskies compared to diluted ones. (JEL Classifications: G11, L15, Q11)",24.0,
5980ecb9e6e20a6ad30c449feb6304985c7cc1e1,10.1177/0160017620918652,Home Is Where the Internet Is? High-speed Internet’s Impact on Rural Housing Values,2020.0,,Kelsey L. Conley; Brian E. Whitacre,"The deployment of faster household Internet speeds enables new opportunities for entertainment, social interaction, and personal development, and many consider such access an essential component of everyday life. However, rural residents face lower availability, slower speeds and limited provider options, putting them at a disadvantage when compared to their urban counterparts. Connected rural households, especially those with higher speeds, may experience a premium on their home value. Data from the National Broadband Map, the Federal Communications Commission, and over 2,700 housing transactions from June 2011 to June 2017 are used to examine the impact of broadband availability on housing values in two rural Oklahoma counties via a hedonic price model. The results find no support for the existence of a broadband premium, and stress that differences across counties are crucial in assessing rural housing prices.",24.0,
f40b070cbabedb963444d1302df4a43f2548ce58,10.1111/rsp3.12382,House price valuation of environmental amenities: An application of GIS‐derived data,2020.0,,Liv Osland; John Östh; Viggo Nordvik,"Correspondence John Östh, Uppsala Universitet, Social and economic geography, Box 513, Uppsala 751 05, Sweden. Email: john.osth@kultgeog.uu.se Abstract Hedonic house price models are frequently used to improve our understanding of local housing markets. In recent years, rich registers containing details about home-qualities and neighbourhood characteristics have successfully been coupled with spatial qualities such as job-accessibility or distances to transport. Additional data sources provided by Open data communities, NGOs, data created by governmental agencies on regional national and international level has the potential of being very useful for analysing housing prices. However, the recent methodological advances in GIS and spatial analysis have not been extensively applied. We expand the hedonic price modelling toolbox with geo-coded free data on environmental amenities. We specifically include local measures describing the view-shed, and more varied specifications of access or dominance of green and blue amenities, in addition to urban public-type service and sport facilities. The GIS-derived data is used to study how the variables should be specified and to study their abil",23.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/rsp3.12382
bc0cfca7611d731f598cbe87c2e0ca9a878f54fb,10.3390/su10113879,Assessing Neighborhood Walkability Based on Usage Characteristics of Amenities under Chinese Metropolises Context,2018.0,Sustainability,Zelong Xia; Hao Li; Yuehong Chen,"In the age of rapid motorization, walking, as both a green travelling mode and the most common form of daily physical activity, has been given increasing attention in Chinese metropolises. Walkability describes the extent to which a neighborhood environment is walking-friendly and recently has been regarded as a potential impetus for inflated housing prices. In this paper, we develop a walkability measurement model considering residents’ usage characteristics of the amenity, which incorporates three key factors: (1) amenity usage frequency; (2) amenity selection diversity; (3) the distance decay effect. Accordingly, we employ the proposed method to the case of Nanjing City and identify a clear spatial pattern of spatial heterogeneity in walkability among the 4143 dwelling areas within it. The experimental results suggest that the distribution of the residential walkability score varied greatly within Nanjing. It can be seen that dwelling areas with a high walkability score were clustered in the urban central regions and most dwelling areas showed a low walkability. Then, we utilized the hedonic price model to explore the correlation between neighborhood walkability and housing pric",23.0,https://www.mdpi.com/2071-1050/10/11/3879/pdf?version=1540460686
819ec939f0241cca8513d3a72e45a56254da737d,10.1007/s11146-022-09930-z,House Prices and Flood Risk Exposure: An Integration of Hedonic Property Model and Spatial Econometric Analysis,2022.0,Journal of real estate finance and economics,Nam Bui; Le Wen; B. Sharp,"The impact of climate change is devastating in developing countries where flood protection and insurance schemes are limited. Certain parts of Ho Chi Minh City, Vietnam are under the constant threat of inundation due to sea-level rise. We integrate the hedonic property model in a difference-in-differences framework and spatial econometric analysis into a single analytical framework to estimate the economic effect of pluvial flooding. We find prices for affected houses were discounted by 9% after a large flood event on 30 September 2017. This research contributes to the existing literature as follows. First, we study the economic impact of pluvial floods, which has received less attention in existing studies where large and irregular floods are their focus. Second, the inclusion of legal status as a control variable accounts for the unique character of the Vietnamese housing market. Third, we also identify the recovery of house prices after the flood event.",23.0,https://link.springer.com/content/pdf/10.1007/s11146-022-09930-z.pdf
47abb2fa071d6a535110d22ce13e9234d0c4e2bf,10.1016/j.jenvman.2020.110301,Willingness to pay for staying away from haze: Evidence from a quasi-natural experiment in Xi'an.,2020.0,Journal of Environmental Management,F. Lan; Jing Lv; Jie Chen; Xiao-Ling Zhang; Zhuo-Hui Zhao; D. Pui,"Previous studies of the residents' willingness to pay (WTP) for air quality improvement are likely suffering various endogeneity biases. Exploiting the unique opportunity of a recent quasi-experiment operation of the world's first SFT (Smog Free Tower) in China's northwestern city Xi'an, this paper reliably calibrates local residents' WTP for less exposure to haze by analyzing the price responses of housings in the neighborhoods of SFT. The hedonic regression is applied in the DID (difference-in-difference) setting, with further assistances of the PSM (propensity score matching) method, quantile regression and placebo test. The regression results consistently suggest that housing price responded positively to the installment of the SFT, and the impact estimates are closely centered around 4%. The study also indicates high-priced housings response much more to the operation of the SFT than cheap-priced housings, suggesting uneven distribution of welfare gains of air quality improvement. A cost-benefit analysis of the SFT project indicates that the economic benefits of this project far outweigh the costs involved. The paper concludes with discussions of policy implications of this pa",23.0,
3ecb662b17387fe6a3a519f040d627271b3e22b6,10.1080/00036846.2019.1631443,High-speed Internet access and housing values,2019.0,Applied Economics,G. Molnár; Scott J. Savage; D. Sicker,"ABSTRACT A hedonic model is estimated that relates house values to high-speed Internet access while controlling for the potential endogeneity of Internet access. Results show that single-family homes with access to a 25 Mbps broadband connection have a price that is about $5,977, or 3%, more than similar homes in neighborhoods with 1 Mbps. The rural premium is lower at $5,099. A cost-benefit exercise on the viability of rural broadband shows that demand will generally not support private investment, but that the revenue gap from upgrading legacy networks could be readily covered by the Universal Service Fund and other public subsidies.",23.0,
86da8ec33d3cf3a83d23cd582eec2741f6e08ad3,10.3390/ijgi9010002,Towards Increasing Residential Market Transparency: Mapping Local Housing Prices and Dynamics,2019.0,ISPRS Int. J. Geo Inf.,R. Cellmer; R. Trojanek,"This article attempts to use spatial maps as a way of presenting additional information about the phenomena occurring in the housing market. In our opinion, spatial maps may facilitate understanding and provide more detailed information, which undoubtedly should increase the transparency of the housing market. The study used 12,219 transactions of apartments in Poznań in the years 2013–2017. General principles of price visualization activity and housing market dynamics were established in this study. The map of prices may reflect the location values determined by the quality of the urban infrastructure, distance from specific locations, and environmental factors. Market activity maps reveal areas where the market is dynamically developing, while information on trends in the number of transactions and price changes may demonstrate the growing or declining attractiveness of areas. The research is based on a model of hedonic regression in the form of ordinary least squares (OLS), quantile regression (QR), and geographically weighted regression (GWR). The maps presented should increase the transparency of the residential market (e.g., by providing more detailed information). However, o",22.0,https://www.mdpi.com/2220-9964/9/1/2/pdf?version=1577079565
7c1efd712862032c21d48358f51a955ed9a1ea0c,10.1029/2017wr022195,Using Matching Methods to Estimate Impacts of Wildfire and Postwildfire Flooding on House Prices,2018.0,Water Resources Research,Julie M. Mueller; Ryan E. Lima; A. Springer; E. Schiefer,"The increasing frequency and severity of landscape‐scale wildfire poses new challenges for forested watershed management. The Schultz Fire burned 6,100 ha on the steep slopes of San Francisco Mountain near Flagstaff, AZ, USA in 2010. Within a month of the wildfire, summer monsoon rains created flooding and debris flows 1–2 orders of magnitude greater than prewildfire rainfall events. We estimate a hedonic property model to determine the loss in house prices from the wildfire and postwildfire flooding. While several studies examine the effects of wildfires and flooding on housing prices separately, to our knowledge, no study has determined the effects of postwildfire flooding in a fire‐adapted watershed. Most hedonic property models estimating impacts of wildfire or flooding use regression analysis to predict impacts. We also contribute to the hedonic property model literature by using nonparametric matching techniques. We find a negative and statistically significant average treatment effect of wildfire and post‐wildfire flooding. The treatment effect, however, differs relative to distance to wildfire perimeter and distance to flood zones. For example, houses located within 5 km of",22.0,
0b1e0730d8a12b2c22c910c60c31596da2879f1e,10.1016/j.renene.2020.07.085,"House price premium associated with residential solar photovoltaics and the effect from feed-in tariffs: A case study of Southport in Queensland, Australia",2020.0,,Haifeng Lan; Z. Gou; Lin-Chuan Yang,"Abstract This study aims to contribute a regional experience of establishing a credible estimation of the house price premium associated with solar photovoltaics (PV) and to reveal the change of the premium in response to the changing feed-in tariffs (FiTs). This paper used Python to crawl records of sold residential properties in Southport, Queensland from 2008 to 2018. An experimental group of 316 solar PV houses and a control group of 228 non-solar PV houses were extracted for analysis. Using the hedonic approach, the study found that the gross premium was 4.3% of the average house price; the average net premium (exclusive of the PV installation cost) was 21,403 AUD when the FiT was at 44 cents/kWh; when the FiT dropped to 8 cents/kWh, the gross premium fell to 2.4%, and the average net premium dropped to 5600 AUD. The study shows that a solar PV house does enjoy a premium in terms of property value and indicates that a higher solar rebate and subsidy leads to a higher premium. It is commendable to provide some financial incentives to keep the premium within a reasonable range to encourage solar PV adoption.",22.0,http://hdl.handle.net/10072/409925
d251956f0fd9b7928aac73e954d8171a1202abc8,10.3390/su11020437,Determinants of the Price of Housing in the Province of Alicante (Spain): Analysis Using Quantile Regression,2019.0,Sustainability,R. Mora-García; M. Cespedes-Lopez; V. Pérez-Sánchez; P. Marti; J. Perez-Sanchez,"After almost a decade of crisis, the housing market in Spain shows significant signs of recovery, with increases in both the average price and the number of sales transactions. Housing is the main asset for the majority of households, and it also has the most resources devoted to it, thus, when it comes to buying a residence, people do not only look at the asset’s intrinsic characteristics, but also consider other particularities such as the neighbourhood, accessibility to services, availability of public transport or adequate funding. The study aimed to analyse and quantify the relationship that exists between the asking price of second-hand housing on the market in Alicante and the attributes that characterise them. This was done using a multivariate analysis to estimate a hedonic pricing model by ordinary least squares and a quantile regression to analyse the impact of the characteristics in different price ranges. The results show the segmentation of the prices in the Alicante market, with higher prices in the northern coastal area over the southern and inland comarcas.",22.0,https://www.mdpi.com/2071-1050/11/2/437/pdf?version=1547719217
2702858342ddf29154a348b6cb4e3201a52bde6a,10.1108/ijhma-12-2012-0062,Price effects of surface street traffic on residential property,2014.0,,J. E. Larsen; J. Blair,"Purpose – The purpose of this study is to gauge and compare the impact of surface street traffic externalities on residential properties. Limited previous research indicates that negative externalities dominate for single-family houses. Our objective is to verify that this result applies to our sample, and to determine if the same result extends to multi-unit rental properties. Design/methodology/approach – Hedonic regression is used to analyze data from 9,680 single-family house transactions and 455 multi-unit rental properties to measure the influence of surface street traffic on the price of the two property types. Findings – Houses located adjacent to an arterial street sold at a 7.8 per cent discount, on average, compared to similar houses located on collector streets. Limiting the analysis to houses adjacent to an arterial street (where traffic counts were available), price and traffic count are negatively related. The results for multi-unit rental dwellings are dramatically different. Multi-unit pr...",22.0,https://corescholar.libraries.wright.edu/finance/30
dc51a2908aaab9208b882b94d32babf9d2a6a72d,10.1016/j.sbspro.2015.01.051,Role of Green Infrastructure in Determining House Value in Labuan Using Hedonic Pricing Model,2015.0,,Nurul Nazyddah Mat Nazir; N. Othman; A. Nawawi,Abstract This study is to look at the trends of the housing price affected by green infrastructure elements by using the Hedonic Price Approach. The researchers embark on these objectives; (a) to analyze the green infrastructure components that affect the housing market price; and (b) to examine the regression analysis on the Hedonic Pricing Model. Labuan Botanical Garden becomes a major green infrastructure component in this study. A survey questionnaire were distributed to 386 respondents lived in the housing area within 1800meter radius from Botanical Garden. Interview and observation were conducted during the study to examine the community preferences towards their housing area.,22.0,https://www.sciencedirect.com/science/article/pii/S187704281500066X/pdf
6f1d1eaf5ab828a92f087c700121347bef68eebe,10.1177/155862351000500404,Franchise Values in North American Professional Sports Leagues: Evidence from the Repeat Sales Method,2009.0,International Journal of Sport Finance,B. Humphreys; Yang-Seung Lee,"We develop a quality adjusted professional sports franchise price index for North America based on the repeat sale method and a hybrid method originally applied to house prices. For the repeat sale method, the index reflects trends in the general price of franchises holding market, facility and team quality constant. The constant quality constant assumption in the repeat sale model may affect the price index, so we also use a hybrid model as an alternative. The repeat sale method price index exhibits considerable volatility but no upward trend over time, unlike previous quality adjusted price indexes based on hedonic models. The lack of an upward trend in the index indicates that franchise quality drives observed increases in prices over the past 40 years. The hybrid method exhibits price index shows a steady increase beginning in about 1990. This difference can be explained by changes in market population and facility characteristics.",22.0,
5fcaa88313704ea361fb20ed043c007232473a1f,10.3390/land12040865,The Impact of the Type and Abundance of Urban Blue Space on House Prices: A Case Study of Eight Megacities in China,2023.0,Land,Chu-Cai Peng; Yang Xiang; Lu Chen; Yang-Yang Zhang; Zhi-Xiang Zhou,"Urban blue spaces (UBS) have been shown to provide a multitude of cultural ecosystem services to urban residents, while also having a considerable impact on the surrounding community’s house prices. However, the impact of different types of UBS and the effect of their abundance on house prices have been largely understudied. This study aims to address this gap by examining the impact of different types of UBS on house prices using eight megacities in China as a case study. Spatial hedonic price models are developed to assess the impact of different types of UBS on house prices, and differences in their impact across cities are identified. Variance partitioning analysis is also used to decompose the relative contributions of UBS variables and explore the relationship between UBS-attributable premiums and the abundance of UBS. The results indicate that lakes and the main river have a significant positive impact on house prices in most cities, while the impact of small rivers on house prices varies across cities. The influence of UBS variables differs significantly across cities, but these differences are not solely driven by the abundance of UBS. This study provides valuable informat",21.0,https://www.mdpi.com/2073-445X/12/4/865/pdf?version=1681213535
0028374555f9a1f4126b581b49c8ed0877500110,10.1108/14635781111171788,The value of retail rents with regression models: a case study of Shanghai,2011.0,,Jian-Chong Liang; Mats Wilhelmsson,"Purpose: The purpose of this paper is to estimate the determinants of the retail space rent in Shanghai. Design/methodology/approach: Hedonic model and spatial regression models are used in the paper. The problem of spatial autocorrelation is tested by Moran's I statistics, and the root mean square error (RMSE) test is performed to find out the best model. Findings: The significant explaining variables are the age, the area of retail space, the distance to the Jing An CBD centre, the type of the retail and the district of the property. A new classification of district in retail research context is suggested in this paper, and it is proved to be better than the districts set up by government to explain the retail rent variation. Originality/value: This paper presents the first empirical study about the retail rental market in Shanghai. The research helps retail property investors and retail tenants deepen their understanding of the retail market in Shanghai. Spatial econometrics techniques are first introduced into the empirical retail rent research to produce a more precise estimation.",21.0,https://figshare.com/articles/journal_contribution/The_value_of_retail_rents_with_regression_models_a_case_study_of_Shanghai/20899219
a5b81b318d4994febc353639eacfa660cdf4011f,10.1016/j.ecolecon.2014.12.008,Valuing the Barmah–Millewa Forest and in stream river flows: A spatial heteroskedasticity and autocorrelation consistent (SHAC) approach,2015.0,,S. Tapsuwan; M. Polyakov; R. Bark; M. Nolan,"This paper uses spatial heteroskedasticity and autocorrelation consistent (SHAC) hedonic property price analysis of house sales during 2000–2011 to estimate the marginal value of in stream flows and proximity to an iconic freshwater ecosystem, the Barmah–Millewa Forest (BMF) in Australia's Murray–Darling Basin. We establish: (1) that proximity to the BMF is a statistically significant and positive determinant of nearby house prices in Victoria and New South Wales, i.e. for an average property worth $199,000 that is 10km away from the BMF, moving 1km closer will increase sales price by $2000; and (2) a non-linear relationship between in stream flow and sales price which is suggestive of homebuyer preferences for flow that is neither low (i.e. drought flows) nor high (i.e. flood flows). The results provide estimates of the benefits of in stream flow that could be used to inform freshwater ecosystem restoration policy in the basin and are suggestive of regional benefits that accrue to homeowners living near key freshwater-dependent ecosystems in the basin.",21.0,https://api.research-repository.uwa.edu.au/ws/files/35085820/AAM_Valuing_the_Barmah_Millewa_Forest.pdf
baef343bf1d8dcc0218322461badcff3f10ae416,10.1007/s10640-021-00536-2,Systematic Variation in Waste Site Effects on Residential Property Values: A Meta-Regression Analysis and Benefit Transfer,2021.0,Environmental and Resource Economics,Marvin Schütt,"This article presents a meta-analysis based on 727 estimates from 83 hedonic pricing studies to provide new insights on the effects of waste sites on residential property values. Relative to previous meta-analyses on this subject, estimates are corrected for publication bias and the ability of the meta-regression model to produce reliable benefit-transfer estimates is assessed. Proximity to severely contaminated waste sites has a supremely negative impact on residential property values, whereas on average the distance from non-hazardous waste sites has no effect. Correcting for publication bias has a sizeable impact, reducing the average effect size by up to 38%. Benefit-transfer errors based on the meta-regression model are fairly large and, in line with the broader literature, outperform simple value transfer when the underlying data sample is heterogeneous.",21.0,https://link.springer.com/content/pdf/10.1007/s10640-021-00536-2.pdf
2e466f1f0431f91f3bbdc635e2745f84ea7d8828,10.1016/j.marpol.2020.103866,"Non-market valuation of beach quality: Using spatial hedonic price modeling in Hilton Head Island, SC",2020.0,,Serkan Catma,"Abstract Climate change has been impacting beach quality negatively for years. The gradual increase in sea level has been slowly diminishing the Atlantic coastline by eroding beaches and worsening coastal flooding. Narrowing beach width, one of the most important attributes of beach quality, has been a major concern for policy makers, local residents and visitors as lower beach quality has environmental and economic consequences. Filling the beaches with sand under beach replenishment projects has been widely used to treat this problem. The purpose of this paper is to estimate the economic value of beach width using the past residential property prices in Hilton Head Island, SC. Spatial error hedonic price method was adopted to account for spatial dependency among error terms. The results of this study show that beach width has significant influence on the values of neighboring properties that are located within 633 feet of the shoreline. An additional foot of beach width would add as much as $3,012 to the value of an oceanfront residential property. Without an accurate estimation of the economic value of beach width, cost-benefit analyses of beach nourishment and other shoreline m",21.0,
38d51e7656f94829f9f43fba3ef936f46b613e29,10.1017/age.2017.19,A Hedonic Analysis of the Impact of Marine Aquaculture on Coastal Housing Prices in Maine,2017.0,Agricultural and Resource Economics Review,Keith S. Evans; Xuan Chen; Christina A. Robichaud,"Converting coastal waters to farmed production of seafood may generate conflicts with other resource users. This study explores the impact of marine aquaculture development on coastal homeowners. Using single-family home sales from 2012–2014 and spatial data on coastal aquaculture activity, we employ hedonics to assess the impacts of mariculture development in three study areas of Maine, USA. Our results suggest modest impacts on residential property values with significant spatial variation across study areas. This spatial variation represents a challenge for managers and highlights the potential benefits from coordinating the development of aquaculture to balance resource users' objectives with industry growth.",21.0,https://www.cambridge.org/core/services/aop-cambridge-core/content/view/AE8668E53DF57ED48C8D9BA5CF816E5A/S1068280517000193a.pdf/div-class-title-a-hedonic-analysis-of-the-impact-of-marine-aquaculture-on-coastal-housing-prices-in-maine-div.pdf
91fb574910d5af782fa64c04e672e965418ac9fe,10.1016/j.landurbplan.2018.09.010,Capitalization of interconnected active transportation infrastructure,2019.0,Landscape and Urban Planning,Cristina Connolly; Mitchell R. Livy; Y. Qiu; H. Klaiber,"Abstract This paper investigates the capitalized value of interconnected active transportation infrastructure in Franklin County, Ohio. We expand on the existing literature on preferences for local amenities by examining the impact of connections between local amenities and active transportation infrastructure on the sales price of single family homes. Hedonic results indicate that proximity to bike facilities results in positive capitalization, with on-road facilities driving this result. Extending the analysis to examine interconnectivity, we find that bike facility capitalization is heterogeneous depending on the types of local amenities and infrastructure links. For example, on-road facility connections with bus stop locations decrease nearby home values, while on-road facilities linked to local open space increase the value of proximate homes. Together, these results provide evidence that connectivity is an important input to active transportation planning.",21.0,
e2c1dd758e5c49eb93fe7bfcaa7a7bee27299cdf,10.1061/(asce)up.1943-5444.0000394,"Spatial and Hedonic Analysis of House Price Dynamics in Warsaw, Poland",2017.0,,K. Olszewski; J. Waszczuk; Marta Widłak,,21.0,
93fc93fc119e195243abe117c503f18d82c78f03,10.1016/j.ufug.2020.126769,The housing market impacts of human activities in public spaces: The case of the square dancing,2020.0,,Yue Xiao; E. Hui; Hai-Zhen Wen,"Abstract Square dancing is a popular public activity performed in squares and parks in Chinese cities. Although dancers benefit from such activity physically and mentally, nearby residents may suffer from noise pollution and other negative externalities. However, only a few existing studies have explored the effects of square dancing on the value of residential properties and open spaces. To fill this knowledge gap, this study utilizes the hedonic price model and spatial econometric model to investigate the external effects of square dancing in the housing market of Hangzhou, China. Results show that nearby housing price drops by 5.8 % and 13.0 % when people dance in the nearest park and square. In addition, square dancing decreases the value of parks and squares, and this mediating effect shows spatial heterogeneity (e.g., the premium of living in the segments of 0–200 m and 200 m – 1 km from parks decreases from 0.231 to 0.047 and from 0.126 to 0.045, respectively; the premium of living in the segments of 0–800 m, 800 m – 1.5 km, and 1.5–3 km from squares decreases from 0.157 to 0.060, from 0.165 to 0.022, and from 0.166 to 0.033, respectively). The results of this study indicate",20.0,http://ira.lib.polyu.edu.hk/bitstream/10397/103184/1/Hui_Housing_Market_Impacts.pdf
d9347a8e8b20b962e264da3f41d533537289a77a,10.3390/su142214743,Effects of Public Transport Accessibility and Property Attributes on Housing Prices in Polycentric Beijing,2022.0,Sustainability,Yuchen Zhou; Yuhong Tian; C.Y. Jim; Xu Liu; Jingya Luan; Mengxuan Yan,"The public transit system is often developed in tandem with urban growth, bringing improved accessibility and raising housing prices around stations. The impact of public transport accessibility on housing prices demand in-depth empirical studies to understand the underlying factors. The confounding influence of polycentric cities, contrasting with monocentric ones, deserves more attention. We studied the effects of metro and bus accessibility on housing prices along metro lines 6, 7, 9 and 14 in Beijing under the polycentric scenario. Other property attributes, including building features, location characteristics and neighborhood amenities, served as explanatory variables. Ordinary least squares (OLS) and geographically weighted regression (GWR) were used to build the global (whole-study area) and local hedonic price models, respectively. The results indicated that GWR performed better than OLS in predicting the effects of public transport accessibility on housing prices. Residential properties with access to more metro lines and stations and bus stops were associated with higher housing prices, with metro stations exerting more effects. The premiums of monocentric and polycentri",20.0,https://www.mdpi.com/2071-1050/14/22/14743/pdf?version=1667983001
54da27518406c538ad01d44349b80f8a974bfe46,10.1007/s10901-023-10108-z,"Economic effects of air quality on housing prices: evidence from Beijing, China",2024.0,Journal of Housing and the Built Environment,Yuanyuan Cai; Martijn J. Smit; M. Helbich,"Air pollution is a major environmental urban issue, particularly in fast-growing cities in developing countries. Reducing air pollution is thus a challenge while evaluating the economic value of air quality is crucial for environmental policies made. However, few studies accurately estimate this value as they neglect the possible endogeneity issues, as well as the dynamic and heterogeneous effects of air pollution. Under the hedonic framework, we therefore assess the economic effect of fine particulate matter (PM2.5) on housing prices in Beijing, China. We construct a panel based on resale apartment transactions matched with average quarterly PM2.5 data between 2013 and 2019. To reduce the risk of an estimation bias, we apply an instrumental variable (IV) approach. Our results show that PM2.5 is negatively associated with housing prices. Households were willing to pay an extra 0.0852% per housing unit price for an average quarterly reduction in PM2.5 of 1 µg/m3. Furthermore, we argue that high-income dwellers tend to pay more for clean air. The negative effects of PM2.5 across regions are significant and different. Compared with that in the basic year 2013, the negative effect incr",20.0,https://link.springer.com/content/pdf/10.1007/s10901-023-10108-z.pdf
9429664aac7aab0bbd5bf740576f7f84f009f4e4,10.1038/s41598-023-49845-0,Assessment of street-level greenness and its association with housing prices in a metropolitan area,2023.0,Scientific Reports,S. An; H. Jang; Hwahwan Kim; Yena Song; Kwangwon Ahn,"Rapid global urbanization has made environmental amenities scarce despite their considerable advantages, ranging from aesthetics to health benefits. Street greenness is a key urban environmental amenity. This study developed a green index as an objective measure of greenness using street view images and assessed its predictive power along with that of other environmental amenities for metropolitan housing prices. Spatial interpolation was used to transform point data into areal data, enabling effective analysis of a dataset covering an entire metropolis. A series of hedonic models revealed that (1) street greenness is significantly and negatively associated with housing prices, (2) a traditional greenness indicator and the green index provide complementary information, indicating that they could be used for different purposes, and (3) environmental amenities, in general, demonstrated significant relationships with housing prices. Our analysis strategy including spatial interpolation can be widely employed for studies using different types of data. The findings demonstrating a complementary relationship between our two greenness indicators provide valuable insights for policymakers ",20.0,https://www.nature.com/articles/s41598-023-49845-0.pdf
1eb2a0ce88513a65481d7f1d6d248e9d0e629433,10.1111/geoj.12303,Drivers of spatial change in urban housing submarkets,2019.0,Geography Journal,G. Costello; Chris Leishman; Steven Rowley; Craig Watkins,"Spatial urban housing submarkets are now widely used constructs. Recent housing market modelling strategies have emphasised the need for flexibility in modelling approaches in order to best accommodate submarkets which account for spatial variations in hedonic prices. But this raises important unanswered questions concerning the stability of submarket structures over time, and the role of housing market dynamics in breaking down or shifting submarket boundaries. The influence of new supply, in particular, may have a stabilising or destabilising effect on differences in hedonic prices, depending on the wider housing market context. In this paper we examine the temporal influence of new supply, intra‐urban migration and socio‐economic change as a means of understanding the impact of key drivers of submarket boundary change. Using the Greater Perth region of Western Australia as a case study, we estimate income elasticities of demand for housing services that vary spatially within the urban area. We find evidence that higher income elasticities, new development, socio‐economic change and intra‐urban migration are associated with changes in the spatial structure of housing prices withi",20.0,https://doi.org/10.1111/geoj.12303
760926e3d9c96f3150a4fd83a828f6fed69aa74d,10.3390/ijgi11020074,"The Impact of Urban Public Transport on Residential Transaction Prices: A Case Study of Poznań, Poland",2022.0,ISPRS Int. J. Geo Inf.,Cyprian Chwiałkowski; A. Zydroń,"This study aims to determine the magnitude and nature of the impact of public urban transport accessibility on the value of residential properties in Poznań. The study was based on 2561 residential transactions completed within the study area in 2020. The input data obtained from the Board of Geodesy and Municipal Cadastre “GEOPOZ” were analysed statistically and spatially. The main part of both the spatial and the statistical analysis was performed using the hedonic pricing method (HPM)-OLS (ordinary least squares) and WLS (weighted least squares). The use of statistical tools enabled the finding of evidence to prove that the convenient accessibility of trams is positively related to housing prices. This has also been confirmed by previous research works conducted in other parts of the world. However, the collected data did not enable the identification of statistically significant relationships between housing prices and the distance from bus stops. The study also attempts to use spatial choropleth maps to clearly illustrate the mechanisms within the local housing market.",20.0,https://www.mdpi.com/2220-9964/11/2/74/pdf?version=1642589063
5bf64585206ad7e7f4dd7182eea5bcbb352319dd,10.3846/1648715x.2016.1241192,"Ripple effect on housing prices. Evidence from tourist markets in Alicante, Spain",2017.0,,Paloma Taltavull de La Paz; E. Lopez; F. Juárez,"ABSTRACTThis paper analyses the house price diffusion effect in an economic-mixed region where the costal amenities strongly attracts second home and temporal residents while the main region’s city is an administrative centre in alicante province, Spain. The region is called Vega Baja country with 2 well known foreign-Europeans destination areas are located (Orihuela costa and Torrevieja). Using geo-referenced data, the paper explores the ripple effect on house prices between the coastal and inland areas, versus Orihuela capital. To control by heterogeneity and spatial autocorrelation, the model estimates housing prices controlled by quality including 33 house characteristics and spatial autocorrelation applying an SAR-hedonic based model which is estimated yearly for the period 2007–2012. Once controlled by quality, the estimated prices are used to seek 3 evidences of ripple effect: with spatial contiguity (spatial diffusion in the short distance), without special contiguity (long distance) and constant ...",20.0,https://journals.vgtu.lt/index.php/IJSPM/article/download/1856/1471
83065cd815d2559b2215e83d342d4c6f11b55c69,10.1016/j.habitatint.2021.102323,"On innovation capitalization: Empirical evidence from Guangzhou, China",2021.0,,Kang-Min Wu; Yang Wang; Hong'ou Zhang; Yi Liu; Yu-Ling Zhang,"Abstract With the innovation-oriented transformation of the global economy, innovation and the knowledge-based economy have become two of the most distinguishing features of urbanization. The relationship between innovation and urban space has attracted considerable attention in existing theoretical research. However, little is known about the capitalization of innovation. Based on the capitalization hypothesis and hedonic price theory, we develop the concept of innovation capitalization and elaborate its mechanism. Based on housing data of 1668 communities in Guangzhou, a combination of the spatial regression model and the geodetector method were applied to confirm that innovation has a capitalization effect. This research is among the first attempts to quantitatively test the capitalization effect of innovation. The spatial regression results indicate that the innovation has significant positive impact on housing prices. The geodetector results indicate that innovation has an important impact on the spatial heterogeneity of housing prices. This research has critical theoretical and empirical value. We argue that from the innovation capitalization perspective, our understanding of",20.0,
a61b01d2b0109b493bebcf7eee1eae5c1109d27f,10.1016/j.jhe.2017.12.001,Delivering affordable housing and neighborhood quality: A comparison of place- and tenant-based programs,2017.0,Journal of Housing Economics,E. Eerola; Tuukka Saarimaa,"This paper analyzes the relative merits of large place- and tenant-based housing programs in Finland in terms of housing affordability and neighborhood quality. Using hedonic regression methods and household micro data, we find that rent savings to public housing tenants are less targeted towards low-income households than housing allowance. In addition, low-income public housing tenants live in poorer, less educated and lower quality neighborhoods than similar low-income households in private rental housing. This suggests that place-based programs may lead to more segregation than tenant-based alternatives even when neighborhood mixing is an explicit aim of the program, as in Finland.",20.0,https://www.cesifo.org/DocDL/cesifo1_wp6674.pdf
80b006b5172cb65140e593af6591ed3790ec0198,10.1016/j.landusepol.2020.104748,"The demand for education: The impacts of good schools on property values in Brisbane, Australia",2020.0,Land Use Policy,D. Rajapaksa; Marcel Gono; C. Wilson; Shunsuke Managi; Bo-On L. Lee; Viet-Ngu Hoang,"The demand for education is partly revealed by a higher demand for properties around good schools, which has been the basis for a number of empirical studies. This research attempts to explore the nexus of school quality and the property market when school ranking is clearly available to the public. The spatial hedonic property valuation method was employed to analyze selected Brisbane public (state) and private schools consisting of those with high, middle and low ranking in terms of average student academic school performance. The results imply the capitalization of school values in both property and rental prices. The research also demonstrates the spillover impacts of school development. Such impacts are higher in comparison to previous studies, which are supported by the average school performance considered in individual assessments. The results of this study can be a valuable input into school policy reforms. (JEL: H23, I20, I28, R21)",20.0,
95d8a24821ef62bf29fd9f0f3505a9288a26be06,10.2139/ssrn.2648840,Spatial and hedonic analysis of house price dynamics in Warsaw,2015.0,,Marta Widłak; J. Waszczuk; K. Olszewski,,20.0,https://doi.org/10.2139/ssrn.2648840
d07278917cd10d3c330180bd32143c245b4f5639,10.1080/08920750903398287,Estimating a Payment Vehicle for Financing Nourishment of Residential Beaches using a Spatial-Lag Hedonic Property Price Model,2010.0,,O. A. Morgan; S. Hamilton,,20.0,http://libres.uncg.edu/ir/asu/f/Morgan_Ashton_2010_Estimating_Payment_vehicle_financing.nourishment.pdf
275ef524fa6ec8255e8b2778f98bbc60cfd20e7a,10.4102/sajems.v12i2.280,Determining the negative effect on house values of proximity to a landfill site by means of an application of the hedonic pricing method,2011.0,,M. du Preez; T. Lottering,"This study applied the hedonic pricing method to determine whether a disused, solid waste landfill site has an adverse effect on the prices of low-cost houses in New Brighton, a neighbourhood of the Nelson Mandela Metropole, Eastern Cape, South Africa. The results of the study show that the landfill site has a negative effect on New Brighton house prices. The average increase in house value is R36.00 per one hundred metres from the landfill site. This increase amounts to 0.44 percent of the value of a house per 100 metres from the landfill. When the change in value is summed for all the properties in the sample area (allowing for variation in value change due to differing distances from the landfill site) the total disamenity effect of the landfill site is approximately R1.4 million.",19.0,https://sajems.org/index.php/sajems/article/download/280/98
397846aeeb0cc34f22005656cc9e81b3d0e90f14,10.1016/j.socscimed.2019.04.046,"Understanding demand for higher quality sanitation in peri-urban Lusaka, Zambia through stated and revealed preference analysis.",2019.0,Social Science & Medicine (1967),J. Tidwell; F. Terris-Prestholt; M. Quaife; R. Aunger,"Poor peri-urban sanitation is a significant public health problem, likely to become more important as the world rapidly urbanizes. However, little is known about the role of consumer demand in increasing peri-urban sanitation quality, especially for tenants using shared sanitation as only their rental choices can be observed in the market. We analyzed data on existing housing markets collected between 9 Jun and 6 Jul 2017 using the Hedonic Pricing Method (HPM) to capture the percentage of rent attributable to sanitation quality (n = 933). We also conducted discrete choice experiments (DCEs) to obtain willingness to pay (WTP) estimates for specific sanitation components (n = 1087), and explored the implications by estimating the proportion of plots for which improved sanitation quality would generate a higher return on investment for landlords than building a place for an additional tenant to live. The HPM attributed 18% of rental prices to sanitation (∼US$8.10 per month), but parameters for several components were poorly specified due to collinearity and low overall prevalence of some products. DCEs revealed that tenants were willing to pay $2.20 more rent per month for flushing to",18.0,https://www.sciencedirect.com/science/article/pii/S0277953619302552/pdf
2c37da346f6fc1c6de8f84507815b54b33417241,10.3390/land12112069,Green Space and Apartment Prices: Exploring the Effects of the Green Space Ratio and Visual Greenery,2023.0,Land,Jong-Won Lee; Sang-woo Lee; Hai-Gyong Kim; Hyun-Kil Jo; Se-Rin Park,"Urban green spaces provide various social, economic, health, aesthetic, environmental, and ecological benefits. This study aimed to investigate the influence of green spaces on apartment prices, with a particular emphasis on visual greenery and the proportion of green spaces. Hedonic pricing models have often been used to assess the impact of green spaces on housing prices. Herein, 16 variables were considered as factors affecting housing prices and divided into housing, neighborhood, and green space characteristics. The findings indicate that the presence of green spaces enhanced the value of apartment complexes. Moreover, both visual greenery and the proportion of green spaces within apartment complexes influenced housing prices. Additional analysis demonstrated the impact of green space characteristics within Seoul apartment complexes on housing price changes from 2016 to 2022, finding that higher green space proportions and visual greenery led to approximately 20% higher price increases, and structural equation modeling revealed that the proportion of green spaces within apartment complexes, directly and indirectly, influenced housing prices through visual greenery. Overall, th",18.0,https://www.mdpi.com/2073-445X/12/11/2069/pdf?version=1700209490
def90b8b65243cda9fe61e9eaaa7ec5096155900,10.24187/ecostat.2018.500t.1947,"Accessibility, Local Pollution and Housing Prices. Evidence from Nantes Métropole, France",2018.0,Economie et Statistique / Economics and Statistics,Dorothée Brécard; Rémy Le Boennec; Frédéric Salladaré,"In this empirical article, we analyze the extent to which accessibility and environmental variables are capitalized in apartment prices in Nantes Metropole, France. Using a sample of 5,590 transactions in 2002, 2006, 2008 from the Perval database, we estimate a spatial hedonic price model that takes into account spatial autocorrelation and spatial heterogeneity. Special attention is also paid to the construction of environmental quality variables (noise exposure , air pollution). We find that apartment prices depend positively on proximity to Nantes city centre but that the public transport network (urban or non-urban) has no significant influence. Noise reduction is valued, but only at low or marginal levels of significance. Last, air quality does not significantly influence apartment prices. These results can be related to good accessibility and environmental quality in Nantes Metropole which probably makes households less sensitive to these issues than in other geographical contexts. This seems to provide little support for sustainable urban mobility plans favoring better accessibility, unless public authorities also target the greater awareness of the use of virtuous modes of t",18.0,https://doi.org/10.24187/ecostat.2018.500t.1947
90decb41b454a38dee63486b408022b766c2dc06,10.1017/age.2016.29,Effects of New Grocery Store Development on Inner-City Neighborhood Residential Prices,2017.0,Agricultural and Resource Economics Review,Belkis Cerrato Caceres; J. Geoghegan,"A difference-in-differences approach is used to measure the impact of new inner-city grocery store developments on residential housing values in Worcester, Massachusetts. Using geocoded housing sales from 1988–2011, we develop a hedonic model, exploiting temporal and spatial discontinuities, to identify the effect of 12 new grocery stores on neighborhood housing prices. Results suggest these new stores were associated with an increase in sale prices of nearby homes, and these results could help inform current policies related to urban food deserts, in that new grocery stores have the potential to improve neighborhood wealth as well as health.",18.0,https://www.cambridge.org/core/services/aop-cambridge-core/content/view/8B9211DFDBF757D7F938CB1122AC1657/S1068280516000290a.pdf/div-class-title-effects-of-new-grocery-store-development-on-inner-city-neighborhood-residential-prices-div.pdf
36d7ed75000f783229ab78a6124ae893a6605dad,10.1177/23998083221122790,A spatial autoregressive geographically weighted quantile regression to explore housing rent determinants in Amsterdam and Warsaw,2022.0,Environment and Planning B Urban Analytics and City Science,Mateusz Tomal; M. Helbich,"A hedonic approach is typically performed to identify housing rental or sales price determinants. However, standard hedonic regression models disregard spatial autocorrelation of prices and heterogeneity of housing preferences across space and over price segments. We developed a spatial autoregressive geographically weighted quantile regression (GWQR-SAR) to address these shortcomings. Using data on the determinants of residential rental prices in Warsaw (Poland) and Amsterdam (The Netherlands) as case studies, we applied GWQR-SAR and rigorously compared its performance with alternative mean and quantile hedonic regressions. The results revealed that GWQR-SAR outperforms other models in terms of fitting accuracy. Compared with mean regressions, GWQR-SAR performs better, especially at the tails of the dependent variable distribution, where non-quantile models overestimate low rent values and underestimate high ones. Policy recommendations for the development of private residential rental markets are provided based on our results, which incorporate spatial effects and price segment requirements.",18.0,
2aca27e78d4b5e76536c92393854f60e1bcbb64e,10.24201/edu.v32i1.1615,Los costos de la expansión urbana: aproximación a partir de un modelo de precios hedónicos en la Zona Metropolitana del Valle de México,2016.0,,José Alberto Lara Pulido; María Gabriela Estrada; J. Gómez; Alejandro Eduardo Guevara Sanginés,"The Mexico City Metropolitan Area (MCMA) has experienced an expansion that is not proportional to population growth. Among other forms of settlement, the construction of large, peripheral housing complexes promotes this expansion, imposing individual and social costs. This paper reviews the characteristics of urban expansion in the MCMA and production conditions of peripheral social housing, individuals’ loss of income due to the distance from the workplace and, through a hedonic price model, considers the role played by this distance in the price differential between peripheral and intra-urban housing.",18.0,https://estudiosdemograficosyurbanos.colmex.mx/index.php/edu/article/download/1615/pdf
e09eb66a0e6faeeb45b54c4fe899a40e616a79b4,10.1016/j.jtrangeo.2018.05.022,Externalities of auto traffic congestion growth: Evidence from the residential property values in the US Great Lakes megaregion,2018.0,Journal of Transport Geography,Jangik Jin; Peter C Rafferty,"Traffic congestion is getting worse and commuting cost is getting higher in every major metropolitan area. In this study, we attempt to explore the negative externalities of traffic congestion focusing on housing prices. We use a unique transportation dataset, the National Performance Management Research Data Set (NPMRDS), which contains information on every 5 min travel time across the extensive region to measure traffic congestion at the local level. In order to estimate the effect of traffic congestion on residential property values, we use a dynamic hedonic price model with a monthly panel dataset. Our findings show that while there is no significant relationship between congestion growth and housing price growth in rural and non-metro areas, the effects of congestion growth on housing price growth in urban and metro areas are obvious. We verify that traffic congestion functions as a disamenity in a local neighborhood. Transportation policies that aim to relieve traffic congestion should consider that severe traffic congestion may have an adverse effect on local property values.",18.0,
a64f7b3fbf465474fe48e94e76e850dbf3c81309,10.1061/(asce)up.1943-5444.0000595,"Walkability, Safety, and Housing Values in Shrinking Cities: Spatial Hedonic Study in Buffalo, Pittsburgh, and Detroit",2020.0,,Li Yin; Hao Zhang; K. Patterson; R. Silverman; Liang Wu,Abstract The growing market demand for pedestrian and transit-oriented communities can be capitalized into higher housing values and can generate much-needed revenue for shrinking cities. Few studi...,18.0,
afbac9d0f4d5ddf2b0de3d7be528c92132e3440f,10.1108/ijhma-06-2019-0063,Estimating the impact of crime risk on housing prices in Malaysia,2019.0,,W. Wong; Adilah Azhari; N. Abdullah; Chee-Yin Yip,"Purpose - The purpose of this study is to examine the impact of crime risk on housing prices at a national level in Malaysia during the period from 1988 to 2016. Design/methodology/approach - A hedonic regression approach was used to estimate the Malaysian households’ valuation for crime risk. Specifically, the state-level property index on the state-level reported crime rate was regressed while controlling for state-level socioeconomic variables. The macroeconomic panel nature of the data set provides the merit to use a panel dynamic model instead of the traditional static panel data techniques (fixed effects or first difference). Findings - Panel dynamic estimators consistently show a negative impact of crime risks on housing prices. The estimated elasticity of housing prices with respect to crime risks ranges from -0.141 to -0.166, in line with existing literature using micro level data. In fact, householders in crime hotspot states are willing to pay more for crime reduction compared to householders in non-hotspot states. The willingness to pay has also increased since the implementation of nationwide crime reduction plans in 2010. Research limitations/implications - This is th",17.0,
58550744bb34943760563802e3746b626c794a5e,10.1111/roiw.12534,Residential Property Price Indexes: Spatial Coordinates Versus Neighborhood Dummy Variables,2021.0,The Review of Income and Wealth,W. Diewert; C. Shimizu,"The paper addresses the following question: can satisfactory residential property price indexes be constructed using hedonic regression techniques where location effects are modeled using local neighbourhood dummy variables or is it necessary to use spatial coordinates to model location effects. Hill and Scholz (2018) addressed this question and found, using their hedonic regression model, that it was not necessary to use spatial coordinates to obtain satisfactory property price indexes for Sydney. However, their hedonic regression model did not estimate separate land and structure price indexes for residential properties. In order to construct national balance sheet estimates, it is necessary to have separate land and structure price indexes. The present paper addresses the Hill and Scholz question in the context of providing satisfactory residential land price indexes. The spatial coordinate model used in the present paper is a modification of Colwell’s (1998) spatial interpolation method. The modification can be viewed as a general nonparametric method for estimating a function of two variables.",17.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/roiw.12534
f1a412fa42f39299aa80fda34966cf138eeddfe0,10.1515/remav-2020-0016,The Role of Listing Price Strategies on the Probability of Selling a House: Evidence from Vietnam,2020.0,Real Estate Management and Valuation,Hong Nguyen Thi Bich; Hoài Nguyễn Trọng; H. Thanh,"Abstract The aim of this paper is to measure the dynamic effects of listing price strategies and housing features on the probability of selling a house over the marketing period by adopting a two-stage regression analysis. In the first stage, we define the listing price strategies as the gaps between the actual listing price and expected selling price, estimated by a hedonic model. The Cox Probability Hazard models are applied in the second stage to measure the effects of listing price strategies on the probability of sales over various listing periods, such as 30-day, 90-day, 180-day and 270-day listing periods. We find that overpriced listing strategies have a significant impact on the probability of sale at any point during the first 30 days of marketing time. This effect seems to diminish and disappear after six months of marketing time. This shows that the first 30 days of the marketing time are critical and housing liquidity is strongly affected by pricing strategies. When the time on market is over 30 days, the influence of the seller’s pricing decisions on housing liquidity is diminished.",17.0,https://www.sciendo.com/pdf/10.1515/remav-2020-0016
918708af65f53bc2092ee315626609025100f13f,10.1016/j.regsciurbeco.2021.103680,"Property tax capitalization, a case study of Dallas County",2021.0,Regional Science and Urban Economics,Seth H. Giertz; Rasoul Ramezani; Kurt J. Beron,"Abstract We estimate the degree to which local property taxes are capitalized into house prices using administrative data from the Dallas Central Appraisal District (DCAD) from 2014 to 2016. Capitalization rates are measured using a hedonic price regression model. To control for unobservable neighborhood characteristics, we employ a border discontinuity research design, restricting our sample to homes within half-mile blocks of jurisdictional boundaries. With respect to school district taxes, we estimate that more than 70 percent of the increase in the present value of property tax liabilities resulting from a tax increase is capitalized into current house prices. The null hypothesis of full capitalization cannot be rejected. For city taxes, capitalization rates are even larger. We also estimate the willingness to pay for public schools, finding that a one standard deviation increase in test scores results in a roughly four-percent increase in house prices.",17.0,
e31cae63ae1727f46acb28746be8df350845a64d,10.1177/0361198118774153,Spatio-Temporal Hedonic Price Model to Investigate the Dynamics of Housing Prices in Contexts of Urban Form and Transportation Services in Toronto,2018.0,Transportation Research Record,Jason Hawkins; K. N. Habib,"A spatio-temporal hedonic price model is developed for the Greater Toronto area to examine the effects of urban configurations and proximity to transit services on housing price. A spatial Durbin panel model is utilized to account for both spatial and temporal autocorrelation. This model is shown to have advantages through its ability to reduce the number of explanatory variables required to obtain a strong fit with empirical data. Analysis is completed for the period of 1996 to 2017 and distinctions are made in housing stock between single-family houses, townhouses, and condominiums. It is shown that heterogeneities exist between the hedonic representations of each dwelling type and that separate models should be employed for each. In all cases, the average income of the community, its distance to the central business district (CBD), and population and employment density are found to be significant factors in the determination of price.",17.0,
62968afe3a42647a4ec2a8d56d3697bd0d445b65,10.1016/j.regsciurbeco.2020.103583,"The political economy of historic districts: The private, the public, and the collective",2021.0,,Yang Zhou,"Abstract This paper studies the political economy of historic district designation, with a focus on how historic district designation influences housing prices. I provide transaction-level empirical evidence from Denver, Colorado from 1990 to 2016 using hedonic price models with multiple fixed-effects. Results suggest that being in a historic district generates a 12-23% premium for house transactions after designation. Given the institutional context of Denver, I argue that one possible mechanism of the premium is the collective action problem in the historic district designation process. Meanwhile, a 10-20% positive spillover to the neighboring homes of historic districts is found, and the specific characteristics of historic districts influence the spillovers.",17.0,
e3046e1599fd70135579f81ffd387c2d5949e20c,10.1016/j.landurbplan.2019.103608,Value of playgrounds relative to green spaces: Matching evidence from property prices in Australia,2019.0,Landscape and Urban Planning,Robert V. Breunig; S. Hasan; Kym Whiteoak,"Abstract We examine the effect on house prices of the presence of a small playground relative to an empty green space using a matching approach combined with hedonic regression analysis. Using a data set of 33,521 property sales in urban Australia, we match properties near small playgrounds to similar properties near two empty, open green spaces which are candidates for playground construction. We control for property characteristics and distance to a wide range of urban amenities and other open spaces. We find that the presence of a playground within 300 metres adds about AU$20,000 (4.6 per cent) to the average property price. The price effect of a playground is larger for houses than apartments and falls with distance from the playground.",17.0,
41d5be2451edc5099f59b1c75ca171953a9fe839,10.1016/j.enbuild.2025.115377,The price premium of residential energy performance certificates: A scoping review of the European literature,2025.0,Energy and Buildings,Yunbei Ou; Nick Bailey; D. P. McArthur; Qunshan Zhao,"Achieving a reduction in energy demand and a decarbonisation of the energy supply is crucial to reaching overall goals for Net Zero by 2050, underscoring the importance of energy efficiency improvements in the housing sector. While Energy Performance Certificates (EPCs) in the EU are important tools to encourage investment in energy efficiency through market signals, their effectiveness remains in question. This review aims to summarise the European academic literature in English on the price premium of residential EPCs. The objectives are to summarise the scope and scale of the research, the methodological approaches and limitations, and to synthesise the estimated price premium. Adopting a scoping review approach with digital databases and artificial intelligence tools for literature searching, 68 studies and 111 models are included covering studies to May 2024. Findings show that studies are mainly concentrated in those parts of Europe where EPC data are openly available, and that the publication pace increased in recent years. With hedonic models being the dominant approach, major limitations found in this field include property-level data availability and omitted variable bias",16.0,https://doi.org/10.1016/j.enbuild.2025.115377
8bb746cf3836d0369fc936a3f50aeb9c450357fe,10.3390/su152216013,Influence of Urban Railway Network Centrality on Residential Property Values in Bangkok,2023.0,Sustainability,Varameth Vichiensan; Vasinee Wasuntarasook; Titipakorn Prakayaphun; M. Kii; Yoshitsugu Hayashi,"In recent decades, Bangkok has experienced substantial investments in its urban railway network, resulting in a profound transformation of the city’s landscape. This study examines the relationship between railway development and property value uplift, particularly focusing on network centrality, which is closely linked to urban structure. Our findings are based on two primary analyses: network centrality and spatial hedonic models. The network centrality analysis reveals that closeness centrality underscores the city’s prevailing monocentric structure, while the betweenness centrality measure envisions the potential emergence of urban subcenters. In our hedonic analysis of condominiums near railway stations, we formulated various regression models with different specifications, incorporating spatial effects and network centrality. With Bangkok’s predominant monocentric structure in mind, we found that the spatial regression model, including a spatial error specification and closeness centrality, outperforms the others. This suggests that the impact of railways on property values extends beyond station proximity and encompasses network centrality, intricately linked with the city’s",16.0,https://www.mdpi.com/2071-1050/15/22/16013/pdf?version=1700133057
aeb59a8e15c10bf40f0a569235c51baa2704e638,10.1016/j.jeem.2023.102839,The property value impacts of industrial chemical accidents,2023.0,Journal of Environmental Economics and Management,D. Guignet; Robin R. Jenkins; James C. Belke; Henry Mason,"Using hedonic property value methods, we examine how chemical accidents at industrial facilities impact home values in surrounding communities. The study focuses on facilities regulated by the U.S. Environmental Protection Agency’s (EPA) Risk Management Plan (RMP) program, which is in place to reduce the risk of harm to offsite populations from accidental chemical fires, explosions, and releases of toxic vapors. RMP facility and accident data were linked to residential property transactions in Michigan, Ohio, and Pennsylvania occurring between 2004 and 2014. To facilitate causal inference, alternative quasi-experimental difference-in-differences and triple differences models are estimated, where we compare homes near and far, and before and after, an accident; as well as homes near RMP facilities where an accident did and did not occur. We find that the typical accident does not affect home values, but accidents resulting in offsite injuries, property damage, evacuations, or shelter-in-place orders lead to a 5% to 7% decrease in the value of homes within five kilometers, this translates to an average loss of $12,000 to $17,000 per home. The benefits of the RMP program in avoiding t",16.0,https://doi.org/10.22004/ag.econ.348919
c92c089255ee3514b433510cc6f93ffb40f7919d,10.30672/njsr.95437,Impacts of shopping malls on apartment prices: the case of Stockholm,2020.0,,Mats Wilhelmsson; R. Long,"Shopping malls, as an important type of commercial facilities, are growing dramatically. They have gradually become one of the most dominant factors that can influence people's daily life as well as a city's economic development. People's willingness to pay for dwellings is also primarily associated with the surrounding commercial layout. Hence, it is of interest to find out more from a quantitative perspective on the relationship between shopping malls and housing prices. This study aims to analyze how the prices of condominiums will be affected by the proximity of shopping malls. Two aspects are considered and examined in the empirical study, namely a proximity to the shopping mall, and the number of shopping malls within 3 kilometers radius. We try to examine if there is any price premium for those apartments near the shopping mall or with more shopping malls in the neighborhood. In this empirical study, 36 shopping malls in different locations in the county of Stockholm, Sweden, is utilized. The sample of transactions consists of 336,914 apartments. By using regression analysis, based on the traditional hedonic model, the results show that there is an inverse relationship betwe",16.0,https://journal.fi/njs/article/download/95437/57498
ec5d5c6b6c61bc49d186de49b0af4c56f8d6b132,10.1177/0042098020960968,The effects of land price in the peri-urban fringe of Mexico City: Environmental amenities for informal land parcel purchasers,2020.0,Urban studies,Estebania Teyeliz Martínez-Jiménez; J. le Gallo; Enrique Pérez-Campuzano; Alonso Aguilar Ibarra,"In many developing countries, urban growth is characterised by the emergence of informal housing at the periphery. Nevertheless, there is little evidence based on data from informal land markets and, in general, studies focusing on such markets often neglect environmental factors. Therefore, to contribute to these research gaps, this article aims to enhance our understanding of land markets in informal land parcels and their relationship to environmental amenities, by providing empirical evidence from Mexico City. The article estimates a hedonic pricing model using robust ordinary least squares with a SHAC (Spatial Heteroskedasticity and Autocorrelation Consistent) inference, including structural, environmental, neighbourhood and accessibility features. Results provide empirical insights regarding the way this land market behaves in the peri-urban area. Our findings reveal that informal land parcel purchasers are willing to pay for basic services such as access to piped water, proximity to schools and accessibility features such as being close to city centre, motorways and underground stations. Although a positive relationship between land price and distance to the nearest forest o",16.0,
67b546a2a2e167541897a54ad1a4e3021e8635ea,10.1007/s11442-015-1223-6,Impact of urban landscape and environmental externalities on spatial differentiation of housing prices in Yangzhou City,2015.0,Journal of Geographical Science,Yang Wang; Ling-Ling Zhao; L. Sobkowiak; Xingliang Guan; Shaojian Wang,"In this study, housing prices data for residential quarters from the period 2001–2012 were used and Global Differentiation Index (GDI) was established to measure the overall differentiation trend in housing prices in Yangzhou City, eastern China. Then the influence of the natural landscape and environment on prices of global housing market and housing submarkets was evaluated by the hedonic price model. The results are shown as follows. (1) There have been increasing gaps among housing prices since 2001. In this period, the differentiation trend has shown an upward fluctuation, which has been coupled with the annual growth rate of housing prices. (2) The spatial distribution of residential quarters of homogenous prices has changed from clustered in 2001 into dispersed in 2012. (3) Natural landscape and environmental externalities clearly influence spatial differentiation of housing prices. (4) In different housing submarkets, the influence of natural landscape and environmental externalities are varied. Natural landscape characteristics have significant impact on housing prices of ordinary commercial houses and indemnificatory houses, while the impact of environmental characteristi",16.0,http://ir.igsnrr.ac.cn/handle/311030/38915
1fef3c57a22c115ecb4a1aef704b735ee272ba6c,10.3390/jrfm15050193,Machine Learning Applications to Land and Structure Valuation,2022.0,Journal of Risk and Financial Management,Michael Mayer; Steven C. Bourassa; M. Hoesli; D. Scognamiglio,"In some applications of supervised machine learning, it is desirable to trade model complexity with greater interpretability for some covariates while letting other covariates remain a “black box”. An important example is hedonic property valuation modeling, where machine learning techniques typically improve predictive accuracy, but are too opaque for some practical applications that require greater interpretability. This problem can be resolved by certain structured additive regression (STAR) models, which are a rich class of regression models that include the generalized linear model (GLM) and the generalized additive model (GAM). Typically, STAR models are fitted by penalized least-squares approaches. We explain how one can benefit from the excellent predictive capabilities of two advanced machine learning techniques: deep learning and gradient boosting. Furthermore, we show how STAR models can be used for supervised dimension reduction and explain under what circumstances their covariate effects can be described in a transparent way. We apply the methodology to residential land and structure valuation, with very encouraging results regarding both interpretability and predictiv",16.0,https://www.mdpi.com/1911-8074/15/5/193/pdf?version=1650452416
ba4982276d351cbc97697d547d43a0f3fad19bb3,10.1186/s13617-020-00093-1,Possible effects of potential lahars from Cotopaxi volcano on housing market prices,2020.0,Journal of Applied Volcanology,Richard Caleb Echegaray-Aveiga; F. Rodríguez-Espinosa; T. Toulkeridis; Richard Damian Echegaray-Aveiga,"The recent awakening of the Cotopaxi volcano in Ecuador set the conditions to estimate and verify the possible effects of potential lahars on residential housing unit prices. About 300,000 people live in the Los Chillos valley, which is the northern natural drainage of Cotopaxi’s lahars; therefore, the effects on house values can be significant. We have used housing information from 2016 of 240 properties to settle a hedonic price model within and outside of the lahar’s area. The regression model has a significant R 2 value of about 0.723. The variable that determined the effects of potential lahar on the hedonic model demonstrates that the value of a residence house unit will increase its price by 41.99 USD for each meter away from the lahar path. Our study suggests that environmental disamenities generated by natural hazards will have a negative effect on residential house unit prices and we infer that consumers would be willing to pay a higher price in order to avoid such potential disamenities.",16.0,https://appliedvolc.biomedcentral.com/counter/pdf/10.1186/s13617-020-00093-1
ed9e429c2a6b69b09652fe87f2c32e25308c408b,10.1109/bigdata.2018.8622422,A Bayesian Approach to Residential Property Valuation Based on Built Environment and House Characteristics,2018.0,2018 IEEE International Conference on Big Data (Big Data),Zhi-Cheng Liu; Shuai Yan; Jun Cao; Tan-Hua Jin; Jiabo Tang; Jun-Yan Yang; Qiao Wang,"Housing market receives a broad attention from society. Understanding how built environment and house characteristics are valued in housing market is critical to investment and city development. However, this problem is challenging because of the existence of submarket resulted from the heterogeneous urban form and physical barriers. Traditionally, residential property valuation is carried out by Hedonic Price Model(HPM). However, traditional HPM based on linear model has limitation in valuation accuracy and suffers from submarket effect. In this paper, we propose a Bayesian approach to residential property valuation based on built environment and house characteristics. Specifically, we introduce a latent variable representing housing submarket and model corresponding factors and HPM into a Bayesian network. Utilizing the dependencies modeled in the Bayesian network, our model is able to capture the characteristics of submarket in location proximity, house attribute similarity and substitutability. Meanwhile, our model leverages the mutual enhancement of clustering and regression to build HPMs for each submarket. We conduct empirical evaluations quantitatively and qualitatively in ",16.0,
0ef6dfc4d41100875f542d6dd6cebe878143b7a8,10.1111/pirs.12124,The willingness to pay for in-house piped water in urban and rural Indonesia,2016.0,,Y. Suparman; H. Folmer; J. Oud,"This paper analyses household preferences for in-house piped water in urban and rural Indonesia via a hedonic price model, specified as a constrained autoregression-structural equation model (ASEM). ASEM reduces bias due to time-varying omitted variables and measurement errors. In addition, it provides a convenient way of testing and correcting for endogeneity. On the basis of the Indonesia Family Life Survey data set, we find that on average urban and rural households have the same willingness to pay for in-house piped water, that is, 34.24 per cent of their monthly house rent. For the 25 per cent urban and rural households with lowest expenditure, this percentage is equivalent to 9.41 per cent and 7.57 per cent of their monthly expenditure, respectively. The findings support a need for further investment in in-house piped water in both areas, particularly for the households with the lowest expenditure levels.",16.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/pirs.12124
33f88adea22caddc5b7fb7754748e096e7a6774f,10.1162/rest_a_00868,Win or Lose: Residential Sorting After a School Choice Lottery,2020.0,Review of Economics and Statistics,Andrew J. Bibler; Stephen B. Billings,"Abstract We examine residential relocation and opting out of the public school system in response to school choice lottery outcomes. We show that rising kindergartners and sixth graders who lose a school choice lottery are 6 percentage points more likely to exit the district or change neighborhood schools (20% to 30% increase) and make up 0.14 to 0.35 standard deviations in average school test scores between lottery assignment and attendance the following year. Using hedonic-based estimates of land prices, we estimate that lottery losers pay a 9% to 11% housing price premium for access to a school with a 1 standard deviation higher mean test score.",16.0,https://direct.mit.edu/rest/article-pdf/102/3/457/1881525/rest_a_00868.pdf
3be070aed7a43d34427bf2f07c111f08a0490e9c,10.1016/j.egypro.2011.09.072,Social Factors Affecting Economic Welfare of the Residents around Nuclear Power Plants in Japan,2011.0,,Fumihiro Yamane; H. Ohgaki; Kota Asano,"Abstract This study examines several nuclear power plant sites in Japan by hedonic house rent analysis. As a result, for some plants, the neighboring houses are negatively evaluated by the residents, that is, their economic welfare get worse by living near the plants, whereas there are no or positive evaluations for the other plants. Meta analysis is carried out to examine social factors causing these differences – such as plant's attributes (operation years and past accidents) and host community's attributes (population density, change in employment and industrial structure, financial condition and change in social infrastructures).",16.0,https://www.sciencedirect.com/science/article/pii/S187661021101825X/pdf
a363d6cac121c29186feb15d46840faab8796f4f,10.1016/j.enpol.2018.09.017,The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis,2018.0,Energy Policy,Dominique J. Pride; Joseph M. Little; M. Mueller-stoffels,"Abstract Residents of Interior Alaska are faced with a cold climate and relatively high energy prices, which results in high home energy expenditures. Increasing the energy efficiency of the housing stock can help reduce household energy expenditures. Following a spike in oil prices in 2008, legislation was passed, which created the Home Energy Rebate Program. Homeowners participating in the program were eligible to receive up to a $10,000 rebate for preapproved home energy efficiency improvements. This paper examines the effect of the Home Energy Rebate program on the selling prices of single-family residences in the Fairbanks North Star Borough from 2008 through 2015 using a hedonic pricing analysis. The results show that homes that completed the Home Energy Rebate program in the Fairbanks North Star Borough sell for a 15.1–16.5% price premium over similar homes that did not complete the program, which indicates that investments in residential energy efficiency are compensated. This is the first study to examine the impact of energy efficiency on house prices in a market with a subarctic climate.",16.0,
74fb81e360438d95b72d6619e7446bb4efda2951,10.1080/17421772.2024.2418906,Determinants of housing rental prices in Seoul: applying explainable AI,2024.0,Spatial Economic Analysis,Tae-Young Kim; Eunil Park; Doojin Ryu,"ABSTRACT Though previous analyses of housing rental prices rely on hedonic pricing or ordinary least squares models, they cannot fully account for the nonlinearity and complexity inherent in the determination of market prices. We exploit machine-learning techniques to accurately understand the determinants of housing rental prices and emphasise explainable artificial intelligence (XAI) to overcome the limitations of classical machine learning with black-box features. To analyse the determinants of housing rental prices in Seoul, we apply extreme gradient boosting (XGBoost) and Tree Shapley additive explanations (TreeSHAP) models which learn and explain nonlinear features of the rental prices. XGBoost predicts rental prices more accurately than regressions and is robust to multicollinearity. TreeSHAP identifies local and global features affecting the determination of rental prices. Our analyses identify the individual impacts of various determinant variables on rental prices and underscore the multifaceted influences that these variables exert on housing affordability.",16.0,
dbce04e03289c8a3d984e147d1ec47e044ad6c50,10.18869/acadpub.iueam.5.19.29,Forecasting the House Price for Ahvaz City: the Comparison of the Hedonic and Artificial Neural Network Models,2017.0,,S. Ghorbani; S. Afgheh,": Determination and the estimation of the house price in urban areas has a great importance for governments, individual and state investors and common people. The mentioned estimation can be used in future planning and decision making of many urban and regional policies. In this regard, due to the vital importance of the house price in recent decades powerful and effective functions have been used in order to forecast and estimate the house price. The main purpose of the current study was to present an optimal model to forecast and identify the determinants of the house price in Ahvaz metropolitan by the comparison of the Hedonic and Artificial Neural Network Models and the choice of the optimal model. The present study has a developmental-applied nature which follows a descriptive-analytical approach. The sample included 286 statistical unit in 2015 based on 27 related variables were evaluated to forecast the house price in Ahvaz city. This study used semi-log hedonic function and Neural Network Multilayer Perceptron (MLP) approaches. To compare the results of the two models in terms of predictability the criteria of R2, MSE, RMSE, MAPE, MAE and TIC coefficient were utilized. The ",15.0,https://doi.org/10.18869/acadpub.iueam.5.19.29
6b637d53652e82a60e4f3920591b034655bf6aef,10.1016/j.jtrangeo.2020.102831,Impact of new motorway on housing prices in rural North-East Slovenia,2020.0,,D. Paliska; S. Drobne,"Abstract The literature generally agrees that improved accessibility has a positive effect on housing values. The motorway constructions in north-eastern Slovenia, completed between 2002 and 2018, significantly improved the accessibility of less developed areas. In this article, we examine how the new motorway has affected the housing values in the mostly rural north-eastern part of Slovenia. We analysed the distance decay effect of amenities and disamenities of motorway links and ramps as well as bus stops, train stations, and railway links on housing prices. In addition to the transport infrastructure variables, we analysed numerous other structural and environmental variables. We estimated three different spatial hedonic regression models: the spatial autoregression model, the spatial error model, and the spatial autocorrelation model. The results indicate that none of proximities to the bus stop, train station, or motorway link have had a significant effect on housing value. However, the rail track proximity exhibited a significant negative association with price. Furthermore, the effect of distance to the nearest motorway ramp on housing value is significant: it is stronger fo",15.0,https://repozitorij.uni-lj.si/IzpisGradiva.php?id=121004
d041fa37ce7237786a589b99d013948f09ca94f1,10.1016/j.eap.2020.05.007,Do superfund sites affect local property values? Evidence from a spatial hedonic approach,2020.0,Economic Analysis and Policy,GwanSeon Kim; J. Schieffer; T. Mark,"The presence of Superfund sites can have substantial impacts on surrounding property values. A shortcoming of studies utilizing the traditional hedonic price model is that they fail to account for the presence of spatial dependence or autocorrelation in residential housing. Jefferson County, Kentucky is home to Louisville, the largest city in the state. Seven different Superfund sites are located within or just outside the county border. Community planners, appraisal professionals, or policy makers considering the use of a traditional hedonic pricing model will find inefficient estimates compared to a spatial error hedonic model. This study also considers two different phases of the cleanup process, suggesting that median housing value is lower for houses in close proximity to deleted Superfund sites, but is not significantly affected by sites classified as final. Another consideration is the implications of multiple Superfund sites located within five miles of the block group centroid. Findings indicate that multiple Superfund sites do not significantly impact housing values.",15.0,https://doi.org/10.2139/ssrn.2908877
e766ce42d20ce6d53c53ea3f54b8578337a1a02e,10.1177/0042098020927839,"Examining building age, rental housing and price filtering for affordability in Melbourne, Australia",2020.0,Urban studies,Matthew Palm; Katrina Raynor; G. Warren-Myers,"Governments worldwide have responded to housing affordability challenges with supply-side solutions. Proponents of these approaches often draw on the notion of ‘filtering effects’ to argue that new supply naturally trickles down to lower-income households over time, improving affordability. This study examines the characteristics of Naturally Occurring Affordable Housing in Melbourne, Australia, analysing how dwelling age impacts rental cost. We specify a non-linear relationship between building age and rents through hedonic rent modelling, reflecting a premium for historic properties in inner Melbourne. We also conduct a cluster analysis of rental listings and measure affordability by cluster. Our results problematise the notion of filtering, finding that most contemporary affordable housing was initially built in the 1960s and 1970s as social housing or targeted at low-income households. We argue that filtering in this instance is not natural but is instead a reflection of historic government expenditure and past construction choices, or ‘filter up’.",15.0,http://hdl.handle.net/11343/244443
51f59f7550a548af2dfd544956d7f8b479b5c26e,10.1108/ijhma-02-2022-0033,Longitudinal modelling of housing prices with machine learning and temporal regression,2022.0,International Journal of Housing Markets and Analysis,Yu Zhang; A. Rahman; Eric W. Miller,"
Purpose
The purpose of this paper is to model housing price temporal variations and to predict price trends within the context of land use–transportation interactions using machine learning methods based on longitudinal observation of housing transaction prices.


Design/methodology/approach
This paper examines three machine learning algorithms (linear regression machine learning (ML), random forest and decision trees) applied to housing price trends from 2001 to 2016 in the Greater Toronto and Hamilton Area, with particular interests in the role of accessibility in modelling housing price. It compares the performance of the ML algorithms with traditional temporal lagged regression models.


Findings
The empirical results show that the ML algorithms achieve good accuracy (R2 of 0.873 after cross-validation), and the temporal regression produces competitive results (R2 of 0.876). Temporal lag effects are found to play a key role in housing price modelling, along with physical conditions and socio-economic factors. Differences in accessibility effects on housing prices differ by mode and activity type.


Originality/value
Housing prices have been extensively modelled through hedonic",15.0,
b38babf0980bd61fd1135c0f7e186895a5d7e62d,10.1111/ehr.13001,House prices in the Ottoman Empire: evidence from eighteenth‐century Edirne†,2020.0,,G. Karagedikli; A. Tunçer,"This study uses a new dataset of 2,246 notarial deeds of house sales from one of the major cities of the Ottoman Empire, Edirne, covering the period from 1720 to 1814. It estimates real hedonic house prices and urban wealth inequality for the housing market. It shows that house size, proximity to the commercial centre, access to fresh water, and family ties were important determinants of relative house prices. These findings also apply to the different quartiles of the market, indicating limited market segmentation. It demonstrates that there was an increase in housing wealth inequality during the eighteenth century as house prices became more dispersed. The hedonic house price index provides evidence that inflation-adjusted house prices declined substantially following the Russo-Turkish war of 1768–74. The decline is mainly explained through demographic shocks induced by plague epidemics, natural disasters, and other population movements driven by wars, army mobilization, and political upheavals.",15.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/ehr.13001
565af31fd1f0d2f2a188e97f86b6e58a2485f448,10.1177/11786221211053277,"Valuing the Impact of Air Pollution in Urban Residence Using Hedonic Pricing and Geospatial Analysis, Evidence From Quito, Ecuador",2021.0,"Air, Soil and Water Research",Sebastian Borja-Urbano; F. Rodríguez-Espinosa; Marco Luna-Ludeña; T. Toulkeridis,"Air pollution is one of the hazardous effects of urbanization. Hereby, one the most polluted cities in Ecuador is the Metropolitan District of Quito (DMQ). This study attempts to determine the marginal willingness to pay for a cleaner air in the DMQ using the impact of air pollutants on price properties. Spatial interpolation techniques visualized pollutant concentrations in the DMQ. Additionally, a hedonic price model estimated air pollution impact on properties. Results demonstrated hazard levels for at least three pollutants, being Particulate Matter PM2.5, Nitrogen Dioxide NO2, and Sulfur Dioxide SO2. Subsequently, the economic impact on the house market was statistically significant with a decrease in property value between 1.1% and 2.8%. These drop of value between 1,846.20 up to 4,984.74 US$ (United States Dollars) represents a substantial loss in property value for the DMQ and loss of revenues for the city.",15.0,https://journals.sagepub.com/doi/pdf/10.1177/11786221211053277
33bb6f1b232198d68a02a325e907247d5c15da07,10.1371/journal.pone.0260405,Can big data increase our knowledge of local rental markets? A dataset on the rental sector in France,2022.0,PLoS ONE,G. Chapelle; J. Eyméoud,"Social Scientists and policy makers need precise data on market rents. Yet, while housing prices are systematically recorded, few accurate data sets on rents are available. In this paper, we present a new data set describing local rental markets in France based on online ads collected through to webscraping. Comparison with alternate sources reveals that online ads provide a non biased picture of rental markets and allow coverage of the whole territory. We then estimate hedonic models for prices and rents and document the spatial variations in rent-price ratios. We show that rents do not increase as much as prices in the tightest housing markets. We use our dataset to estimate the market rent of each transaction and of social dwellings. In the latter case,this allows us to estimate the in-kind benefit received by social tenants which is mainly driven by the level of private rent in their municipality.",15.0,https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0260405&type=printable
79c9f07bb0c94e267b809bbc0b9bdf89c7eb16dc,10.1016/j.landurbplan.2020.104037,Threshold effects of incremental redevelopment of an industrial property on a residential neighbourhood,2021.0,,B. Tang; K. Wong,"Abstract The threshold effect refers to the presence of a tipping point at which incremental action triggers an abrupt change. It is ubiquitous in both the environment and society. In this study, we identify the threshold effects of the continuous renewal of an industrial area on nearby housing in Hong Kong. Rather than using hedonic or difference-in-differences models, threshold regression models are used to detect the changes in the price-distance gradient of apartments near an industrial redevelopment project over two decades. We found a significant change in the value of apartments located in close proximity to the redevelopment site after a critical mass of new office space was built. Differential responses are also found across geography and for different building types. A possible explanation for these effects is the gentrification of the entire neighborhood. It is likely that a new spatial mix of blue- and white-collar households emerged in the surrounding neighborhoods along with the development of industrial property. Different building features appeal to different housing classes, resulting in dissimilar price-distance responses of the apartments. Integrative spatial des",15.0,
c1ca4e69c0ce476b2a947c812b051c2c1cbd2897,10.1016/j.jue.2021.103371,The value of climate amenities: A comparison of hedonic and discrete choice approaches,2021.0,,P. Sinha; Martha L. Caulkins; M. Cropper,"Abstract Amenities that vary across cities are typically valued using either a hedonic model, in which amenities are capitalized into wages and housing prices, or a discrete model of household location choice. In this paper, we use the 2000 Public Use Microdata Sample (PUMS) to value climate amenities using both methods. We compare estimates of marginal willingness to pay (MWTP), allowing preferences for climate amenities to vary by location. We find that mean MWTP for warmer winters is about twice as large using the discrete choice approach as with the hedonic approach; mean MWTP for cooler summers is approximately the same. The two approaches differ, however, in their estimates of MWTP by location. These disparities lead to significant differences in estimates of willingness to pay to avoid the A2 and B1 SRES scenarios in 2020–2050 using the two approaches.",15.0,http://www.sciencedirect.com/science/article/pii/S009411902100053X
cbf6c9cdc5317641eeb433b4d43eb059b9e4d070,10.1080/02723638.2018.1481601,The price for subway access: spatial econometric modelling of office rental rates in London,2018.0,Urban Geography,K. Kopczewska; A. Lewandowska,"ABSTRACT The relative location of commercial properties as the distance to the metro station as well as its absolute location as the address in the Central Business District (CBD) is expected to influence its valuation. We apply the advanced spatial econometric methodology, based on micro geo-located data, to the office rental transaction data from London in 2015. We use different spatial information on the local and global neighbourhood in order to estimate the spatial hedonic valuation model and test the strength of spatial spillovers and location effects on office fees. For offices in London in 2015, geographical factors may raise the price by 50%, as every next 100 m to the metro cost an additional 0.7 ₤ per ft2 per year and the CBD location raises the cost for ca. 20 ₤ per ft2 per year.",15.0,https://repozytorium.uw.edu.pl//handle/item/122892
e7fa54a50b1dd0e4a7a88975159fe81b9e3b4401,10.1017/s1068280500004433,Spatial Hedonic Valuation of a Multi-use Urban Wetland in Southern California,2013.0,Agricultural and Resource Economics Review,Elaine F. Frey; Marissa B. Palin; P. Walsh; C. Whitcraft,"Most of Southern California's wetlands have disappeared despite being critical ecosystems with many valuable attributes. Many of the wetlands that remain are in relatively urban areas, are severely degraded, and may not function properly. Using hedonic spatial error models, we measure the economic value of living near an urban multi-use wetland in Long Beach, California. Both sales prices and estimated values are used in the analysis. Results show that proximity to wetlands increases residential property values in the focus area. This analysis provides important information for policymakers to justify ongoing restoration projects and prevent further degradation of urbanized natural resources.",15.0,http://ageconsearch.umn.edu/record/155318
4a0a05883004ee538ec38fa812f7d2e81fdd4eb9,10.1007/bf03399272,Do Foreigners Pay Higher Rents for the Same Quality of Housing in Geneva and Zurich?,2008.0,,A. Baranzini; C. Schaerer; J. Ramirez; P. Thalmann,"SummaryThe Geneva and Zurich housing markets are characterised by high proportions of foreigners and a large share of rental housing. This provides ideal conditions for testing whether foreigners pay more for the same quality of housing than Swiss households and whether flats in neighbourhoods with higher proportions of foreigners rent at a discount. Hedonic price equations using a rich dataset on dwellings and their occupants yield evidence of such discrimination and prejudice. They also suggest more complex relationships between tenant nationality, housing and neighbourhood quality, and rents.",15.0,https://sjes.springeropen.com/counter/pdf/10.1007/BF03399272
5b5e03da5dba3d36048e9a53e6fd71851318f386,10.1016/j.seps.2020.100820,Evaluating the value of an entrepreneurial city with a spatial hedonic approach: A case study of London,2020.0,,Hiroki Nakamura,"Abstract This study assesses the value of a city by using the housing price function with a geographically weighted regression model, including various social, economic, and environmental factors. To assess these values, various specific data scores—such as those related to ethnic groups, green areas, crime rates, education, unemployment rates, number of entrepreneurs, and environmental quality—were considered in a case study of London. The results indicate that some variables such as time to city center and entrepreneurship have a positive impact on the local areas’ value in London, as shown by housing prices, while those related to unemployment have a negative impact. Moreover, although the London city center has benefitted more in terms of value than its outskirts have, a few specific policies related to startups and entrepreneurship have succeeded in connecting these areas to existing companies and entrepreneurs. In general, large cities may be better equipped to promote such startup and entrepreneurship policies under local industry plans for future development.",15.0,
281128fee9d8ee7f45a4f3ea650a560d730c37b6,10.1108/ijhma-09-2019-0097,House price estimation using an eigenvector spatial filtering approach,2019.0,International Journal of Housing Markets and Analysis,M. McCord; John McCord; P. Davis; M. Haran; P. Bidanset,"
Purpose
Numerous geo-statistical methods have been developed to analyse the spatial dimension and composition of house prices. Despite these advances, spatial filtering remains an under-researched approach within house price studies. This paper aims to examine the spatial distribution of house prices using an eigenvector spatial filtering (ESF) procedure, to analyse the local variation and spatial heterogeneity.


Design/methodology/approach
Using 2,664 sale transactions over the one year period Q3 2017 to Q3 2018, an eigenvector spatial filtering approach is applied to evaluate spatial patterns within the Belfast housing market. This method consists of using geographical coordinates to specify eigenvectors across geographic distance to determine a set of spatial filters. These convey spatial structures representative of different spatial scales and units. The filters are incorporated as predictors into regression analyses to alleviate spatial autocorrelation. This approach is intuitive, given that detection of autocorrelation in specific filters and within the regression residuals can be markers for exclusion or inclusion criteria.


Findings
The findings show both robust and eff",14.0,https://pure.ulster.ac.uk/en/publications/eee5e300-6b2a-4ab6-844d-9990f084f44c
d7ffe8763f418021dc65a79e3a097dcc950e8b53,10.18666/jpra-2019-9906,The Impact of Greenways and Trails on Proximate Property Values: An Updated Review,2019.0,Journal of Park and Recreation Administration,J. Crompton; S. Nicholls,"In the 1980s a “perfect storm” emerged that enabled trails and greenways to move to a central role in contemporary discussions of urban planning. It was comprised of three elements: Railbanking legislation that preserved railroad corridor rights-of-way and authorized their conversion to trails; federal funding for trails in transportation bills; and a public perception of trails as a priority urban infrastructure amenity. When trails are retrofitted through communities, they are invariably opposed by some proportion of proximate property owners who fear a devaluation of their property. To address this issue, a number of opinion surveys were administered between 1978 and 2006 to residents living proximate to trails. 16 such studies were reviewed. They revealed that in both urban and rural contexts only 6% perceived the trail to negatively impact their property value. However, while 47% of the 2,647 respondents living close to one of the 22 urban trails believed it increased their property’s value, this was believed by only 16% of the 1,212 who resided proximate to one of 10 rural trails. Opinion data provide general impressions, but they lack empirical verification and quantitative ",14.0,
755578f10943061d8e5adfd02909b14166725d76,10.3390/su142416613,Influence of the Urban Green Spaces of Seville (Spain) on Housing Prices through the Hedonic Assessment Methodology and Geospatial Analysis,2022.0,Sustainability,E. Ramírez-Juidías; J. Amaro-Mellado; J. Leiva-Piedra,"The city of Seville (Spain) is made up of a historical network of pre-existing city overlaps, which increase the economic and heritage value of certain urban areas. To date, green spaces are one of the most important variables in determining the economic value of housing. Thus, this paper uses the hedonic technique and geostatistical analysis with GIS as a methodological approach to infer the economic influence of urban green spaces on housing prices. Along with the traditional variables used to explain dwelling prices, the size of the green space has also been taken into account as an environmental variable affecting prices. The sample consists of 1000 observations collected from Seville. According to the findings, the most relevant variables depend on the hedonic model. Still, in general terms, a dwelling’s selling price is related to basic explanatory variables such as living area, number of rooms, age, and number of baths. The green area per inhabitant present in a dwelling’s district is also included as part of these basic explanatory variables. In conclusion, the hedonic linear model is the model that best fits housing prices where the values are similar to those obtained by ",14.0,https://www.mdpi.com/2071-1050/14/24/16613/pdf?version=1670834984
27ea51454849aec008c131dc7851b22308ce20da,10.1016/j.eneco.2022.105955,How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market,2022.0,Energy Economics,Rui Evangelista; J. A. E. Silva; Esmeralda A. Ramalho,"This paper investigates the impact of energy efficiency along the unconditional distribution of residential property prices in Portugal. Using a dataset of more than 256,000 residential property sales from 2009 to 2013, a period that covers an economic depression, unconditional quantile regression analysis reveals that the responsiveness to energy efficiency improvements is different not only as we move from lowto high-priced residential units but also for apartments and houses. While the former show a downward trend in the magnitude of energy efficiency coefficient estimates, the opposite occurs for houses. The latter market segment exhibits clear market discounts at the lowest quantiles of the price distribution, something that is not observable thought conditional mean and quantile regression analysis. Results suggest the existence of a different responsiveness to energy efficiency improvements in the Lisbon region when compared to the rest of the country and that the impact of the Energy Performance Certificate label increases throughout time across all price quantiles. As a by-product of this paper, an unconditional quantile price index shows that the impact of the crisis was ",14.0,http://hdl.handle.net/10400.5/21677
e231749528dff7451238577bcd44062a15fc6ab9,10.1016/j.landurbplan.2020.103883,3-D spatial hedonic modelling: Environmental impacts of polluted urban river in a high-rise apartment market,2020.0,,Xun Li; Wendy Y. Chen; Frankie Hin Ting Cho,"Abstract The vertical dimension of the residential apartment market has been largely overlooked in spatial hedonic studies. To adequately quantify the environmental impacts brought by various urban natural elements on apartment prices using spatial hedonic models, the selection of an appropriate weights matrix, which could adequately approximate complex spatial relationship amongst apartment units in high-rise housing markets, is an important methodological challenge. Using a micro high-rise neighbourhood in Guangzhou (China) as a case, we compare the model performance of a set of 3-D spatial weights matrices in capturing the environmental impacts of a polluted river running by the residential neighbourhood on apartment transaction prices. Three 3-D spatial weights schemes are examined, including distance-based, contiguity-based, and a hybrid distance-contiguity weights matrix. Our Monte Carlo simulations and empirical comparison consistently confirm that contiguity-based weights matrices outperform distance-based and hybrid weights alternatives. Adopting the appropriate second-order queen’s cube contiguity matrix in a 3-D Spatial Autoregressive Combined (SAC) model, the spatial he",14.0,
4e639bf1cfcb6b44043021eb5634e0e78694991e,10.1177/0275074020933968,Bottom-Up or Top-Down Local Service Delivery? Assessing the Impacts of Special Districts as Community Governance Model,2021.0,,Brian Y. An,"This article assesses the impacts of bottom-up local governing institutions relative to top-down bureaucracies in local service delivery. Community services districts (CSDs) in California, a class of special districts that provides various neighborhood-level services, are examined to answer this question. An innovative characteristic of this institutional form is that it is residents who create them through a grass-root collective action to achieve a bottom-up governance structure, after opting out from a county service system. With changes in residential property values as performance metrics, the quantitative analysis utilizes district formation events and features a hedonic difference-in-difference regression. The results show that the creation of CSDs produces more significant impacts on property values than county authorities do. Yet, the effects are heterogeneous across the communities when the analysis is further drilled down to each district. The exploratory qualitative case study then uses interview data with district managers and document analysis to unveil what administrative factors explain the success and failure trajectory of bottom-up institution management. The case",14.0,
981bb7ef12a9d869b10b57e9f0c86b89fd48a9eb,10.68479/001c.7910,The User Cost of Low-Income Homeownership,2013.0,Journal of Regional Analysis & Policy,Sarah F. Riley; Hong-Yu Ru; Qing Feng,"Empirical research examining whether owning a home is less costly than renting for
 low-income households is largely lacking. We use detailed property information provided by a set of low-income homeowners who participated in the Community Advantage Panel Survey, along with a matched sample of similar rental properties from the American Housing Survey, to determine whether low-income homeowners in the United States would have experienced lower housing costs by renting between 2003 and 2011. We calculate the homeowners’ user costs directly from the survey data, and we derive hedonic measures of equivalent rent for these homeowners via pooled regressions of house prices and rents on housing characteristics, from which we obtain capitalization rates. For the median homeowner in our sample, we find that owning was less costly than renting a comparable property between 2003 and 2011.",14.0,https://jrap.scholasticahq.com/article/7910.pdf
b92821ec71d50918ddd6fab4de773d00823b6d77,10.1080/09599916.2018.1510428,Hedonic pricing and the spatial structure of housing data – an application to Berlin,2018.0,Journal of Property Research,Sören Gröbel; Lorenz Thomschke,"ABSTRACT Housing prices are largely determined by physical location. By applying the outsample prediction accuracy of rental prices as evaluation criteria, we examine whether the choice of the hedonic model additionally depends on the spatial structure of housing data, i.e. accounting for locational effects by either district fixed effects or spatial econometric modelling. Our results show that a generalised spatio-temporal model outperforms a district fixed effects model only if the spatial density – the weighted mean distance to nearest neighbours – is relatively small. Moreover, we use the required density thresholds to deduce a pseudo indifference curve, thereby showing that the ratio of the weighted spatial distance-to-the mean district diameter increases with the mean sample size per district. This emphasises the role of data structure and district choices for model selection. Differences in data can thereby serve as an explanation for contradictory findings in literature, whether spatial econometric methods or simple district fixed effects are used.",14.0,
83b7b4b6ec09fdb53a25df4f854330bf334428ef,10.1086/726157,Hazardous Waste and Home Values: An Analysis of Treatment and Disposal Sites in the United States,2023.0,Journal of the Association of Environmental and Resource Economists,D. Guignet; C. Nolte,"There are 2,389 treatment, storage, and disposal facilities (TSDFs) of hazardous waste in the contiguous United States. We frame two sets of difference-in-differences and triple differences quasi-experiments that exploit the spatial and temporal variation in contamination and cleanup events and estimate hedonic price regressions using a sample of 9.7 million home transactions from 2000–2018. The discovery of contamination and subsequent investigation is associated with up to a 5% depreciation in the value of homes within 750 meters of a TSDF, but the evidence is mixed. In contrast, we find strong evidence that the completion of cleanup leads to an average 6%–7% appreciation. A total capitalization of $295 million can be attributed to the 195 TSDFs that were remediated since the inception of the Resource Conservation and Recovery Act. We estimate that the completion of cleanup yields an average lower-bound, ex post benefit of about $14,000 per household.",14.0,
d5717997f637cad56ed83f58063333e979ade328,10.11175/eastpro.2009.0.192.0,Influence of Urban Rail Transit on House Value: Spatial Hedonic Analysis in Bangkok,2009.0,,Varameth Vichiensan; K. Miyamoto,,14.0,
3bb67a0d4a803ad7bbd3731273974291274d9727,10.5040/9781509933495.0043,Article 35,2021.0,The EU Charter of Fundamental Rights,Christopher G. Leggett; N. Bockstael; Anne Arundel,"This paper examines the effect water quality has on property values in Maryland's Anne Arundel County, located along the western shore of Chesapeake Bay. The study uses hedonic pricing techniques to accomplish this, which was an area lacking examination at the time this paper was written. The problem lies in how scientific water quality variables used (such as dissolved oxygen, nitrogen, and phosphorus) cannot be perceived by homeowners like air particulates can in air pollution. It is only when algae blooms and fish kills occur that homeowners notice, which is related to the perceived water clarity. The water quality variable used is fecal coliform bacteria and willingness to pay (WTP) is estimated for marginal improvements in this variable and a onetime improvement in a particular area. The model estimates fecal coliform count significantly decreases property values. The study was also able to address many of the statistical faults previously encountered in hedonic pricing techniques when reaching all of these values. A change of 100 fecal coliform counts per 100 mL is estimated to produce a 1.5% negative change in property prices. This is a significant amount of change in the fe",13.0,
4d558bc7f0cf44cd263b3ef5e14335da9a7ba5bf,10.14358/pers.79.9.809,Remote Sensing-based House Value Estimation Using an Optimized Regional Regression Model,2013.0,,Zhen-Yu Lu; J. Im; Lindi J. Quackenbush; Sanglim Yoo,"This study proposed a new method to predict residential property value using remote sensing data as a major data source substitute to traditional inputs in house price estimation models. An optimized regional regression (ORR) approach was proposed in this study. This approach integrated a differential evolution optimization algorithm along with the ordinary least square regression to improve house value prediction accuracy. In addition to ORR, four other regression methods, random forest, Cubist regression trees, geographically weighted regression, and global ordinary least square, were also employed to provide a comparison. Results showed that models using remote sensing data are capable of acquiring accurate house price information. In addition, the volume of residential buildings proved to be an efficient substitute for total living area, the most important variable of the house price estimation model (i.e., a hedonic model). The ORR approach yielded the most accurate predictions followed by the geographically weighted regression. Further investigation indicated that the ORR approach has three major advantages: it is effective, stable, and the results are readily interpretable.",13.0,https://doi.org/10.14358/pers.79.9.809
d8c2ee90421e9aa6d7904bf832f53c58281d7fef,10.2139/ssrn.4532854,Do Remote Workers Deter Neighborhood Crime? Evidence from the Rise of Working from Home,2026.0,Social Science Research Network,J. Matheson; Brendon Mcconnell; J. Rockey; Argyris Sakalis,"We examine the impact of the working from home (WFH) shift on neighborhood-level burglary rates, employing detailed street-level crime data and a neighborhood WFH measure. We find a one standard deviation increase in WFH (9.5pp) leads to a persistent 4% drop in burglaries. A spatial search model identifies two deterrence channels: occupancy, as burglars avoid occupied houses, and “eyes on the street”. We provide evidence supporting both channels. Despite crime displacement to low WFH areas offseting 30% of the burglary reduction, a hedonic pricing model reveals significant willingness to pay for high WFH areas, especially those with high ex-ante burglary risk. Keywords— Working From Home, Property Crime, Spatial Spillovers, Hedonic House Price Models JEL Codes— H75, K42, R20. We thank Mark Hoekstra, Agne Suziedelyte, Mariyana Zapryanova, Yves Zenou, Nicholas Zeibarth and audiences at the Essen Health Conference and Southampton for valuable comments. All errors are our own. Matheson: Sheffield, j.matheson@sheffield.ac.uk; McConnell: Southampton, brendon.mcconnell@gmail.com; Rockey: Birmingham, j.c.rockey@bham.ac.uk; Sakalis: Sheffield, a.sakalis@sheffield.ac.uk.",13.0,https://eprints.whiterose.ac.uk/202584/1/Binder2023020.pdf
8dad89f88ec2e117aec31bdf5a8262267aa351c5,10.1061/(asce)up.1943-5444.0000507,"Effects of Urban Road Centrality on Property Values: Spatial Hedonic Analysis of the Housing Market in Wuhan, China",2019.0,Journal of urban planning and development,Rong-Hui Tan; Ke-Hao Zhou; Hengzhou Xu,"AbstractRoad infrastructure plays a crucial role in shaping urban spatial configurations and may generate price premiums in the housing market. In hedonic studies, the externalities of road infrast...",13.0,
c1a39182b9c4eb50b954ac2eee3c5b5d5846a743,10.11175/eastpro.2011.0.168.0,Hedonic Analysis of Residential Property Values in Bangkok: Spatial Dependence and Nonstationarity Effects,2011.0,,Varameth Vichiensan; Sathita Malaitham; K. Miyamoto,,13.0,
819ca6a5cbf0da74dd95823377e63ac65e0cd9f0,10.1016/j.scitotenv.2021.145547,Bringing the vertical dimension into a planar multilevel autoregressive model: A city-level hedonic analysis of homebuyers' utilities and urban river attributes.,2021.0,Science of the Total Environment,Xun Li; Wendy Y. Chen; F. Cho; R. Lafortezza,"Throughout history, urban rivers have been regarded as valuable natural elements that satisfy various human needs and affect where people reside. With the increasing expansion of modern cities along the vertical dimension, how urban rivers affect housing values and homebuyers' purchasing decisions in a 3-D context has attracted a significant amount of attention from researchers, environmental practitioners, urban planners, and policymakers. In this paper, we attempt to estimate how homebuyers' utilities are affected by various river attributes and their interactions using the vibrant high-rise apartment housing market in Guangzhou (south China) as a case study. An appropriate 3-D weights matrix is identified using ex ante Monte Carlo simulation combined with ex post validation on the basis of information criteria. By using the identified 3-D spatial weights scheme in a multilevel autoregressive modelling framework, an intricate combination of multidimensional spatial heterogeneity and spatial dependence can be sufficiently accounted for. Our analytical results reveal that river view and riverfront location are considered as negative utilities by Guangzhou's homebuyers, showing the ",12.0,
eb6b4e96f69aecf5a61a36c23ab099f248a9d937,10.15678/eber.2018.060410,Externalities and House Prices: A Stated Preferences Approach,2018.0,,Michał Głuszak,"Objective: In the article, we address the nexus between neighbourhood externalities and house prices using stated preference data. The impact of neighbourhood amenities generating positive externalities and disamenities generating negative externalities on property prices has been studied since the 1970s. Most of the studies to date applied the hedonic methodology and assumed that the effect is homogeneous. The article aims to address the potential heterogeneity of housebuyers’ preferences. Research Design & Methods: The article uses logistic regression models on stated preference data regarding the sensitivity to three spatial amenities (public transit, urban green area, and retail and services) and three spatial disamenities (railway line, noisy road, petrol station). The dataset comes from six editions of the survey on housing demand and preferences in Krakow conducted annually from 2012 to 2017. Findings: Empirical results show the relation between household lifecycle and household wealth and willingness-to-pay for spatial amenities and willingness-to-accept spatial disamenities. We did not observe the difference in preferences dependent on the purchase motive. Implications & R",12.0,https://eber.uek.krakow.pl/index.php/eber/article/view/477/pdf_1
5cf2ca5773ec64d2d8be794899e97064def914d5,10.1007/s10901-022-09984-8,"The effects of jobs, amenities, and locations on housing submarkets in Xiamen City, China",2022.0,Journal of Housing and the Built Environment,Yong-Ling Li; Yanliu Lin; Jiaoe Wang; S. Geertman; P. Hooimeijer,"Numerous studies have found that jobs, amenities, and location influence housing prices in urban areas. However, there is still a lack of in-depth understanding of the impacts of these factors on various housing submarkets within a city. With the case study of Xiamen, this paper investigates the impacts of jobs, amenities, and location on four housing submarkets, classified by owner-occupied and rental housing, in inner and outer districts. The hedonic model, Chow test, and Tiao-Goldberger test are applied to analyze differentiation in the determinants of housing prices between four submarkets. The results show that all submarkets are influenced by blue-collar jobs (which have negative effects) and seascape (which has a positive impact). Besides, differentiated after submarkets show that school districts and public transportation have a greater influence on owner-occupied markets than on rental markets. A heterogeneity exists between inner-district and outer-district markets. For instance, bus rapid transit (BRT) has a positive effect on housing and rental prices in the outer districts but not in the inner districts. These differences are mainly caused by the disparities of spatial",12.0,https://link.springer.com/content/pdf/10.1007/s10901-022-09984-8.pdf
ec24a41db16ab0b45e93b37fe8ff609597cf540c,10.3390/buildings12040485,The Capitalization of School Quality in Rents in the Beijing Housing Market: A Propensity Score Matching Method,2022.0,Buildings,Zisheng Song,"In China, the capitalization of education resources in housing prices has been widely discussed. However, insufficient attention is paid to it in rents. Thus, this paper mainly aims to identify the capitalization of school quality in rents. It estimates a hedonic treatment effects model by introducing the propensity score matching (PSM) method. The empirical analysis is based on 49,438 rental transaction data of 2016–2018 in Beijing, China. It finds that school quality can be significantly capitalized in rents across different school quality (ranked as 1st-class, 2nd-class, and popular-class), space, and time. Besides, quality school density (the number of quality schools) within neighborhoods can significantly moderate the nearest school’s capitalization, promoting a 3.5% capitalization increase in outer municipal districts but a 3% decrease in inner districts. The popular-class schools can be capitalized into the rent of inner districts, probably because of other exogenous factors (e.g., housing prices, public transit). In addition, the equitable housing policy might show a potential risk in worsening social inequality between homeowners and renters in the municipal areas with hi",12.0,https://www.mdpi.com/2075-5309/12/4/485/pdf?version=1649922850
3c8a3b51ca38b7df2afd41cab52518e0976de88e,10.1108/ijhma-02-2018-0016,How cultural values are reflected on the housing market – direct effects and the cultural spillover,2019.0,International Journal of Housing Markets and Analysis,M. Andersson; F. Kopsch; Peter Palm,"
Purpose
The purpose of this paper is to analyse two questions. First, is there, and if so, how large is the price premium paid for a building exhibiting a cultural value? Second, are there any spillover effects of buildings with cultural values on sales prices of neighbouring houses?


Design/methodology/approach
Using a unique database of all buildings in the region of Halland, Sweden, combined with transaction data, hedonic models can be estimated, with spatially lagged variables describing proximity to three classes of culturally classified building – A, B and C – corresponding to building of national interest, building of regional interest and building of local interest. In addition, the authors also estimate models with a spatial specification on the error term, in an attempt to control for omitted variables.


Findings
The results indicate that cultural classification plays a role in determining the price of a property, with large effects (ranging between 36 and 60% price premiums) for the highest classification. In addition, the authors find evidence of a cultural externality, houses in the vicinity of building with high cultural value sell at a small, but statistically sig",12.0,
4412b66b7af7dc2e4784f04e96dda07a5d24ef90,10.3846/1648715x.2015.1105322,Buyers’ property asset purchase decisions: an empirical study on the high-end residential property market in Hong Kong,2016.0,,W. M. Jayantha; Jia-Ming Lau,"Demand for luxury housing units from the upper and upper-middle income groups in Hong Kong has been increasing over the last few years. as the market cannot satisfy demand, some prospective buyers have turned their attention to “special” housing units. this research paper attempts to investigate buyers’ preferences for two types of “special” units, namely duplex units and adjoining flats. the study investigates the price premiums paid by the buyers, and examines the effects of these special units on property price. the study employs two hedonic price models: one measuring the buy- ers’ preference on duplex units and the other one measuring buyers’ preference on adjoining flats. The results show that buyers are willing to pay a larger premium for special residential units: HK$588/ft-super-2 more for a duplex unit and HK$934/ft-super-2 more for an adjoining property unit, respectively. furthermore, a relatively larger premium is found for adjoining flats compared to duplex units. This implies that a property unit, purchased as an adjoining flat can add more value to the property price (in terms of $s per sq. ft.) compared with being a duplex unit.",12.0,https://journals.vgtu.lt/index.php/IJSPM/article/download/2062/1660
3e46b2744d054541e356324b84b2dbd4e314d96b,10.1016/j.jenvman.2024.120060,"The impact of traffic noise on the capitalization of public walking area: A hedonic analysis of Vienna, Austria.",2024.0,Journal of Environmental Management,U. Morawetz; H. Klaiber; Hongxi Zhao,"Traffic noise is a burden at home and outdoors. Economic literature confirms mostly negative effects of traffic noise on house prices, often based on distance between high noise and house location. We extend this literature using rich micro data to examine not only the impact of traffic noise at the house but also provide new results on the impact of traffic noise in public areas surrounding a home. Using Hedonic regression in Vienna, Austria, we confirm that very loud traffic noise (≥65 dB) experienced at the house reduces housing prices and further show that the value of public walking areas near a home, while positive overall, are substantially reduced when exposed to noise. Our findings help to establish spatial patterns in noise capitalization reflecting household exposure and the impact on the capitalized values of public areas in a context where active transportation (e.g. walking, biking) is an important mode of transportation. For policymakers, our findings help quantify and raise important questions as how to address and link the public bad nature of noise pollution to nearby residents.",12.0,https://doi.org/10.1016/j.jenvman.2024.120060
40ca2dfba617370e49981e6866596ec6554f8486,10.2139/ssrn.4029697,Nonlinear Rail Accessibility and Road Spatial Pattern Effects on Housing Prices,2022.0,Social Science Research Network,Kaida Chen; Hanliang Lin; Ling-Yun Liao; Yichen Lu; Yen-Jong Chen; Ze-Hua Lin; Linxi Teng; Ai-Fang Weng; Tianqi Fu,"The continuous change process in the impact of differences in public transport accessibility has not been explained specifically in previous studies. This study reveals that the interaction between two continuous explanatory variables has a significant impact on the explained variable in the hedonic model. The study takes the accessibility variable in the house price model as an instance, dividing the accessibility variable of the residential community into two parts. The first part is the rail accessibility defined by the Euclidean distance from the residential community to the nearest rail transportation station. The second part is the road accessibility defined by two Space Syntax indicators, connectivity and carrying capacity, according to the spatial pattern of the road network. As demonstrated by the spatial interactive regression model, this research finds that road connectivity has a significant regulating effect on the impact of the distance to the closest rail station on house prices based on the empirical evidence from Fuzhou, China.",12.0,https://doi.org/10.2139/ssrn.4029697
286e808eaae9694bf1c9490bfe264526ac385bea,10.1016/j.jhe.2019.02.001,Environmental risk and differentiated housing values: Evidence from the north of France,2019.0,Journal of Housing Economics,Emmanuelle Lavaine,"Most of the hedonic literature treats the housing market as a single geographical entity. We use a database with precise information on home characteristics at a property level to show that this is not always correct. We also exploit a refinery closure to address locational sorting and all other unobserved attributes. Refinery closure is associated with an approximately 1.5 µg per cubic metre decrease in SO2 air pollution, and refinery closure leads to a 6.7% increase in property values with at least 5 rooms or a benefit of approximately 457 million for these households; however, it leads to 28% declines in property values in Dunkirk with one room or a loss of approximately 1 billion for these households.",12.0,https://www.sciencedirect.com/science/article/am/pii/S1051137718300883?via%3Dihub
d20a7e93c2e46eb15dcaf4684bea6e9d045deefd,10.1017/s107407080002335x,Living on the Edge: Residential Property Values in the Urban-Rural Interface,2007.0,Journal of Agricultural and Applied Economics,M. Espey; F. Fakhruddin; L. Gering; Huiyan Lin,"This study estimates the contribution of both urban-rural fringe location and lake proximity on residential property values in three upstate counties of South Carolina through estimation of spatial hedonic housing price models. Location in the urban fringe and the urban–rural interface are found to have a positive impact on residential housing values relative to either urban or more rural locations. Lakes in the upstate contribute positively to housing values to the extent that the house has a view of a lake, lake access, or lake frontage.",12.0,http://ageconsearch.umn.edu/record/37055
bf67083cd43ab7938fd0c0f48f112cfe29e9fa3c,10.1016/j.jenvman.2022.115672,Assessing the impact of wildfires on property values in wildland-urban intermix and interface in Colorado: A hedonic approach.,2022.0,Journal of Environmental Management,Longzhong Shi; Bo Chen; Xuan Chen; Zhuo Chen,"In this article, we investigate the impact of wildfire on property values in wildland-urban intermix (WUIM) and wildland-urban interface (WUIF) in Colorado. We construct fire indices accounting for the nonlinear impact of wildfires, and evaluate the effects of different fire attributes-proximity, frequency, and scale-on property values in a hedonic price framework using housing transactions data and wildfire data in Colorado from 2000 to 2016. We find a substantial difference in the impact of wildfires on property values between WUIM and WUIF. Specifically, larger fires depreciate property values in WUIM, but increase property values in WUIF. In addition, we find that small fires lead to a negative impact on property values in both WUIM and WUIF, which is comparable with larger fires. Our findings provide policymakers novel information in making more efficient wildfire management plans.",12.0,
3f762774f55db72a1f5a56ea3393b24b78d3352e,10.5614/jts.2011.18.3.7,The Influence of Railway Station on Residential Property Values-Spatial Hedonic Approach The Case of Serpong’s Railway Station,2011.0,,I. Syabri,"Abstract . Urban area management in developed countries such as the United States and Japan which have implemented “Transit Oriented Development” (TOD), shows that TOD seems capable of increasing the property values and and reducing household expenditure for transportation costs. However, applying the TOD concept in Indonesian cities such as Jakarta, Surabaya, and Medan, is a unique and considerable challenge, considering urban transportation condition in Indonesia that is far different from the conditions in urban areas in developed countries. One of important infrastructure policy issues for Jakarta and other rapidly growing cities in Indonesia is how to raise fiscal revenues through “value capture”, in which the increase the property values is due to better access and services from the existances of the railway stations. The research is based on a case study in Serpong, a neighborhood in Jakarta Metropolitan Area (JMA), Indonesia. The focus of this study is to test the basic viewpoint of TOD strategy which is how transport infrastructure such as railway stations influence the property values of a neighborhood. Following Anselin and Lozano-Gracia’s (2009) framework, this paper us",11.0,http://journals.itb.ac.id/index.php/jts/article/download/2807/1400
a67bc42beab6d0c385e59aa33bc67f255ca30bb2,10.1108/ijhma-02-2023-0027,Comparing simple and complex regression models in forecasting housing price: case study from Kenya,2023.0,International Journal of Housing Markets and Analysis,Fredrick Otieno Okuta; T. Kivaa; Raphael M. Kieti; J. Okaka,"
Purpose
The housing market in Kenya continues to experience an excessive imbalance between supply and demand. This imbalance renders the housing market volatile, and stakeholders lose repeatedly. The purpose of the study was to forecast housing prices (HPs) in Kenya using simple and complex regression models to assess the best model for projecting the HPs in Kenya.


Design/methodology/approach
The study used time series data from 1975 to 2020 of the selected macroeconomic factors sourced from Kenya National Bureau of Statistics, Central Bank of Kenya and Hass Consult Limited. Linear regression, multiple regression, autoregressive integrated moving average (ARIMA) and autoregressive distributed lag (ARDL) models regression techniques were used to model HPs.


Findings
The study concludes that the performance of the housing market is very sensitive to changes in the economic indicators, and therefore, the key players in the housing market should consider the performance of the economy during the project feasibility studies and appraisals. From the results, it can be deduced that complex models outperform simple models in forecasting HPs in Kenya. The vector autoregressive (VAR) mod",11.0,
de00ce33714ab93ed7f1db6c02278a9ee1e1890c,10.3390/su14095307,Understanding Housing Prices Using Geographic Big Data: A Case Study in Shenzhen,2022.0,Sustainability,Xufeng Jiang; Ze-Lu Jia; Le-Fei Li; Tianhong Zhao,"Understanding the spatial pattern of urban house prices and its association with the built environment is of great significance to housing policymaking and urban planning. However, many studies on the influencing factors of urban housing prices conduct qualitative analyses using statistical data and manual survey data. In addition, traditional housing price models are mostly linear models that cannot explain the distribution of housing prices in urban areas. In this paper, we propose using geographic big data and zonal nonlinear feature machine learning models to understand housing prices. First, the housing price influencing factor system is built based on the hedonic pricing model and geographic big data, and it includes commercial development, transportation, infrastructure, location, education, environment, and residents’ consumption level. Second, a spatial exploratory analysis framework for house price data was constructed using Moran’s I tools and geographic detectors. Finally, the XGBoost model is developed to assess the importance of the variables influencing housing prices, and the zonal nonlinear feature model is built to predict housing prices based on spatial explorati",11.0,https://www.mdpi.com/2071-1050/14/9/5307/pdf?version=1651130231
4921c6722d9f1b3252972eb36e559f7e030e6f8a,10.3390/land9070235,Revisiting the Proximity Principle with Stakeholder Input: Investigating Property Values and Distance to Urban Green Space in Potchefstroom,2020.0,Land,Zene Combrinck; E. Cilliers; L. Lategan; S. Cilliers,"Nature is essential to urban quality of life, yet green spaces are under pressure. In an attempt to strengthen the case for urban greening and to reclaim nature into cities, this research considered green spaces from an economic spatial perspective. The proximity principle, as part of hedonic price analysis, is employed to determine the impact of green spaces on property value in specifically selected residential areas within Potchefstroom, South Africa. Our statistical analysis indicated a rejection of the proximity principle in some areas, contradicting internationally accepted theory. To investigate local trends and possible reasons for the rejection, supporting quantitative data was gathered through structured questionnaires disseminated to local residents of Potchefstroom and Professional Planners in South Africa. Challenges pertaining to the planning of green spaces were emphasised, despite residents’ willingness to pay more for such green spaces in close proximity to residential areas, according to the cross-tabulations conducted. The research results contributed to the discourse on the economic benefits of green spaces and presented the trends of such benefits within the lo",11.0,https://www.mdpi.com/2073-445X/9/7/235/pdf?version=1595251618
8b5555b4f5aed4ac1d3ba68516681b6413f6db2e,10.1155/2021/8792550,"Spatial Differentiation and Influencing Factors of Second-Hand Housing Prices: A Case Study of Binhu New District, Hefei City, Anhui Province, China",2021.0,Journal of mathematics,Song Xu; Zhen Zhang,"The multiscale geographic weighted regression (MGWR) model obtains different influence scales of various variables better than the classical geographic weighted regression (GWR) model. This paper studies the price characteristics of second-hand residential transactions in Binhu New District taking advantage of the hedonic price model and MGWR model and draws the following conclusions. (1) There are obvious spatial positive correlation and spatial heterogeneity in the price of second-hand housing in Binhu New District. (2) The number of bedrooms, area, age of the house, and the distance to the nearest school have small effect on the scale, so they have strong spatial heterogeneity. The decoration status and floor are global scale variables, and their spatial heterogeneity is weak. (3) The number of bedrooms, orientation, decoration status, floor, and building structure all positively affect house prices, while area, house age, the distance to the nearest subway station, and the distance to the nearest school negatively affect house prices. Among all factors, the distance to the nearest school is the most important factor affecting house prices, followed by the number of bedrooms and",11.0,https://downloads.hindawi.com/journals/jmath/2021/8792550.pdf
4781376fbeafe9a0702e7033577873047b765010,10.17159/2222-3436/2016/v19n3a4,Art investment in South Africa: Portfolio diversification and art market efficiency,2016.0,,Ferdi Botha; J. Snowball; B. Scott,"Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel art price index offered the opportunity to test this theory in the South African context. Moreover, this paper tests whether art prices are efficient. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A vector autoregression of the art price index, Johannesburg stock exchange all-share index, house price index, and South African government bond index were used. Results show that, when there are increased returns on the stock market in a preceding period and wealth increases, there is a change in the Citadel art price index in the same direction. No significant difference was found between the house price index and the art price index, or between the art and government bond price indices. The art market is also found to be ineffi",11.0,https://sajems.org/index.php/sajems/article/download/1397/629
844f3013b415b6de89430c28be2c24c13f35196d,10.14246/irspsd.1.4_29,Using GIS and Hedonic in the modelling of spatial variation of housing price in Xiamen city,2013.0,,Yuan Li; Lang-Jie He; W. Xu; Hui Wang; Zi-Hao He,"Valuing the built environment with the support of GIS and housing price model is an interesting topic because it connects the spatial thinking with economic concerns. In this paper, we chose the ordinary commercial housing in Xiamen City as our research targets, and the technology of GIS and Hedonic price model were used. Xiamen city is a typical coastal city, and from the research result, we found that the distribution of higher housing price was kept consistent with the coastal areas of Xiamen city. Besides, the average housing price of Xiamen inner-island (the old urban island area) was far higher than the outer-island. To reveal the degree of different spatial elements affecting housing price, we chose 21 variables (three types: location characteristic, structure characteristic and neighbourhood characteristic) and measured them in GIS platform. The Hedonic model showed that the main elements that influencing the price of commodity housings in Xiamen included Property Management Fee, Distance to Commercial Center, Distance to Hospital, Distance to Primary School, Near Village or Not, Near Green space or Not, Near kindergarten or Not. At the end of the paper, we provided three s",11.0,https://www.jstage.jst.go.jp/article/irspsd/1/4/1_29/_pdf
d8361358e99098ffa7a8408974e7bea4a38e7010,10.1177/23998083241242212,Does better accessibility always mean higher house prices?,2024.0,Environment and Planning B Urban Analytics and City Science,Xiang Liu; Xiao-Hong Chen; Scott Orford; Mingshu Tian; Guojian Zou,"Numerous studies have explored the correlations between house prices and spatial accessibility, but few have delved into the nonlinearities between both. This study uses Cardiff (UK) as a case study and applies interpretable machine learning algorithms, eXtreme Gradient Boosting (XGBoost) and SHapley Additive exPlanations (SHAP), to estimate the nonlinear effects of geometric locational accessibility and street network accessibility on house prices. The findings suggest (1) proximity to the CBD, typically the major determinant of land values in hedonic house price models, does not continuously yield higher prices; (2) street closeness centrality, a network-modelling approach to measuring accessibility, exhibits a more generalised pattern with house prices compared proximity to the CBD regardless of analytical spatial scales. The findings challenge the generalizability of Alonso’s bid-rent theory in accurately portraying the relationship between accessibility and house prices in specific urban contexts, highlighting the importance of re-evaluating classical urban theories in different city contexts using novel measures and modelling techniques.",11.0,https://orca.cardiff.ac.uk/id/eprint/167012/1/S%20Orford%202024%20does%20better%20accessibiltiy%20post%20print.pdf
4d32787a617d281fb36974fdcd341ff661cf2fe5,10.3846/1648715x.2014.1000429,Housing market differentiation: the cases of Yenimahalle and Çankaya in Ankara,2015.0,,Leyla Alkan,"This study aims to investigate housing market differentiation, drawing upon the results of case studies of the Cankaya and Yenimahalle districts that adopt a set of statistical techniques. As a first step, a cluster analysis is carried out to identify whether identifiable clusters of housing attributes exist on the basis of neighborhoods. Next, a Multiple Discriminant Analysis (MDA) is applied to investigate the differences between clusters, and to understand which housing attributes contribute most to submarket separation. Finally, a hedonic price analysis is conducted for each cluster and for the overall market to identify price differences in the housing market. The results of the study support the hypothesis that the housing market is segmented in Yenimahalle and Cankaya, and that location is the main determining factor in this segmented structure of different house values. The study also reveals that within this segmented structure, each cluster has its own dynamics, and that the price formation in each cluster is dependent on different variables.",11.0,https://journals.vilniustech.lt/index.php/IJSPM/article/download/2105/1699
6fe4fe7617673c3dd5d5f363dda0f7f9f488eaa7,10.3390/su12041639,The Time and Spatial Effects of A “City-County Merger” on Housing Prices—Evidence from Fuyang,2020.0,Sustainability,Chuan-Hao Tian; W. Ji; Si-Jin Chen; Jin-Qun Wu,"Based on the price data of 19,211 second-hand houses based in the Fuyang District and West Lake District from the years of 2014, 2015, and 2019, along with the characteristic data of second-hand houses, this paper studies the influence of the city-county merger of Fuyang. Through a combination with the double differences model and the hedonic price model, it was found that the city-county merger had time and spatial effects on housing prices. With regard to time effect, the city-county merger hindered the growth of Fuyang’s housing prices in the short term, while it had a promoting effect on Fuyang’s housing prices in the long term. With regard to the spatial effect, it was found that in the long term, the effect of the city-county merger on the promotion of Fuyang’s housing prices increased first and then weakened with an increase in distance from the West Lake District. In addition, it had the strongest effect on the promotion of housing prices within 3–6 km of the West Lake District.",11.0,https://doi.org/10.3390/su12041639
0f2b62072edfd32a439d1606541bbbb8547810e4,10.3846/1648715x.2013.864342,Willingness to pay for accessibility under the conditions of residential segregation,2014.0,,Marko Kryvobokov; L. Bouzouina,"The hypothesis that different income groups have different willingness to pay for accessibility to the city centre is based on the standard monocentric model. This hypothesis is empirically tested with accessibility attributes in a hedonic model of apartment prices in the suburbs of the city of Lyon, France. The conditions of residential segregation are described, and apartment prices in the poor and the rich suburbs are analysed with regression techniques. Travel times to two urban centres are accounted for, as well as centrality and accessibility integral indexes. We found that in the selected areas the hypothesis is true. Spatial differences between the estimates for accessibility measures are significant. In more socially problematic areas, the willingness to pay for better accessibility is higher.",11.0,https://journals.vilniustech.lt/index.php/IJSPM/article/download/3451/2881
ffa1e24a7638c6e9f22619b4399ad8574abde10b,10.1017/s1068280500001854,Meta-Functional Transfer of Hedonic Property Values: Application to Great Lakes Areas of Concern,2010.0,Agricultural and Resource Economics Review,J. Braden; Xia Feng; Luiz Freitas; Doohwan Won,"This paper explores the use of functional benefits transfer to forecast the effects of waste sites on property values. The results of a meta-analysis of hedonic studies of waste sites are coupled with spatial analysis techniques to produce estimates of the effects of toxic contamination in Areas of Concern (AOCs) in the U.S. Great Lakes. Based on U.S. Census data for median home values, the methods used here suggest that approximately S5.2 billion (2005 dollars) have been lost in residential property values surrounding twenty-three of the AOCs. This compares to estimates that place the cost of remediation of all U.S. AOCs at up to $4.5 billion (2005 dollars). The case study also identifies issues surrounding the use of a meta-analysis with hedonic property value studies to support functional transfer.",11.0,http://ageconsearch.umn.edu/record/59339
37a309783a11809263623703621db3a26e46597f,10.2991/cas-15.2015.83,The Effect of Central Business District on House Prices in Chengdu Metropolitan Area: A Hedonic Approach,2015.0,,Gao-Lu Zou,"Gaolu Zou Chengdu Economic and Development Institute of Conventions and Exhibitions, Chengdu University, Chengdu 610106, Sichuan Province, China Abstract—This paper aims to analyse the effects of the CBD and several selected housing features on house prices in Chengdu. Sampling is focused on ordinary old housing units. Data were collected from metropolitan Chengdu, China. Utilizing log-linear hedonic techniques, the study suggests a small negative price gradient from the CBD and a marginal and nonlinear effect of housing age and underground railway locations on house prices. Therefore, the study supports the classic inference for spatial house prices. Additionally, we suggest higher property tax rates for large-floor space units.",11.0,https://www.atlantis-press.com/article/23016.pdf
2bbdabdc28e5b845377e3ce418d4b3325d2d76ec,10.1017/age.2016.14,Valuing Historical and Open Space Amenities with Hedonic Property Valuation Models,2016.0,Agricultural and Resource Economics Review,R. Hicks; Bonnie M. Queen,"Impacts of historic and cultural amenities on property values and the economy have not been widely studied in part because of problems isolating statistical effects using nonmarket valuation and lack of study areas. Three jurisdictions in Virginia containing major historic sites provide a unique setting in which to isolate the effects of historical amenities on residential property values using revealed preferences and quantify their economic benefits. We find that historic areas provide both open space and historic amenities. Furthermore, being adjacent to a historical area is not a positive benefit on average, perhaps because of activity and congestion associated with tourism. Residing close to such areas is valuable to buyers.",11.0,https://www.cambridge.org/core/services/aop-cambridge-core/content/view/697ED2C1A46E554AF4F24FDADB284A37/S237226141600014Xa.pdf/div-class-title-valuing-historical-and-open-space-amenities-with-hedonic-property-valuation-models-div.pdf
4ba4cfd00d250d2574e17e5c128d07c761db58c6,10.5379/urbani-izziv-en-2010-21-02-005,The impact of hazardous waste on property values: The effect of lead pollution,2010.0,,Ermanno Affuso; Christophe Vincent de Parisot; Chau-Sa Ho; D. Hite,"This paper examines the impact of lead pollution on property values in Anniston, Alabama, one of the most polluted cities in the US. A hedonic house price analysis allows us to examine the extent of capitalization of lead contamination's effect on property values there, as well as property value losses due to the presence of an Army Depot. We estimated that lead cleanup would provide an increased property value of $1,140 per household and found that living 1 km closer to the polluting sites reduces property values by approximately 2%, a figure consistent with previous research regarding the connection between environmental disamenities and property values.",11.0,https://doi.org/10.5379/urbani-izziv-en-2010-21-02-005
b89d04b482d08f9c6900f48f819d894f01b12434,10.5089/9781484364543.001,"Commercial Property Price Indexes: Problems of Sparse Data, Spatial Spillovers, and Weighting",2014.0,Social Science Research Network,M. Silver; B. Graf,"Transaction-price residential (house) and commercial property price indexes (RPPIs and CPPIs) have inherent problems of sparse data on heterogeneous properties, more so CPPIs. In an attempt to control for heterogeneity, (repeat-sales and hedonic) panel data regression frameworks are typically used for estimating overall price change. We address the problem of sparse data, demonstrate the need to include spatial price spillovers to remove bias, and propose an innovative approach to effectively weight regional CPPIs along with improvements to higher-level weighting systems. The study uses spatial panel regressions on granular CPPIs for the United States (US).",11.0,
4caba751373fa98699b799b701473b5a70bc3cde,10.3406/estat.2013.10203,Évaluation des aménités urbaines par la méthode des prix hédoniques : une application au cas de la ville d'Angers,2013.0,,M. Travers; Gildas Appéré; Solène Larue,"[fre] La question des choix residentiels des menages constitue l’une des problematiques centrales de l’economie urbaine actuelle. Si les premiers modeles monocentriques se focalisaient sur l’arbitrage des menages entre les couts de localisation et les couts de deplacements entre le domicile et le lieu de travail suppose se situer au centre‑ville economique, les travaux plus recents cherchent a depasser ce cadre simplificateur afin de rendre compte des evolutions urbaines actuelles et des differences observees entre les villes europeennes et nord‑americaines. En particulier, la prise en consideration du role des amenites urbaines et naturelles ameliore le pouvoir explicatif de ces modeles theoriques urbains. Largement utilisee dans le domaine de l’evaluation environnementale, la methode des prix hedoniques peut apporter des elements pertinents a cette problematique urbaine. Developpee par Rosen (1974), elle permet de mesurer, a partir des comportements des menages, la valeur que ces derniers accordent aux differentes caracteristiques intrinseques et extrinseques des logements, en particulier aux differentes amenites naturelles ou construites. L’estimation de ces prix hedoniques doit",10.0,https://insee.hal.science/hal-05540772/document
51b11fac87d973139852a88a8c12a9cdbf87b57a,10.3390/f10090820,Hedonic Analysis of Forest Pest Invasion: the Case of Emerald Ash Borer,2019.0,Forests,Xiaoshu Li; T. Holmes; Kevin J. Boyle; E. Crocker; C. Nelson,"The emerald ash borer (EAB) was first detected in North America in 2002, and since its introduction, this invasive pest has killed millions of ash trees. While EAB kills native North American ash trees in all settings, its impacts have been especially large in urban areas where ash has been a dominant street tree, especially in residential areas. While some management costs, such as insecticide treatment, tree removal, or tree replacement, are relatively straightforward to compute, the impact that EAB has had on residential property values is less clear. To better understand the economic cost of EAB in urban settings, we conducted a hedonic property value analysis to evaluate the impact of ash tree damages due to EAB infestation on housing sales prices. This study was conducted in the city of Milwaukee, Wisconsin, which had high stocking levels of ash trees prior to EAB’s arrival. The objectives of the study are to investigate: (1) how EAB-infested ash trees affect property values; (2) whether the benefits from healthy ash trees to property value change after arrival of EAB; and (3) whether healthy ash trees located within infested neighborhoods provide the same benefits as the hea",10.0,https://www.mdpi.com/1999-4907/10/9/820/pdf?version=1569218021
d70532cf810b0fda1d3c7683e149d2b75fc73762,10.3390/ijgi8110508,"A Multilevel Eigenvector Spatial Filtering Model of House Prices: A Case Study of House Sales in Fairfax County, Virginia",2019.0,ISPRS Int. J. Geo Inf.,Lan Hu; Y. Chun; D. Griffith,"House prices tend to be spatially correlated due to similar physical features shared by neighboring houses and commonalities attributable to their neighborhood environment. A multilevel model is one of the methodologies that has been frequently adopted to address spatial effects in modeling house prices. Empirical studies show its capability in accounting for neighborhood specific spatial autocorrelation (SA) and analyzing potential factors related to house prices at both individual and neighborhood levels. However, a standard multilevel model specification only considers within-neighborhood SA, which refers to similar house prices within a given neighborhood, but neglects between-neighborhood SA, which refers to similar house prices for adjacent neighborhoods that can commonly exist in residential areas. This oversight may lead to unreliable inference results for covariates, and subsequently less accurate house price predictions. This study proposes to extend a multilevel model using Moran eigenvector spatial filtering (MESF) methodology. This proposed model can take into account simultaneously between-neighborhood SA with a set of Moran eigenvectors as well as potential within-ne",10.0,https://www.mdpi.com/2220-9964/8/11/508/pdf?version=1573379011
45d0d4d669be690ccd6d84e3b06e718cac1d8c66,10.3390/land13081136,"Effects of Urban Land-Use Planning on Housing Prices in Chiang Mai, Thailand",2024.0,Land,Shichao Lu; Zhihua Zhang; M. Crabbe; Prin Suntichaikul,"Chiang Mai is an emerging tourism-oriented city in Thailand. The booming tourism industry during the past decades has triggered significant expansion in its urban land area, resulting in a large number of newly-built residential communities appearing on unplanned land. In this study, we used multiscale geographically weighted regression (MGWR)-based hedonic price analysis to investigate 4624 housing transactions from 524 residential communities in Chiang Mai. This showed that the recent land-use planning in Chiang Mai has had unusual effects on housing prices; specifically, the effects of accessibility to hospitals, primary and secondary schools, green parks, and shopping malls could be ignored, demonstrating that local residents were well satisfied with land-use planning for high-quality medical and education sources and good living environments throughout the whole of Chiang Mai, and that no more land-use planning and investment on these facilities was needed. However, limited bus routes were only used for tourism and could not provide convenient routes for local residents, leading to their negative effects on housing prices in downtown areas, so the local government should lower",10.0,https://doi.org/10.3390/land13081136
bd0f9a02e81539d60bf73fbbd7fab87a28a7dbbd,10.3846/ijspm.2019.7434,ENVIRONMENTAL CERTIFICATION SCHEMES AND PROPERTY VALUES: EVIDENCE FROM THE HONG KONG PRIME COMMERCIAL OFFICE MARKET,2019.0,International Journal of Strategic Property Management,J. W. Mesthrige; Hoi-Ting Chan,"A barrier to green-building development is the uncertainty and scepticism about the financial implications. This study aimed to investigate whether the green-certification schemes help buyers to recognize the benefits of green office buildings by their willingness to pay a premium for such buildings. The study used a hedonic-model based on a sample of 67 prime office buildings (including non-green comparables) certified by HKBEAM, BEAM-Plus and LEED in Hong Kong. The empirical findings suggest that green certification schemes add extra value to an office property. The rental value of office properties certified by HKBEAM, BEAM Plus and LEED is about 10.9% higher than for non-certified office buildings. More specifically, tenants/users are willing to pay a premium of 10.9% for green-certified office properties. The findings have practical implications in encouraging green building development in Hong Kong and elsewhere. The findings indicate that the higher rental income from green office buildings can cover the additional cost of obtaining green certification within a period of 22-months (22.32 months) in Hong Kong. The results provide references for various stakeholders (developer",10.0,https://journals.vgtu.lt/index.php/IJSPM/article/download/7434/6437
f25e304efb21311f4f7d05a7561149b3ffce9ff3,10.3390/su15010507,Identifying Market Segment for the Assessment of a Price Premium for Green Certified Housing: A Cluster Analysis Approach,2022.0,Sustainability,Dong Hyun Kim; Amina Irakoze,"While the literature confirms the existence of a green premium, various researchers have acknowledged the importance of homogeneity in the dataset used for premium assessment. This study developed a systematic approach to extract a sales subsample containing transactions from green-certified apartments and their most similar counterparts based on cluster analysis. The study applied k-means and PAM clustering algorithms to split an extensive sales sample of 81,605 transactions into sales subsamples. A sales subsample containing transactions from green-certified apartments and their peers was extracted and used for green premium estimation. The results indicate that through cluster analysis, a market segment containing above 80% of the total housing transactions from green-certified apartments could be identified. Through the hedonic model, a green premium of 26.2% was identified from the entire sales sample (no market segmentation). However, this value was reduced to 12.2 and 17.8% when estimated from a sales subsample extracted through k-means and PAM clustering, respectively. These findings have implications for the close assessment of green certification impact on the sale prices",10.0,https://www.mdpi.com/2071-1050/15/1/507/pdf?version=1672219407
c53de589948263b16f26363389e0c54df67b3584,10.3992/jgb.16.4.45,RESALE OF GREEN HOUSING COMPENSATES FOR ITS PREMIUM PRICING: AN EMPIRICAL STUDY OF CHINA,2021.0,"Journal of Green Building, College Publishing, USA",Yongsheng Jiang; Yangang Xing; Donglong Zhao; Ruilin Jiao,"
 Green housing reduces resource consumption and protects the ecological environment. Sustainable buildings and construction have gained increasing attention in the last decade. Many empirical studies have confirmed that green housing imposes a price premium at the presale stage. The high price could be a concern that prevents homebuyers from purchasing green buildings. However, there is a lack of empirical evidence on whether the premium pricing could be compensated for by the resale price. To address this gap, this study establishes a hedonic regression model to estimate the price premium of green housing at the resale stage. The results show that green housing certified with the Chinese Green Building Label (CGBL) offers a 6% price premium compared with non-green housing at the resale stage. The results also show that green housing with a higher level of green certification, e.g., the 3-star CGBL, provides a greater price premium at resale. The findings indicate that home-buyers can obtain financial compensation for the high cost when purchasing a green home. Our findings also indicate that the price premium for reselling a green home is not always enough to compensate for the p",10.0,https://doi.org/10.3992/jgb.16.4.45
863e2d2828c542d5c2848845d026f081ef3bd939,10.3727/108354218x15305418666931,"How Does Tourism Penetration Affect House Prices? Evidence From Crete, Greece",2018.0,Tourism Analysis,Dimitra Kavarnou; Anupam Nanda,"This study examined the relationship between tourism penetration and house prices. We used a very touristic place, Crete, which is a major Greek island, as a case study to test research hypotheses. With data from 2006 to 2012, we constructed tourism indicators for the four prefectures
 of Crete. Then by using principal component analysis (PCA) we created a tourism penetration rate (TPR) for each prefecture and ranked them in terms of tourism penetration. In the second stage of the analysis, we performed a hedonic house price regression analysis. We established empirical
 findings that (i) the TPR of a prefecture has a significant effect on house prices of the prefecture and (ii) house prices are affected by the TPR of the neighboring prefectures, indicating statistically significant tourism spillover effects. The findings, although significant, show asymmetric
 effects that confirm both the impact of tourism penetration on house prices and the presence of spillover effects across Crete Island. Models were tested for robustness across several specifications. The analytical framework drawing from tourism and housing economics literature is repeatable across regions with a significant",10.0,https://doi.org/10.17863/cam.21445
a905405d55cca162314a486a3bc9bd61e0eb0719,10.30541/v57i1pp.1-25,Determinants of Housing Demand in Urban Areas of Pakistan: Evidence from the PSLM,2018.0,,Ayaz Ahmad; N. Iqbal; R. Siddiqui,"The study attempts to investigate the determinants of housing demand in urban areas of Pakistan. The empirical analysis is carried out using the Pakistan Social and Living Standard Measurement (PSLM) survey 2004-05 and 2010-11. The hedonic price model is used for the estimation of house prices. In order to control the selectivity bias between the tenure choice and the quantity of housing services demanded, Heckman's two-step selection procedure is used. The empirical analysis shows that housing price and income (temporary and permanent) play an important role in the determination of the housing units' demand. An increase in houses' prices causes decrease in demand for the housing units while the housing demand increases when the permanent income increases. On the face of change or increase in the transitory income, the demand for housing units remains static, since people do not desire to make long-term decisions based on volatile income. To manage rising housing demand, government should focus on developing effective and enforced price control mechanisms. Keywords: Urban Housing Demand, PSLM, Pakistan",10.0,https://doi.org/10.30541/v57i1pp.1-25
290a4bf33ce230c96c2113bb929c287ce4514c65,10.5198/jtlu.2021.1664,Borrowed sizes: A hedonic price approach to the value of netowrk structure in public transport systems,2021.0,,Helena Bohman; Desirée Nilsson,"Property prices are known to be higher in places with high accessibility, such as in proximity to train stations and especially to commuter rail, than in places without this access. This study provides a better understanding of how regional accessibility, through the structure of railway networks, can influence local agglomeration economies by providing accessibility to large labor markets. Previous literature has shown a positive impact of proximity to railway stations on housing prices, and our study adds to the literature by analyzing the impact of network structure. We argue that public transport systems can support the benefits of city networks in line with Alonso’s concept of borrowed sizes (1973). Using network theory to measure accessibility provided by the network, we show that stations that provide accessibility to large labor markets across the region are perceived as more attractive by households. Cities in proximity to other cities are strengthened through their public transport links, which allow agglomeration benefits to be exploited by residents.",10.0,https://www.jtlu.org/index.php/jtlu/article/download/1664/1528
7f5f411bef1a0d40c307c76014bc29505bb6eeb8,10.2139/ssrn.3359289,Sea Level Rise and House Price Capitalisation,2019.0,Social Science Research Network,F. Fuerst; G. Warren-Myers,"Economic theory and extant research suggest that flood prone properties should attract a discount. This concept can be extended to properties affected by future sea level rise but there is limited information for purchasers to judge and make informed decisions about their investment. Using a comprehensive dataset comprising statutory rating valuation information and sales transactions for the period 2011 – 2016, a hedonic framework is applied in order to ascertain the implications of the existing flood discount and potential price effects of future sea level rise. The hedonic model identifies a price discount effect for properties affected by known flooded areas, whilst sea level rise has no notable effect on valuations or sales data. The results highlight that purchasers do not appear to price sea level rise risk and are under-prepared for the future challenges and implications sea level rise and the ancillary effects of future flooding, inundation and storm surge.",10.0,https://doi.org/10.2139/ssrn.3359289
190a33bf81dad04ef11c88f2df074743924d2c89,10.3390/land11111894,"The Effect of School Quality on House Prices: Evidence from Shanghai, China",2022.0,Land,Zi-Ming Liu; Jiayu Ye; Guang-Cheng Ren; Shu-Yi Feng,"Understanding the housing price premium of high-quality education could be important for improving our knowledge on the formation of housing prices and potential consequences of educational resources misallocation. This paper estimates the housing price premium of high-quality primary schools in Shanghai, China. Applying the hedonic price and paired difference models with a boundary fixed effect to the house resale transaction data from January to October 2019, the study found that the housing price premium of high-quality primary school was approximately 15.6%. Moreover, the price premium of small houses was larger than that of large houses. The results suggest that high-quality education has a significant capitalization effect on housing values. This implies that the policy of restricting one student to have a seat in only one particular school within the zoning area would lead to greater education inequality and future policies should consider this effect.",10.0,https://www.mdpi.com/2073-445X/11/11/1894/pdf?version=1667532496
3b4b454985f862f1a1d6165d8c81255275be3ddb,10.3389/fenvs.2022.967094,The effects of park and sea landscape on property value in a tourist city,2022.0,Frontiers in Environmental Science,Dequn Shi; Yuhui Zhang; Zeng-Xian Liang,"Theorists have traditionally considered the effects of single rather than multiple landscape attributes on property prices, and ignored the interaction between landscape-specific housing attributes. The aim of this paper is to analyze the hedonic attributes of property prices and compare the effects on property prices of two key landscape attributes. Seventeen hedonic attributes are used to build a hedonic-pricing model with five dimensions: structure, neighborhood and community, location, environment, and time. A sample of 688 valid houses within 1,000 m of Xiangshan Park in the city of Zhuhai, China is collected. The selected hedonic attributes are found to have significant effects on property prices, explaining around 91% of the observed variation in price. Proximity to the sea has a greater positive influence on property prices than proximity to parks. In addition, people prefer to buy properties with sea views than to live close to the sea.",10.0,https://www.frontiersin.org/articles/10.3389/fenvs.2022.967094/pdf
be30188e84b262c124b8904f8d6cf566ae05fde0,10.1080/00167223.2018.1498364,Artificial neural networks and geostatistical models for housing valuations in urban residential areas,2018.0,Danish journal of geography,M. Carmen Morillo Balsera; S. Martínez-Cuevas; Iñigo Molina Sánchez; César García-Aranda; M. Izquierdo,"ABSTRACT Property valuation studies often use classical statistics techniques. Among these techniques, the Artificial Neural Networks are the most applied, overcoming the inflexibility and the linearity of the hedonic models. Other researchers have used Geostatistics techniques, specifically the Kriging Method, for interpreting spatial-temporal variability and to predict housing unit prices. The innovation of this study is to highlight how the Kriging Method can help to better understand the urban environment, improving the results obtained by classical statistics. This study presents two different methods that share the general objective of extracting information regarding a city’s housing from datasets. The procedures applied are Ordinary Kriging (Geostatistics) and Multi-Layer Perceptron algorithm (Artificial Neural Networks). These methods were used to predict housing unit prices in the municipality of Pozuelo de Alarcon (Madrid). The implementation of both methods provides us with the urban characteristics of the study area and the most significant variables related to price. The main conclusion is that the Ordinary Kriging models and the Neural Networks models, applied to pre",10.0,
b0f7dc6f984405958850264589ee0ef2b7e42b69,10.68479/001c.9769,"Neighborhood Historic Preservation Status and Housing Values in Oklahoma County, Oklahoma",2019.0,Journal of Regional Analysis & Policy,D. Rickman,"Using county tax assessor data, this paper estimates the property value impacts of his-toric designation of neighborhoods for Oklahoma County, Oklahoma. Methodological contributions of the study include allowing for spatial and temporal variation of hedonic prices and historic district property values along with the use of finely delineated spatial fixed effects. Neighborhood historic designation is found to be associated with significant relative appreciation of housing values in most districts. Factors appearing to influence the rate of appreciation are the time span of neighborhood historic designation and the area crime rate. The variation in results across historic neighborhoods suggests that policy makers need to take into account the conditions under which historic designation most likely can succeed.",10.0,https://jrap.scholasticahq.com/article/9769.pdf
81164027622384ae4171842306dfa4323632d7eb,10.3390/su13095001,Socio-Economic and Spatial Characteristics of Wielkopolski National Park: Application of the Hedonic Pricing Method,2021.0,Sustainability,Cyprian Chwiałkowski; A. Zydroń,"The study aimed to determine the influence of the proximity of Wielkopolski National Park (WNP) on the value of dwelling units in Mosina municipality. The research was conducted based on 1182 residential property transactions in the period from 2014 to 2018. The input data were subjected to spatial and statistical analysis. The main part of the analysis was performed with the use of the hedonic price method (HPM)—WLS (weighted least squares). The use of statistical tools made it possible to find undeniable evidence that the housing prices are positively related to the presence of Wielkopolski National Park, which has also been confirmed by previous research works conducted in other parts of the world.",10.0,https://www.mdpi.com/2071-1050/13/9/5001/pdf?version=1620470156
6e1f2a04e1d67c6f2050be6a2c4cddbf65691c16,10.14254/2071-8330.2019/12-3/17,The effect of perpetual usufruct on single-family houses in Poznań,2019.0,Journal of International Students,R. Trojanek; Justyna Tanas; M. Trojanek,"The paper explores the influence of the perpetual usufruct (a form of owning the ground similar to a long-term lease in Poland) on house prices in Poznań. The research is based on a data set of 1074 geo-coded single-family houses transactions for the years 2010 to 2015. In this research, the hedonic method was used in Ordinary Least Squares (OLS), Weighted Least Squares (WLS) and Median Quantile Regression (Median QR) models. We found substantial evidence that single-family houses constructed on perpetual usufruct lots are discounted on average at 4.1%.",10.0,https://www.jois.eu/files/17_838_Trojanek et al.pdf
f7d349cc06128b68cea5e8f4de7c994b0342e0bc,10.1111/pirs.12210,What types of people sort to which public services,2017.0,,David M. Brasington,"We examine the characteristics of people who say they buy their houses for environmental quality, school quality, public safety and low taxes. We find, for example, that young people and people without school-aged children are more likely to buy their house for low taxes. We estimate a house price hedonic in a system of equations that models the public services people had in mind when they bought their house. We find a housing price elasticity of 0.53 for school spending, 0.23 for maths proficiency, –0.17 for the tax rate and –0.050 for the crime rate.",10.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/pirs.12210
23e6d26c78ae9d07981a579705f0523915a35974,10.1080/10548408.2021.2006861,Host facial features and Airbnb listing prices: a spatial hedonic pricing approach,2021.0,Journal of Travel & Tourism Marketing,M. Zhang; Lu Wang; Wanying Yang; Yiwei Li; Yin Bai,"ABSTRACT This study aims to examine the relationship between hosts’ facial features and Airbnb listing prices alongside other house attributes. We use a spatial hedonic pricing model to analyze 1,411 Airbnb listings in Shanghai, China. The results show that intrinsic functional attributes of listings are the dominant factors of price, followed by host attributes (especially host facial features such as facial width-to-height ratio). Specifically, the lower a host’s facial width-to-height ratio is, the higher the listing price. In addition, the results from concentric ring areas vary within the same city. This study contributes new insights into pricing in shared accommodations.",10.0,
doi_10_1111_1540_6229_00432,10.1111/1540-6229.00432,Economic Effects of Racial Integration: An Analysis of Hedonic Housing Prices and the Willingness to Pay,1987.0,Real Estate Economics,Stuart A. Gabriel,"This study evaluates household economic effects stemming from neighborhood racial integration in Oakland, California. To that end, housing market data are applied to estimate hedonic price and willingness‐to‐pay functions for neighborhood racial composition. Results of the analysis indicate the problematic nature of the constant willingness‐to‐pay assumption and suggest this standard method may underestimate the household economic effects of racial integration. The paper concludes with implications for neighborhood integration policy.",10.0,
afc63bb9b7bf51c6364ea26f57de3de63b12d8bb,10.1007/s11146-022-09888-y,Irish Property Price Estimation Using A Flexible Geo-spatial Smoothing Approach: What is the Impact of an Address?,2021.0,Journal of real estate finance and economics,Aoife K. Hurley; James Sweeney,"Accurate and efficient valuation of property is of utmost importance in a variety of settings, such as when securing mortgage finance to purchase a property, or where residential property taxes are set as a percentage of a property’s resale value. Internationally, resale based property taxes are most common due to ease of implementation and the difficulty of establishing site values. In an Irish context, property valuations are currently based on comparison to recently sold neighbouring properties, however, this approach is limited by low property turnover. National property taxes based on property value, as opposed to site value, also act as a disincentive to improvement works due to the ensuing increased tax burden. In this article we develop a spatial hedonic regression model to separate the spatial and non-spatial contributions of property features to resale value. We mitigate the issue of low property turnover through geographic correlation, borrowing information across multiple property types and finishes. We investigate the impact of address mislabelling on predictive performance, where vendors erroneously supply a more affluent postcode, and evaluate the contribution of imp",9.0,https://link.springer.com/content/pdf/10.1007/s11146-022-09888-y.pdf
f6358cd4d06b5ec1bc2d8c41be246fdbcbf9fadc,10.2139/ssrn.2381860,Spatial Dependence in Commercial Property Prices: Micro Evidence from the Netherlands,2014.0,Social Science Research Network,Selin Özyurt,"Following a hedonic framework, this paper constructs various transaction-based commercial property price indicators for the Netherlands. Using quarterly data from the Investment Property Databank (IPD), the analysis covers a total of 10,000 listed properties over the period 2001-2011. The study contributes to the empirical literature by introducing a spatial econometric methodology into a hedonic framework, via a spatially lagged explanatory variable (spatially lagged valuations per square metre). The results provide significant evidence of the presence of spatial dependence in unit valuations in all sub-sectors of the commercial property market, namely retail, office, industrial and residential. Accordingly, high (low) priced commercial properties tend to be geographically clustered rather than randomly distributed over space. The comparison of the alternative transaction-based indices shows a systematic upward bias in the baseline transaction-based indicator that relies solely on prior appraisals. In addition, compared to the baseline indicator, the spatially augmented transaction-based price indicator appears to fluctuate less and is more robust to small sample sizes. These resu",9.0,https://doi.org/10.2139/ssrn.2381860
cfead0e0e07fad0f84387d9ad75caac9c2f510a0,10.21837/pmjournal.v16.i6.467,FACTOR ANALYSIS ON HEDONIC PRICING MODEL ON OPEN SPACE AFFECTING THE HOUSING PRICE IN MELAKA AND SEREMBAN,2018.0,PLANNING MALAYSIA JOURNAL,M. Asmawi; Mohammad Abdul Mohit; Norzailawati Mohd Noor; Alias Abdullah; Tuminah Paiman,"Open spaces near residential area often labelled as development constraint since each residential development must provide 10 percent of open space from the total acreage according to Malaysia planning guidelines. Kuala Lumpur has noticeable lost in open space in residential area and this issue might happen with other neighbourhood states such as Negeri Sembilan and Melaka. Therefore, the purpose of this study is to find the resident perspective on the importance of open space while purchasing their housing property. As such, the aim of the research is to study and examine the characteristics of relationship between public openspaces and residential property value using GIS-Hedonic pricing modelling in the selected residential area in Seremban and Melaka. To find the gist of this study, factor analysis has been used to sum the hedonic pricing model output. Seremban and Melaka respondents have chosen the Importance of the House attributes in influencing the house price and Importance of open space following factors in influencing the house price. The research examined the relationship between the open space and house price at selected area in Seremban and Ayer Keroh. As found in the",9.0,http://planningmalaysia.org/index.php/pmj/article/download/467/377
7eb23dd881064561371ec6d2d4b615ff00c40b4d,10.1016/j.jhe.2019.101658,The effect of asylum seeker reception centers on nearby house prices: Evidence from The Netherlands,2019.0,,Michiel N. Daams; Paola Proietti; P. Veneri,"With 20,945 asylum applications in 2016, the Netherlands received the tenth highest number of asylum requests in Europe. From the time of their arrival, and until a decision on their asylum requests is made, asylum seekers are sheltered in asylum seeker reception centers (ASRCs) across the country. This paper tests whether the opening of reception centers affects the prices of nearby houses. In doing so, likely differential effects across urban and non-urban areas, as well as for ASRCs of distinct capacities to host asylum seekers, are considered. The analysis uses hedonic regressions that are based on a staggered difference-in-differences design. Estimation comes from 2009–2017 information on the transaction prices of houses (N = 347,479) and the locations and opening dates of nearby ASRCs (N = 75). The results indicate that the opening of ASRCs causes the prices of some houses to fall by approximately 9.3%. However, this estimated effect pertains solely to single-family houses in less densely populated areas and for ASRC of high hosting capacity, whereas in cities no economically or statistically significant effects are found. The findings of this study have implications for the ",9.0,https://www.sciencedirect.com/science/article/pii/S1051137718302651
e98cfc22246710daa53c093b9fbee104cf2b7ee9,10.1088/1757-899x/869/6/062039,"Analyzing the impact of accessibility on property price by using hedonic-price modelling for supporting urban land management towards TOD in Hanoi, Vietnam",2020.0,IOP Conference Series: Materials Science and Engineering,Thi Thanh Mai Nguyen; Thi Mai Chi Nguyen,"Land and property price are determined by a number of characteristics, such as house-related characteristics and neighborhood-related characteristics. Accessibility to urban services and infrastructure is considered as an attribute group with a strong influence on this value. These impacts are diverse and complex, inconsistent, depending on each case study. The paper desires to use the linear regression method to evaluate the impact of accessibility to urban services and transportation on property prices in Hanoi. Some models were set up based on our assumptions on the relationship between accessibility-related attributes and estimated for 4 zones in the south of Hanoi and use them to compare the differences among these zones. Conclusions about the relationship between property prices and accessibility to transit, car-accessibility and accessibility to public amenities will help to enhance many ideas in managing land development in new centers established from Urban Mass Rapit Transit (UMRT) interchanges under the TOD concept - compact development, mixed land use, and easy accessibility.",9.0,https://iopscience.iop.org/article/10.1088/1757-899X/869/6/062039/pdf
71a15abb1b6d73de1832e27b75eb4edbfa74e2fa,10.3390/su12219058,The Heterogenous Demand for Urban Parks between Home Buyers and Renters: Evidence from Beijing,2020.0,Sustainability,Tianzheng Zhang; Yingxiang Zeng; Ying-Jie Zhang; Yanjiao Song; Hong-Xun Li,"Many studies have confirmed that there is demand among urban residents and renters for urban parks. Moreover, as renters and home buyers have very different levels of ownership over their housing resources, their demands for amenities can be heterogenous. To discover and identify such heterogeneous demands is worthy of attention. Using the micro-housing resale transactions and listing data for housing leases in Beijing during 2019, this paper explores the difference between the demand for urban parks among home buyers and renters outside the community from the perspective of the internal quality of the community by using the hedonic price model (HPM). Specifically, from the dimension of the property management service fee and greening rate, we find that for home buyers, compared to residents living in relatively poor-quality communities, a better-quality community will reduce the demand for urban parks outside the community. Conversely, for renters, the higher the quality of the community is, the higher the demand for urban parks outside the community will be.",9.0,https://www.mdpi.com/2071-1050/12/21/9058/pdf?version=1604155303
dbe51fd8351ad54a32bca63ef692821b202e7af1,10.3846/1648715x.2014.889770,Windfarms and residential property values,2014.0,,Iona McCarthy; H. O. Balli,"This study examines the effect that windfarm visibility has on residential property values using a hedonic regression model. The study area is Ashhurst, New Zealand, a township of approximately 900 dwellings. Ashhurst is located within eight kilometres of two separate windfarms that were developed between 1998 and 2007 comprising 103x660kW turbines, 31x3MW turbines, and 55x1.65MW turbines. The analysis uses the 945 open market house sales that occurred in Ashhurst between 1995 and 2008. Visual impact of turbines is studied to capture the impact of windfarms and it is assessed using GIS viewshed analysis and by field inspection. The hedonic models had satisfactory explanatory performance and in each case indicated that the turbines located between 2.5 and 6 kilometres from the township of Ashhurst had no significant impact on property value.",9.0,https://doi.org/10.3846/1648715x.2014.889770
95ca6c4ebd807bd140b9ac48994345fb67aceaf5,10.1111/tesg.12607,Closing the Rent Index Gap – A Quantitative Approach to Rental‐Sector Gentrification,2023.0,Tijdschrift voor economische en sociale geografie,Selim Banabak,"This paper advocates for a greater emphasis on supply sided concepts such as the rent gap in the empirical operationalizations of gentrification. It provides a novel framework to identify rental‐sector gentrification areas through index construction by drawing on insights from the gentrification, rent gap, price index and hedonic regression literatures. The approach is highly adaptable to a variety of regulatory contexts and other housing market idiosyncrasies through the design of the underlying regression model. Drawing on data from the city of Vienna, local rent changes and their relationship to price‐effective transformations of the rental housing supply are quantified. After computing the respective indices, bivariate mapping is utilized to identify potential gentrification areas.",9.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/tesg.12607
f0668752ea0d9873285676ff1dd04202aa6cad26,10.5038/2375-0901.23.1.2,Case study of property value transfer attributed to transit: spatial and temporal hedonic price impact of light rail in Minnesota’s Twin Cities,2021.0,Journal of Public Transportation,K. Ko,"Does the proximity of transit increase property values, and can one example apply to another? Using a spatial and temporal hedonic price framework, a study of light rail transit’s impact on residential property values compares the station area property impacts of the Green and Blue lines in Saint Paul and Minneapolis. The study also points to when “value transfer” (used here to describe the comparison and application of property value impacts near transit) is appropriate, and what practitioners should keep in mind to maximize the effectiveness of the exercise. In the case of value transfer for transit, the study finds that intimate local knowledge matters more than special modeling specifications to appropriately capture the impacted properties and transfer the return of investment.",9.0,https://doi.org/10.5038/2375-0901.23.1.2
eff0b6799954f0c2bd8ec9839925926639269f2d,10.1177/0308518x19861108,Capitalization of neighbourhood diversity and segregation,2019.0,Environment and Planning,Viggo Nordvik; Liv Osland; I. Thorsen; I. Thorsen,"In this paper we study how concentrations and diversity of different groups of households were reflected in the housing prices of neighbourhoods in the Oslo urban area, Norway. The focus is primarily on the settlement pattern of immigrants, but the analysis controls for socioeconomic and demographic characteristics. Based on a hedonic conditional autoregressive spatial model formulation, we find that households on average prefer neighbourhoods with a high concentration of natives, many immigrants from Western countries and, at the same time, a diverse, thin representation of neighbours from a wide range of countries. We do not find that immigrants from specific countries or continents have a substantial negative impact on housing prices in a neighbourhood.",9.0,https://hdl.handle.net/11250/2726621
13cc429a370bdd684c9c61ad7921adb0c2d23a7b,10.18174/122030,Valuation of land use in the Netherlands and British Columbia: a spatial hedonic GIS-based approach,2008.0,,G. Cotteleer,"The main reason for government intervention in land markets is market failure. Open space is a non-market output or externality of farmland and, although it might be important to people, there is no actual market for the good as such. The Netherlands and the Province of British Columbia in Canada both experience similar problems of expanding cities and pressure on open space, and they both use zoning to regulate land use and its externalities. The objective of this research is to evaluate the effect of zoning on the preservation of open space in the urban-rural fringe and to quantify the externalities that different types of land use impose on residential properties",9.0,https://research.wur.nl/en/publications/valuation-of-land-use-in-the-netherlands-and-british-columbia-a-s
f30bc522dd315955f9336120dcac97e54765ed2b,10.1080/00036846.2020.1751050,Major league soccer expansion and property values: do sports franchises generate amenities or disamenities?,2020.0,,Aakrit Joshi; Brady P. Horn; R. P. Berrens,"ABSTRACT While amenity effects generated by sports stadiums or facilities have been studied extensively for housing markets, there has been significantly less attention focused on team effects generated by sports franchises alone. The objective of this analysis is to estimate the impact of Major League Soccer (MLS) expansion on property values, using nearby condominium sales from 2003–2016 in Seattle, Washington. Econometric results from hedonic pricing method and repeat sales regression indicate that property values depreciated after the Seattle Sounders Football Club was promoted to the MLS in 2009. The distance-decaying depreciation in condominium values occurs within a mile of the facility.",9.0,
3a9dfefd1638fdade59ba0ac74493b5a067a1dab,10.1108/ijhma-08-2022-0108,Does work from home reshape the urban rental structure? Early evidence from a rental gradient analysis in Auckland,2023.0,International Journal of Housing Markets and Analysis,Chung Yim Edward Yiu; Ka-Shing Cheung; D. Wong,"
Purpose
This study aims to identify the pandemic’s impact on house rents by applying a rental gradient analysis to compare the pre-and post-COVID-19 periods in Auckland. The micro-level household census data from the Integrated Data Infrastructure of Statistics New Zealand is also applied to scrutinise this WFH trend as a robustness check.


Design/methodology/approach
Since the outbreak of COVID-19, work-from-home (WFH) and e-commerce have become much more common in many cities. Many news reports have contended that households are leaving city centres and moving into bigger and better houses in the suburbs or rural areas. This emerging trend has been redefining the traditional theory of residential location choices. Proximity to central business district (CBD) is no longer the most critical consideration in choosing one’s residence. WFH and e-commerce flatten the traditional bid rent curve from the city centre.


Findings
The authors examined micro-level housing rental listings in 242 suburbs of the Auckland Region from January 2013 to December 2021 (108 months) and found that the hedonic price gradient models suggest that there has been a trend of rental gradient flattening and ",8.0,
05fc4dde7646a2be9613d068bc573355c1d486c0,10.1108/ijhma-09-2017-0082,"Landscape view, height preferences and apartment prices: evidence from major urban areas in Indonesia",2018.0,International Journal of Housing Markets and Analysis,Andi Nida'ul Hasanah; M. H. Yudhistira,"
Purpose
Landscape view is a crucial factor in house-buying decisions. Landscape views provide an amenity to residents, and this can influence the house or apartment owners in their residence decisions. Yet, the relative value of different types of view potentially differs. Additionally, the value of each type of view may differ depending on an apartment’s elevation above the ground level. In this study, the authors aim to estimate the value of landscape views on apartment prices in major urban areas in Indonesia.


Design/methodology/approach
This paper evaluates to what extent various landscape views including mountain, sea, river, lake, street, urban village, garden and sports center views affect apartment prices in major urban areas in Indonesia. Two hedonic regression approaches are used: ordinary least squares and semiparametric regression. The latter is used to accommodate a possible non-linearity in the relationship between price and apartment characteristics. The model also incorporates housing and locational characteristics as control variables.


Findings
Using online apartment market data, the estimates in this paper show some degree of heterogeneity in the value of var",8.0,
b3bafb984681f48b81db9460170fbcb2728b1b11,10.2139/ssrn.4143689,Comparative analysis of visual amenity services valuation: A nationwide assessment through propensity scoring matching and hedonic regression.,2022.0,Journal of Environmental Management,Jiacheng Shao; Ying Zhou; Huan Luo; Jin-Nan Wang; Qingyu Zhang,"Conventional hedonic valuations of environmental amenities and cultural ecosystem services (CES) expose two limitations. First, related studies are unable to fully capture the value of visual amenity services which synergistically contribute and enhance the provision of valuable CES together with recreation, educational and spiritual services. Second, studies using linear hedonic regression cannot address potential bias resulting from multicollinearity in independent variables. We found that popular choices of covariates are correlated with the main amenity variable, which can lead to an undermined estimation precision. Therefore, to address those shortcomings, we first employed a specific proxy dummy variable to assign treatment and control individuals based on the service type. Second, we adopted propensity score matching (PSM) methodology to match treatment and control observations conditional on overlapping baseline covariates in order to avoid collinearity. Then, we carried out a comparative evaluation of a nationwide visual amenity service of the ocean ecosystem in China, via our new PSM-based average treatment effects (ATE) methodology and a conventional linear hedonic regre",8.0,https://doi.org/10.2139/ssrn.4143689
66b74975968370c75371207845d963de2413a23e,10.7764/rdlc.16.1.57,Does urban centrality influence residential prices? An analysis for the Barcelona Metropolitan Area,2017.0,,Carlos Marmolejo-Duarte,"DOI: 10.7764/RDLC.16.1.57 The bid rent theory (BRT), originally conceived for a monocentric city suggests a trade-off between land value and transport costs. Thus, in most of the practical applications, the simply distance/time/cost to the CBD is used as a proxy of accessibility. Nonetheless, in contemporary metropolises, employment and services do not cluster in one CBD but in many centers, furthermore the centrality quality does not follow a smooth gradient as distance to centers increases. Consequently, taking the distance/time/cost to centers in the context or hedonic models is problematic for collinearity issues and too simplistic since it directly assumes a smoothed gradient function.  In this paper we test in Barcelona Metropolitan Area, a very well recognized polycentric city, whether some continuous indicators of centrality are key determinants of housing prices. Using listing prices, a hedonic model is built, and the asking price is regressed over two continuous indicators of centrality, one of them calculated departing of the spatial-temporal behavior of people, which itself is a novelty in this kind of studies.  The results suggest that continuous centrality indicators ",8.0,https://revistadelaconstruccion.uc.cl/index.php/RDLC/article/download/13008/11562
af8e60468d877c07821ea9200acfb336a4ed8757,10.18335/region.v4i1.107,Revisiting the Boston data set - Changing the units of observation affects estimated willingness to pay for clean air,2017.0,,R. Bivand,"Harrison, Rubinfeld ( 1978c ) used a hedonic model to find out how house values were affected by air pollution in Boston, when other variables were taken into consideration. Their primary interest was in estimating willingness to pay for cleaner air. They chose to use 506 census tracts as units of observation because median house values for these units of aggregation were published in the 1970 census tabulations. Air pollution values from the model output, represented by nitrogen oxides (NOX), were available for 122 model output zones, of which only 96 fell within the study area defined by the chosen census tracts. These NOX values were then assigned proportionally to all census tracts falling within each model output zone. By re-aggregating the house value data to the 96 air pollution model output zones and re-fitting the regression model, the total impact of air pollution on house values, and thus the estimated willingness to pay, increases markedly. By extending the analysis to include spatially lagged independent variables, the total impact of air pollution on median house values, and consequently on the willingness to pay analysis, increases by over three times. Use of weighti",8.0,https://doi.org/10.18335/region.v4i1.107
fbbdedcdad80caaacb109ea733f2c1b821ffe74c,10.3390/su12124867,Comparing the Impacts of Location Attributes on Residents’ Preferences and Residential Values in Compact Cities: A Case Study of Hong Kong,2020.0,Sustainability,Yunxi Bai; Ju-Sheng Song; Shan-Shan Wu; Wei Wang; Jacqueline T. Y. Lo; Siu-Ming Lo,"In recent years, environmentally-friendly, sustainable, and compact development has become increasingly popular with governments. An extensive body of literature has focused on the influence on housing prices from an economic perspective. Although residential urban planning from the perspective of individual needs must be considered, little attention has been paid to residents’ demands in high-density and compact urban areas. In this study, we selected Hong Kong as the case and adopted a reliability interval method to rank residential attitude metrics, which indicated residents’ neighborhood needs in densely populated cities. The influences of location attributes on residents’ demands and residential value were compared. A hedonic price model was used to estimate the impacts of the attributes on housing prices. The results showed that both access to metro stations and median household income had important influences on residents’ preferences and housing prices. However, access to the central business district contributed largely to housing prices but not to residents’ attitudes. These findings support urban planners and policy makers during sustainable residential planning and poli",8.0,https://www.mdpi.com/2071-1050/12/12/4867/pdf?version=1592212164
479ef93706cda4540ad9e7de616a40abd3b26255,10.1108/ijhma-05-2020-0050,Estimating the price of apartments in Tehran using extracted compound variables,2020.0,,Javad Koohpayma; M. Argany,"
Purpose
Housing price is a barometer of a national economy. In recent years, Iran experienced high inflation in its economy, which affects everything, including housing. The purpose of this study is the estimation of the value of residential apartments of Tehran using ordinary least square (OLS) and geographically weighted regression (GWR) methods.


Design/methodology/approach
This paper proposed a method for determining the compound variables and used them to estimate and evaluate the prices in the district six of Tehran city. Also, this paper compared the GWR and OLS methods with different types of factors and their influences in house price estimations.


Findings
During the high inflation period of the study period, the age of buildings, inflation, parking, storage room and their locations are the most critical factors that affect the price of apartments in district six of Tehran. Besides, compound variables have the most influence on the prediction of the prices.


Research limitations/implications
The exact location of the apartments in the study area were unknown. Therefore, the positions are extracted from their addresses. The uncertainty of location forced us to ignore t",8.0,
bd1972f275c902d94b0ff7549af85a87485ce7f9,10.20409/berj.2020.270,Konut Fiyatlarının Mekânsal Kantil Regresyon Yaklaşımına Göre Modellenmesi: Denizli İli Örneği,2020.0,,Sinem Güler Kangallı Uyar; Nur Duygu Keten,"The aim of the study is to examine the relationships between housing prices and characteristics by spatial quantile regression approach within the framework of hedonic price theory. In the period of May-June 2019, 3666 units of housing data for sale were obtained from the central districts for the Denizli housing market and it was aimed to provide information regarding the demand direction of the Denizli housing market. According to the estimation results of spatial quantile regression, the effects of structural, physical and locational housing characteristics on the housing prices change for the quantiles with the highest and lowest housing prices. One of the remarkable findings of the study is that an increment in the prices of neighboring houses for different segments of the distribution of housing asking prices increases the housing prices at different rates. The housing prices in neighbor locations most affect positively the housing prices at the bottom of 25th quartile. Consequently, determining the characteristics that increase and decrease the housing prices for different segments might implicitly provide information about the housing preferences of households with differen",8.0,https://www.berjournal.com/?file_id=692
e85d255e01b1fe86e41a3502eca2f79f337876f4,10.13189/cea.2020.080211,Optimizing Property Income in Transit Oriented Development: A Case Study of Jakarta TOD,2020.0,,G. Gunawan; M. Berawi; M. Sari,"Transit-oriented development (TOD) can make a significant contribution to the development of Jabodebek Light Rail Transit (LRT) in Indonesia. The increase of property value affected by the existence of LRT station can be considered as one of the potential revenues for TOD projects. This study aims to estimate property income for housing, commercial, and office in the TOD-based areas. Interview is used to obtain the variable characteristics for the hedonic price modeling (HPM) suitability from the benchmark TOD areas with the case study TOD areas at the Jabodebek LRT line. The HPM coefficient of the value increase from the benchmark that has conformance characteristics with the case study will be used to calculate the magnitude of the increase of property value. It is found that due to the influence of the hedonic coefficient, the property income of Ciracas TOD is 414.5 billion rupiah with an internal rate of return (IRR) of 11.7%, the property income of Bekasi Timur TOD is 84 billion rupiah with IRR of 11.01%, the property income of Cibubur TOD is 152.97 billion rupiah with IRR of 19.51 %, and the property income of Jaticempaka TOD is 330.36 billion with IRR of 12.01%.",8.0,http://www.hrpub.org/download/20200430/CEA11-14815553.pdf
a5c3a8b4f02ea9b02009cba2eba334012eb7b212,10.52324/001c.7989,Economic Impact of a Heritage Policy on Residential Property Values in a Historic District Context: The Case of the Old City of Quebec,2018.0,The Review of Regional Studies,Nicolas Devaux; É. Berthold; Jean Dubé,"Previous studies have attempted to measure the willingness-to-pay to locate inside a historic district. Yet not enough attention has been paid to the implicit value attributed to the impact of heritage policies within the historic district. This paper fills that gap by investigating the impact of such policies on individual condominium properties for the case of the Old City of Quebec (Canada), designated by law as a protected area and included on the World Heritage List (UNESCO). More precisely, this research measures the impacts of the reorganization and landscaping of one particular street located south-west of the protection area in the old part of Quebec City. A difference-in-differences (DID) estimator based on a hedonic repeated sales approach is proposed to isolate such effects based on proximity to the site under study. Estimation results suggest that the reorganization of the street had no significant impact on the closest properties’ prices, but had negative effects for properties located within 150 to 450 meters of the street. These observations outline complex relations between heritage policies and urban landscaping projects.",8.0,https://rrs.scholasticahq.com/article/7989.pdf
b5c18c4f766c17a23f9d60ce5d51463c14ded0bf,10.3390/land10111226,Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision,2021.0,Land,S. Herath,"Estimating the non-market monetary values of urban amenities has become commonplace in urban planning research, particularly following Rosen’s seminal article on hedonic theory in 1974. As a revealed preference method, the hedonic approach decouples the market price of a house into price components that are attributable to housing characteristics. Despite the potential contribution of this theory in a planning context, three main limitations exist in the conventional applications: (1) variable measurement issues, (2) model misspecification, and (3) the problematic common use of global regression. These flaws problematically skew our understanding of the urban structure and spatial distribution of amenities, leading to misinformed policy interventions and poor amenity planning decisions. In this article, we propose a coherent conceptual framework that addresses measurement, specification, and scale challenges to generate consistent economic estimates of local amenities. Finally, we argue that, by paying greater attention to the spatial equity of amenity values, governments can provide greater equality of opportunities in cities.",8.0,https://www.mdpi.com/2073-445X/10/11/1226/pdf?version=1636622371
609b922257367e9cd2ab189187ffbf20aa42dcb9,10.3390/su13020804,Evaluating the Impact of Floods on Housing Price Using a Spatial Matching Difference-In-Differences (SM-DID) Approach,2021.0,,Jean Dubé; Maha AbdelHalim; N. Devaux,"Many applications have relied on the hedonic pricing model (HPM) to measure the willingness-to-pay (WTP) for urban externalities and natural disasters. The classic HPM regresses housing price on a complete list of attributes/characteristics that include spatial or environmental amenities (or disamenities), such as floods, to retrieve the gradients of the market (marginal) WTP for such externalities. The aim of this paper is to propose an innovative methodological framework that extends the causal relations based on a spatial matching difference-in-differences (SM-DID) estimator, and which attempts to calculate the difference between sale price for similar goods within “treated” and “control” groups. To demonstrate the potential of the proposed spatial matching method, the researchers present an empirical investigation based on the case of a flood event recorded in the city of Laval (Quebec, Canada) in 1998, using information on transactions occurring between 1995 and 2001. The research results show that the impact of flooding brings a negative premium on the housing price of about 20,000$ Canadian (CAN).",8.0,https://www.mdpi.com/2071-1050/13/2/804/pdf?version=1610865430
33ef4e288998b4ed78dd5ff19179afbb4166b091,10.3390/su12229747,Effect of The Physical Characteristics of a Dwelling on Energy Consumption and Emissions: The Case of Castellón And Valencia (Spain),2020.0,,Ana-María Martínez-Llorens; Paloma Taltavull de La Paz; R. Mora-García,"This research analyses the relation between building and housing attributes and energy consumption and CO2 emissions, considering the spatial dependence present on the Spanish residential market and the different climatic areas. The paper uses a hedonic model with spatial correlation. To measure the spatial dependence, we have combined the Lag Model and the Error Model. The data has been obtained from three different sources and merged in a complex geolocated database, for the provinces of Castellon and Valencia. The results of both regressions indicate that there is a spatial dependence in the sample and a relation between some building attributes and energy consumption and CO2 emissions. The regressions show the existence of low consumption and low emission clusters in the metropolitan area of Valencia and Castellon. Moreover, the endogenous variables indicate that characteristics such as the age, the size, the typology of the house building or dwelling, the use of the surface, or the climatic area have an effect in the energy consumption and the CO2 emissions of the houses in Castellon and Valencia.",8.0,https://www.mdpi.com/2071-1050/12/22/9747/pdf
7ba5fcf3978b802b4181b81df3b411f4232dc587,10.47818/drarch.2020.v1i1004,Analysis of house prices: a hedonic model proposal for Istanbul metropolitan area,2020.0,Journal of Design for Resilience in Architecture and Planning,K. Arslanlı,"The purpose of this paper is to explore the nature of housing price differences in Istanbul Metropolitan Area. Factors that affect house prices in Istanbul are investigated by Hedonic Regression Model with spatial variables. House Price taken in natural Log form as dependent variable and house characteristics, neighborhood characteristics and transportation infrastructure taken as independent variables. Location of houses on Europe continent has more impact on value than Asian part of the city. As the Istanbul city spread out new neighborhood areas are also developed with new characteristics. And those houses are sold according to amenities they surrounded by are spatially autocorrelated. House prices are examined in Istanbul by taking into consideration sub-market characteristics to identify localized factors. In the model distance to green areas, ports, proximity to metro stations, shopping malls, hospitals have positive but insignificant; proximity to earthquake fault lines, public bus transportation, industrial zones have negative and significant effect on prices.",8.0,https://drarch.org/index.php/drarch/article/download/13/2
e685d1a724bac8026bfae0663fe85a5860953a4e,10.1007/s40890-024-00198-x,The Impact of Subway Station Proximity on Apartment Prices in Shiraz,2024.0,Transportation in Developing Economies,Hamed Najafi Kashkooli; K. Hajipoor; M. Arasteh; Ali Soltani,"Proximity to public transportation, such as subway stations is often considered as one of the main factors affecting urban land value and housing prices. However, the magnitude and direction of this impact may vary depending on the context and characteristics of each city. This paper aims to investigate the effect of subway station proximity on apartment prices in Shiraz, a major city in Iran with a population of over 1.8 million people. Using a hedonic price model and regression technique, we analyzed a dataset of 128 apartment transactions, controlling for apartment size, location, age, and other characteristics. The results differ from previous studies which suggested being closer to the transit station affects the property price due to accessibility. The findings suggest that distance to subway stations has an insignificant effect on apartment prices in Shiraz, with property size, location, and age being key determinants of apartment prices. The possible reasons for this result were discussed and recommendations were made for the development of further studies.",8.0,https://link.springer.com/content/pdf/10.1007/s40890-024-00198-x.pdf
a6298224d92b49575e661fa906835f14e8113e73,10.1016/j.dib.2021.106877,Hedonic dataset of the metropolitan housing market – Cases in South Korea,2021.0,Data in Brief,Yena Song; Kwangwon Ahn; S. An; H. Jang,"This article presents a database cleaned and generated for analyzing the economic impact of subway network on housing prices in metropolitan areas. The provision of transit networks and accompanying improvement in accessibility induce various impact and we focused on the economic impact reflected in housing prices. Although our emphasis is on transit accessibility and housing prices, the dataset presented is applicable to other analyses. It includes a wide range of variables closely related to housing prices such as housing properties, local demographic characteristics, local amenities, and seasonal control variables. Various distance variables constructed in a geographic information system environment using public data are useful for exploring the environmental impact on housing prices. These data cover four metropolitan areas—Busan, Daegu, Daejeon, and Gwangju—and provide accurate information on their metropolitan structures distinct from the capital city, Greater Seoul. An empirical analysis performed by Ahn et al. [1] is based on this dataset.",8.0,https://www.sciencedirect.com/science/article/pii/S235234092100161X/pdf
4623143311a81f444f198fa8b902f93a9a5e0904,10.1016/j.jenvman.2022.114908,Valuing the improvement of a decommissioned heritage site to a multifunctional water sensitive greenspace.,2022.0,Journal of Environmental Management,M. S. Iftekhar; M. Polyakov; A. Rogers,"In this paper, we assess residents' preferences for different options of large-scale water sensitive urban improvement of a heritage site in Melbourne, the Main Outfall Sewer (MOS) reserve. We use a hedonic pricing analysis and a discrete choice experiment to understand the benefits associated with improving the MOS reserve. We find that there are significant non-market benefits associated with various options, both in terms of the potential to reflect increases in house value and in terms of people's willingness to pay for improvements in amenity and environmental quality. This information will contribute to determining investment options for this important heritage site. Importantly, we demonstrate the combination of the hedonic and stated choice willingness to pay estimates to provide an aggregate estimate of welfare, revealing a useful approach for greenspace valuation applications where multiple non-market values should be considered.",8.0,http://hdl.handle.net/10072/423279
2270d94b16865c6a43fc97ca6d92e2488c431f3c,10.1016/j.wre.2018.12.001,Do Housing Prices Reflect Water Quality Impairments? Evidence from the Puget Sound.,2019.0,Water Resources and Economics,M. Papenfus,"Using data from Washington state and empirical methods to control for confounding factors, we estimate the effects of water quality impairments on residential housing prices. We also examine the role of individual water quality parameters such as fecal coliform and dissolved oxygen that are used to judge the attainment of water quality standards. Results indicate that impairments have a negative effect on home values. Using a hedonic model that includes fine-resolution spatial fixed effects, we find that being located adjacent to an impaired waterbody leads to an annualized depreciation of$1,942. We find that water quality impairments due to fecal coliform have the largest effects. Given the importance of evaluating the economic benefits of water quality, the use of impairment data to evaluate these benefits on a larger scale could lead to improved allocation of resources to protect the myriad beneficial uses that depend on water quality.",8.0,https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9680851
dc8fd709b4ebe9dac1a9ea061e5cc080645a0618,10.1093/ssjj/jyab029,The Application of Machine Learning Approaches on Real-Time Apartment Prices in the Tokyo Metropolitan Area,2021.0,Social Science Japan Journal,Ti-Ching Peng; chun-chieh wang,"
 The widely applied hedonic regression approach for the relationship between property prices and housing attributes is subject to assumptions and specifications of models as well as the availability and content of second-hand official data. In a cross-disciplinary spirit, this study employs machine learning techniques to examine hedonic apartment prices in the Tokyo Metropolitan Area of Japan based on online sales data extracted by web-parsing technology. With 14,579 apartment observations, two machine learning regressions—decision tree (DT) and random forest (RF)—are compared to conventional ordinary least squares regression (OLS) for hedonic modelling. Empirical results demonstrated that RF regressions led to the highest accuracy in model prediction performance, followed by DT and OLS. The comparison with results across models revealed that the housing features that have consistent influences on apartment prices tend to be those associated with living quality (including management funds, repair fund fees, floor size, located floor, total floor of the building, and location in Tokyo). Other commonly appreciated features, such as southward orientation or corner-lot location, did n",8.0,
ec36ebe0a1d7efedd162eab7a4153e70f5f5353d,10.2139/ssrn.3254241,"Sports Arenas, Teams and Property Values: Temporary and Permanent Shocks to Local Amenity Flows",2018.0,Journal of Regional Analysis & Policy,Yulia Chikish; Brad R. Humphreys; Adam D. Nowak,"Professional sports facilities and teams generate local amenity flows in cities that may affect property values. Previous research shows evidence of important positive and negative local amenity flows based on case studies of changes in residential property values in specific cities. We analyze changes in residential property values in Oklahoma City over a period, 2000 to 2016, where both temporary and permanent exogenous shocks to local sports-related amenities occurred. Results from hedonic price models and repeat sales regression models show that nearby residential property prices increased after the opening of a new arena and the arrival of a new, permanent NBA team in the city. The presence of a temporary NBA team visiting the city also had a positive impact.",8.0,https://doi.org/10.2139/ssrn.3254241
c907712a0677442e279c0250af0baebe78de5b5d,10.1111/1759-3441.12259,What Makes a Locality Attractive? Estimates of the Amenity Value of Parks for Victoria,2019.0,Economic Papers: A journal of applied economics and policy,Roberto Evangelio; Simon Hone; Moses Lee; David L. Prentice,"This paper provides the first estimates of the effects of parks on house prices within Victoria. We estimate hedonic regressions of house prices on the distance to six types of parks as well as a wide range of other amenities that may impact on house prices. We find that moving from the median to the first percentile of distances from a park is associated with increased property prices of up to $86,000. Parks are more likely to have a positive effect on house prices in regional Victoria than in Melbourne, where we speculate that for some types of parks, congestion or other types of negative externalities may be present. The current guidelines for cost-benefit analysis for transport projects do not include values for amenity effects. So the results of this work can be used to construct estimates of the amenity value of a park for a rapid cost benefit analysis.",8.0,
312d3caae468127052510c1d6c4399fe8ba6e475,10.11821/yj2010070012,Investigation of the capitalization of municipal government infrastructure investment on housing market: Hedonic model based on Guangzhou housing price data,2010.0,,Wen-Ying Fu,,8.0,
865215e42edd4a62fa86622f052808761567d8f0,10.1108/ijhma-05-2020-0062,A hedonic model of the association between grocery brand provision and residential rental prices in England,2021.0,International Journal of Housing Markets and Analysis,S. Clark; Nick Hood; M. Birkin,"
Purpose
This study aims to measure the association between local retail grocery provision and private residential rental prices in England. Renting is an important sector of the housing market in England and local grocery provision is an important aspect of service provision and consumers are known to be highly sensitive to the branding of this type of retailing.


Design/methodology/approach
This research uses a novel data source from a property rental Web platform to estimate a hedonic model for the rental market. These models incorporate information on the nature of the properties and their neighbourhoods, with an emphasis on how different retail brands are associated with rental prices. This retail brand is captured on two scales: the provision of local branded convenience stores and the provision of larger stores.


Findings
The study finds clear differentials in how the local grocery brand is associated with rental prices. When controlling for commonly explored confounding factors, “Luxury” retailers such as Waitrose and Marks and Spencer are associated with higher rental prices, while “Discounter” retailers are associated with lower rental prices. This finding has many impl",7.0,https://eprints.whiterose.ac.uk/163908/3/plots.pdf
2cdb6f374417590715ab5db24f593d17616b9ea2,10.1371/journal.pone.0323495,Effects of neighborhood streetscape on the single-family housing price: Focusing on nonlinear and interaction effects using interpretable machine learning,2025.0,PLoS ONE,J. Han; Ayoung Woo; Sugie Lee,"Previous studies using the conventional Hedonic Price Model to predict existing housing prices may have limitations in addressing the relationship between house prices and streetscapes as visually perceived at the human eye level, due to the constraints of streetscape estimations. Therefore, in this study, we analyzed the relationship between streetscapes visually perceived at eye level and single-family home prices in Seoul, Korea, using computer vision technology and machine learning algorithms. We used transaction data for 13,776 single-family housing sales between 2017 and 2019. To measure visually perceived streetscapes, this study used the Deeplab V3 + deep-learning model with 233,106 Google Street View panoramic images. Then, the best machine-learning model was selected by comparing the explanatory powers of the hedonic price model and all alternative machine-learning models. According to the results, the Gradient Boost model, a representative ensemble machine learning model, performed better than XGBoost, Random Forest, and Linear Regression models in predicting single-family house prices. In addition, this study used an interpretable machine learning model of the SHAP meth",7.0,https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0323495&type=printable
b238a4c0d833860715824048694dc091c42dd487,10.3390/buildings13102427,"Reconstructing Social Segregation in Danwei: An Examination of High-Quality Education Resources’ Impact on Housing Prices in Nanjing, China",2023.0,Buildings,Shuqin Jin; Yuhui Zhao; Chun-Hui Liu,"This study investigates the impact of capitalizing educational resources on housing prices. As housing has gradually transitioned from a basic social right to a means of accumulating individual and familial wealth, it has emerged as a significant indicator of social stratification and has increasingly become a crucial tool for the intergenerational reproduction of social class. This paper takes Nanjing, China, as a case study and uses the geographically weighted regression model (GWR) and the hedonic pricing model (HPM) to investigate the impact of high-quality primary schools on housing prices. The results show that high-quality educational resources have become the most significant influencing factor on residential prices in Nanjing. The analysis in the mechanism section further indicates that the uneven distribution of educational resources in China is a continuation of the “danwei” system. Moreover, during the urbanization process, these high-quality educational resources are often leveraged by the government and developers, who see them as essential tools to attract investment and inflate housing prices. Therefore, the current overlap of the school district system and the mark",7.0,https://www.mdpi.com/2075-5309/13/10/2427/pdf?version=1695610207
921d458fd8aaecd04951a94c76ce20e623a1b4bc,10.3390/su12198275,The Unequal Impact of Natural Landscape Views on Housing Prices: Applying Visual Perception Model and Quantile Regression to Apartments in Seoul,2020.0,Sustainability,Hye-Jin Lee; Byoungkil Lee; Sang-Kyeong Lee,"Natural landscape views have positive sides, such as providing restorative effects to urban residents, and negative sides, such as deepening wealth inequality. Previous studies have mainly focused on the positives and rarely on the negatives. From this perspective, this study aimed to analyze the unequal impact of natural landscape views on housing prices for apartments in Seoul. We proposed a visual perception model to analyze natural landscape views and, based on a hedonic price model, we used ordinary least squares and quantile regression to estimate the marginal impacts on housing prices. The results show that: (1) natural landscape views had positive impacts on housing prices, but their impacts did not reach the level of structural and locational characteristics such as apartment area and the distance to subway stations; (2) natural landscape views had different marginal impacts by housing price range and, in particular, had much higher value-added effects on higher-priced apartments, meaning that if old apartment complexes are redeveloped into high-rise ones, the improvement in natural landscape views generates great profit for apartment owners and intensifies wealth inequali",7.0,https://www.mdpi.com/2071-1050/12/19/8275/pdf?version=1602507033
f90cf5207d8f2a48c20e426cb00e7a3d92fecdbe,10.3389/fenvs.2022.833831,The Capitalization Effect of Natural Amenities on Housing Price in Urban China: New Evidence From Changsha,2022.0,Frontiers in Environmental Science,Tuo-Fu Huang; Qing-Yun He; Xiao Ouyang,"This study takes Changsha, an emerging mega-city in China, as a sample to analyze the influence of natural amenity (NA) on housing prices during different periods. We divided the NA into four categories according to their characteristics: Green Space (GS), Wetland Park (WP), XiangRiver Scenic Belt (XR), and green ratio within a community. The housing transaction data is used to calculate the accessibility of a settlement to nearest NA via the distance. The capitalization effect of NA is investigated through a geographic weighted regression (GWR), combined with the hedonic theory. Results show that ①the impact and scope of NA on housing prices gradually expanded during years. ②As the key nature landscape of Changsha, the impact coefficient of XR has risen from 2.34% in 2012 to 5.32% in 2020. WP has a remarkable increase for affecting housing prices, rising from 1.24 to 3.65%. Effect of GS keeps in line during years, at 2.34–3.72%. And green ratio’s impact increase from 3.61 to 4.55%. ③The higher capitalization effect of NA undergoes a spatial expansion from the central area to urban fringe over time, which also implies the capitalization of NA is becoming more pronounced. ④Residenti",7.0,https://www.frontiersin.org/articles/10.3389/fenvs.2022.833831/pdf
44aeecbddb5c52ee565cc4e86d1604b9df0541f1,10.1080/00396265.2015.1113029,The application of spatial analysis to cadastral zoning of urban areas: an example in the city of Madrid,2016.0,,M. C. Morillo; F. Cepeda; S. Martínez-Cuevas,"Spatial Analysis has been used since the 1990s for hedonic cadastral models of urban areas in large cities. This research aims to apply spatial analysis to zoning a district in Madrid located in the central part of the city in order to estimate urban housing prices. In doing so, the necessary data have been gathered, both vector and raster, as found on the official government website and private company websites. This was done firstly to analyse the characteristics and then for the objectives of the study because it is helpful to use these types of analyses based on vector and raster data along with interpolation methods that obtain regular structures and attempt to avoid the subjective component inherent to traditional procedures. The essence of the work consisted of studying the minimum parameters that influence housing appraisals to resolve the problem. Normally, cadastral appraisal work fulfils the Official Technical Regulations in each country considering a greater number of parameters and corrective coefficients. The importance of this work consisted of lowering and prioritising the number of basic parameters necessary to set urban housing prices. The conclusions section conf",7.0,https://oa.upm.es/40201/
2f1c2029c5f2034d797bc4a5ae390cff3782ab60,10.1007/s10640-024-00861-2,Area-Based Hedonic Pricing of Urban Green Amenities in Beijing: A Spatial Piecewise Approach,2024.0,Environmental and Resource Economics,Zhaoyang Liu; Heqing Huang; J. Siikamäki; Jintao Xu,"This study explores a spatial piecewise approach for the hedonic valuation of the area of urban green space at different distances from a property, using a rich census dataset collected from Beijing. We explore three novel empirical strategies that improve the identification of the spatial boundary or threshold distance within which green space is capitalised into housing prices. We first delineated a series of concentric circles surrounding each property and measured the area of green space within each doughnut-shaped ring. We next estimated the hedonic price using three methods. The first is a regression spline model combined with a machine learning type of model selection procedure which objectively selects the exact location of the threshold distance that optimises the model’s predictive performance. The second is a novel matching algorithm that minimises covariate imbalance for a continuous treatment variable (i.e., the area of green space) to provide stronger causal evidence on the hedonic prices of green space at different distances. The third is a spatial difference-in-differences approach that further accounts for endogeneity bias associated with unobserved factors. For ou",7.0,https://link.springer.com/content/pdf/10.1007/s10640-024-00861-2.pdf
cb93312e6abe610fac1f70478caf02ca6b79910a,10.1080/13504509.2023.2234332,Understanding the effects of urban perceptions on housing rent using big data and machine learning,2023.0,International Journal of Sustainable Development & World Ecology,Yonglin Zhang; Li Wang; R. Dong; H. Deng; Xiao Fu; Bo Huang; Zheng Niu; Fang Chen,"ABSTRACT Urban perceptions are related to residents’ subjective well-being, activities, settlement choice, and physical and mental health, which are vital for promoting sustainable community development. Landsenses ecology proposes the concepts of physical and psychological perceptions to measure the interaction between humans and the urban environment. However, such perceptions and their quantitative relationships with housing rental prices (HRPs) are still not clear. In this study, a novel urban-perception-oriented hedonic price model (UP-HPM) is proposed based on the construction of a multisource geographic database of Beijing’s rental market with rich information on people-oriented perception metrics, neighborhood environment characteristics, and HRPs. Furthermore, we use advanced machine learning (ML) pipelines to measure residents’ multidimensional urban perceptions and investigate their impact on block-level HRPs and their spatial disparities. We also quantify and compare the contribution of different physical and psychological perceptual attributes to HRPs through UP-HPM. The results show that neighborhood perceived greenery and the use of fences tend to bring about positiv",7.0,
9074f54dde3a91ba72744fd8dc29ccb1b2060ad4,10.3390/en16041983,Does Proximity to a Power Plant Affect Housing Property Values of a City in South Korea? An Empirical Investigation,2023.0,Energies,Ju-Hee Kim; Young-Kuk Kim; S. Yoo,"The South Korean government plans to switch from a centralized power generation method to a distributed one. However, due to opposition from local residents, construction of distributed power plants is frequently delayed or suspended. This study attempts to investigate whether proximity to a power plant negatively affects housing property values, using the hedonic pricing technique and quantitatively analyzing the level of impact. To this end, 2291 apartment sales data from a specific city in the South Korean Seoul Metropolitan area with a power plant were used. As a result of the analysis, it was found that proximity to a power plant had a negative effect on apartment prices, which was statistically significant at the significance level of 5%. The difference in apartment prices per 1 km direct distance from the power plant to the apartment was derived as KRW 8 million (USD 7.1 thousand). This value is about 0.7% of the average price of apartments in the area (KRW 1102 million = USD 0.98 thousand). The results of this study can be used as a useful reference when the government determines the size of subsidies for local residents near power plants.",7.0,https://www.mdpi.com/1996-1073/16/4/1983/pdf?version=1676547509
d9f97ee509a85e5c4b49e37b43a435725b64734f,10.1088/1755-1315/286/1/012032,An Investigation of Condominium Property Value Uplift around Light Rail Transit Stations Using a Hedonic Pricing Model,2019.0,IOP Conference Series: Earth and Environment,M. Dziauddin,"This paper aims to investigate the impact of proximity to the nearest light rail transit station on the value of condominium properties in Greater Kuala Lumpur, Malaysia. The paper utilizes a data set of 476 condominium sales occurring in Greater Kuala Lumpur between January 2017 and the second quarter of 2018. Using a hedonic pricing model, housing price was modelled as a function of proximity to the nearest light rail transit station and with regard to other structural and locational attributes. The results suggest that condominium units located within 800 m to the nearest light rail transit station can earn a premium of MYR 172,904 (US$43,226), or 30% of the city’s average home value. The results of this study also indicate that in determining property values, proximity to the nearest light rail transit station is the second-most influential variable compared to other variables. This paper represents an original contribution to the literature in that there has been limited research on the impact of proximity to light rail transit stations on condominium prices in developing countries.",7.0,https://iopscience.iop.org/article/10.1088/1755-1315/286/1/012032/pdf
003b880249e7306789750ef9f4bc2d36cb0c9cd6,10.1177/23998083211000343,Estimating coastal premiums for apartment prices: Towards a new multilevel modelling approach,2021.0,Environment and Planning B Urban Analytics and City Science,Yuheng Ling,"This article attempts to assess ‘coastal premiums’ for apartment prices in Corsica, France. The coastal premium should consist of two parts, those related to the view of the Mediterranean Sea, and those associated with living close to beaches for access purposes. Views, being a qualitative and subjective variable, are difficult to measure and quantify. Further, apartments are located in neighbourhoods and then are situated in districts or at more aggregated levels. This induces complex spatial interactions. To deal with these, we first employ a viewshed analysis implemented in geographical information systems (GIS) to generate an objective, continuous measurement. We then develop a Bayesian spatial/spatiotemporal multilevel model, which integrates Leroux’s conditional autoregressive process with multilevel modelling for conducting a hedonic analysis in the presence of multiple-scale housing data. Since the developed model pertains to latent Gaussian models, estimation is carried out by integrated nested Laplace approximations. The results demonstrate that homebuyers have a higher marginal willingness to pay for larger views of the sea, and proximity to beaches produces positive imp",7.0,
99fa26ebf512dc8ece48fd3d82644ba9f9725193,10.23917/jep.v16i2.1459,Measuring the Impact of Urban Air Pollution: Hedonic Price Analysis and Health Production Function,2015.0,,Endah Saptutyningsih; Ahmad Ma'ruf,"This study aims to value air quality from the urban housing market in Yogyakarta City. It is also provides estimation of marginal willingness to pay for the air quality improvement and estimation of the consumer surplus due to reduce of air quality. The methodological framework for estimation is based on a hedonic price model. The result of hedonic price method concludes that by adopting a two-stage estimation procedure to estimate the relationship between air quality and property value, on the average, an increase in the level of O3 by one percent will increases the property price by 0.063 percent. By using a health production function and demand function mitigation can be seen that the medical history of the individual has effect on the number of working days lost. Meanwhile, O3 pollution has positive effect on the amount of medical expenses for mitigation. Decreasing in O3 pollution causes a decrease in the level of medical expenses to mitigate. Therefore, it is important to reduce the negative impacts of air pollution.",7.0,https://doi.org/10.23917/jep.v16i2.1459
62d36e81ccea4c8c563a0288bc2f59d12ef51ca5,10.1108/ijhma-03-2020-0025,Neighborhood effects of housing program using Jeonse in Korea,2020.0,,S. Yun,"
Purpose
This study aims to introduce the Youth Jeonse Rental Housing Program using the unique characteristics of the Korean housing market to explain its theoretical value in the current theoretical landscape of public housing and to identify the effect of the program on the regional housing price.


Design/methodology/approach
This study uses three hedonic price models on the basis of Korea’s housing market, namely, own, jeonse and rent models. Moreover, it uses the hierarchical linear model to include both house- and region-level variables.


Findings
Analysis shows that youth rental housing has no effect on falling prices in the region unlike long-term rental housing. Thus, the policies using regional tenure system are more effective in the social mix than existing public housing policies.


Originality/value
This study introduces the program using Korea’s unique tenure system called jeonse, arguing its advantages for the supplier, recipients and regional neighborhoods. Suppliers can easily provide affordable housing at a low economic and administrative cost, whereas recipients can easily mix socially, have broad housing choices and a fighting chance for a stable life. Addition",7.0,
8ba1a95e384e434c033060579280bffc3ddfe3ef,10.2478/jos-2018-0033,Accounting for Spatial Variation of Land Prices in Hedonic Imputation House Price Indices: a Semi-Parametric Approach,2018.0,Journal of Official Statistics,Yun-Long Gong; J. de Haan,"Abstract Location is capitalized into the price of the land the structure of a property is built on, and land prices can be expected to vary significantly across space. We account for spatial variation of land prices in hedonic house price models using geospatial data and a semi-parametric method known as mixed geographically weighted regression. To measure the impact on aggregate price change, quality-adjusted (hedonic imputation) house price indices are constructed for a small city in the Netherlands and compared to price indices based on more restrictive models, using postcode dummy variables, or no location information at all. We find that, while taking spatial variation of land prices into account improves the model performance, the Fisher house price indices based on the different hedonic models are almost identical. The land and structures price indices, on the other hand, are sensitive to the treatment of location.",7.0,https://content.sciendo.com/downloadpdf/journals/jos/34/3/article-p695.pdf
79a14cd6c47cfe07a6fd907132f2ed86427b4831,10.68479/001c.3851,"Are Homeowners Willing to Pay More for Access to Parks? Evidence from a Spatial Hedonic Study of the Cincinnati, Ohio, USA Park System",2018.0,Journal of Regional Analysis & Policy,Rainer Vom Hofe; Oana Mihaescu; Mary Lynne Boorn,"This paper examines the impacts of the City of Cincinnati urban park system on residential property values using two local spatial hedonic model specifications: the spatial Durbin error model (SDEM) model, and the spatial lag of X model (SLX). Specifically, we examine how the distance to parks, the size of the nearest park, and the presence of park facilities for recreational activities, affect property values. Our results show that decreasing the distance to a park by one meter appreciates of the value of the average house in our sample by $3.44 to $6.27. A one hectare increase in the park size appreciates house values by $22.24 to $22.48 and the presence of park facilities for recreational activities depreciates house values by an estimated $4,612 to 5,300 for properties within a 500 meter radius to the nearest park.",7.0,https://jrap.scholasticahq.com/article/3851.pdf
54801e5cb3a98962ed69d862f282afc566e80d9a,10.1017/s0899367x00002002,On Estimating Household Demand for Outdoor Recreation from Property Values: An Exploration,1989.0,,S. F. Edwards,"This paper explores how hedonic price analysis might be used to estimate the surplus benefits of local outdoor recreation when distance to the recreational site is captured in property values. The model is characterized by the endogenous choice of distance to a local recreational area by households in coastal property markets and by the capitalization of proximity in property values. Equilibrium occurs when the reduction in the cost of a property due to a marginal increase in distance to the recreational area equals the associated loss in recreational surplus resulting from increased travel costs. The theoretical model is applied in an exploratory analysis of the ""demand"" for distance to the nearest public beach from which total surplus benefits are estimated.",7.0,https://ageconsearch.umn.edu/record/28865/files/18020140.pdf
9eb5221bbb4629776a5e209d2cd7f7dc94d7ec4f,10.1111/1475-4932.12455,How Do Crime Rates Affect Property Prices?,2018.0,The Economic Record,Melek Cigdem‐Bayram; David L. Prentice,"In this paper we take the first steps to providing parameters capturing the wider impacts of crime when performing cost benefit analysis of investments in justice infrastructure. Specifically, we provide the first set of estimates of the wider impacts of crime for metropolitan Melbourne and regional Victoria. We estimate the effects of two different types of crime on households applying a hedonic regression model to a three year dataset of house prices and characteristics, distances to local amenities and crime rates. We find while an increase in the per capita rate of crime against persons reduces property prices in regional Victoria, it has no such effect in Melbourne. And we find no significant relationship between crimes against property and property prices in either Melbourne or regional Victoria. This implies that when investing in justice infrastructure to deliver services in regional Victoria that are expected to reduce crime against persons, the impact on the broader community (as captured through effects on property prices) should be taken into account in a cost-benefit analysis.",7.0,
80f3ea38184dea1a46e7e9880b737707bcab8af4,10.1080/09599916.2018.1562490,Analysis of spatial variance clustering in the hedonic modeling of housing prices,2019.0,Journal of Property Research,Sören Gröbel,"ABSTRACT This paper examines the spatial dependency exhibited by the error term variance of hedonic modeling based on German housing price data. To this end, it applies the spatial autoregressive conditional heteroscedasticity (SARCH) model previously discussed in housing literature, which allows for the consideration of spatial dependency when modeling the error variance of hedonic pricing. This model represents a spatialized version of the well-known ARCH-model used in time series analysis. Consistent with previous findings, this paper confirms the existence of spatial conditional heteroscedasticity, i.e. dependency in the error variance. However, this spatial dependency is not a global phenomenon, but can be ascribed to spatial concentrations of apartments with a relatively high variance in a small number of the same neighborhoods. The analysis of spatial heteroscedasticity helps to improve the estimation efficiency and prediction accuracy. In addition, spatial differences can be used to account for idiosyncratic risk when conducting mass appraisal.",7.0,
0fcbfba2a7f1cd280a6254e66b7c0a49d859c7c5,10.2139/ssrn.3998795,The Marginal Cost of Mortality Risk Reduction: Evidence from Housing Markets,2021.0,Social Science Research Network,Kelly C. Bishop; N. Kuminoff; Sophie M. Mathes; A. Murphy,"We provide the first evidence that spatial variation in all-cause mortality risk is capitalized into US housing prices. Using a hedonic framework, we recover the annual implicit housing cost of a 0.1 percentage-point reduction in mortality risk among older Americans and find that this figure is both relatively low and decreasing in age, from $ 3,486 for a 67 year old to $ 637 for an 87 year old. These estimates are far below comparable estimates found in the labor market, suggesting that the housing market provides an alternative, substantially cheaper channel to reducing mortality risk. heart disease, depression, osteoporosis, rheuma-toid arthritis and osteoarthritis, stroke or transient ischemic attack, breast cancer, colorectal cancer, prostate cancer, lung cancer, endometrial cancer, anemia, asthma, hyperlipidemia, hypertension, hyperplasia, hy-pothyroidism.",7.0,
7b6011b06cf4c6aadbfb1379c445bc71daf2939b,10.1016/j.tra.2019.09.011,"How large are the non-travel time effects of urban highway tunneling? Evidence from Maastricht, the Netherlands",2019.0,,J. Tijm; T. Michielsen; R. van Maarseveen; P. Zwaneveld,"Abstract Infrastructure projects increasing aim at to improve the quality of life and public space, in particular in urban areas. We analyse a Dutch case in which an existing highway in an urban area was moved underground in order to improve intercity traffic flows and to reduce the negative effects associated with an open urban highway. Travel times within the city hardly changed, which allows for a relatively clean identification of the other benefits via a hedonic pricing model. We find that the non-travel time benefits of such integrated infrastructure are substantial relative to the construction costs. A halving of distance to the tunneled segment is associated with a 3.4% appreciation in house prices since the start of the project. Taken together, the non-travel time effects add up to a quarter the construction costs.",7.0,
72ea48fcd0527987b61ecf1a6e024ea77e3e1a72,10.1177/0739456x221133022,When and Where Do Home Values Increase in Response to Planned Light Rail Construction?,2023.0,Journal of planning education and research,Qiong Peng; G. Knaap,"This paper examines the effects of an investment in light rail transit on single-family property values in Montgomery County, Maryland, with a focus on when and where such capitalization takes place and with intent to inform efforts to promote equitable transit-oriented development. We employ both hedonic price and repeat-sales estimation techniques to assure the results are robust. The findings indicate that housing prices, after the light rail transit went into the engineering phase, rose with proximity to anticipated new rail stations but not with proximity to existing metro stations. For planners and policymakers and advocates in Montgomery County, the results provide critical information about where and when value capture and anti-displacement policies are most needed and potentially effective.",7.0,
43f647146a4a9bd7bc80736e1c0bb91273518d7c,10.1016/j.landusepol.2018.06.027,Enthusiasm curbed: Home value implications of curbside parking rights,2018.0,Land Use Policy,A. Maas; Philip Watson,"While property rights assignment can be more politically acceptable than limiting access to public resources through higher costs, assigning property rights via residential permitting transfers the value of those resources to particular groups or individuals. This study quantifies the home value increase associated with transferring public parking spaces to residential permitting using spatially explicit difference-in-difference and triple-difference hedonic price models. Results suggest that homes within walking distance of a destination location—a large state university—increase in value by $31,000 after the introduction of residential parking policies that limit the ability of other citizens to commute and park near campus.",7.0,
9e49a5d271ac1737cce1454127b0a27f82064715,10.36880/c05.01150,Comparision of Hedonic Regression Method and Artificial Neural Networks to Predict Housing Prices in Turkey,2014.0,,Fatih Ecer,,7.0,https://www.avekon.org/papers/1150.pdf
f2e3227ca1f0bdfd1e71f86c886f933a73f15444,10.1007/978-3-319-54885-2_15,Impacts of Urban Environmental Attributes on Residential Housing Prices in Warsaw (Poland): Spatial Hedonic Analysis of City Districts,2017.0,,Magdalena Ligus; Piotr Peternek,,7.0,
13de2322b7c991b3a203eaefd0449a289b4af0c2,10.5821/ace.v5i13.2499,Hacia una medida integrada del factor de localización en la valoración residencial: el caso de Mazatlán,2010.0,"6to. Cogreso Internacional Ciudad y Territorio Virtual, Mexicali, 5, 6 y 7 Octubre 2010",Ivan Humaran Nahed; Josep Roca Cladera,"El presente trabajo de investigación se centra en conformar el factor de localización, entendido como un parámetro integrador, en función de sus características particulares de ubicación, atributos constructivos y condiciones socioeconómicas de carácter local. Para ello se hace necesario medir los atributos endógenos-exógenos de mayor incidencia sobre el precio de los inmuebles, los cuales vienen a ser los elementos que dan forma a la distribución del mercado residencial de la ciudad. 
El trabajo se baso en un estudio econométrico del mercado residencial en la ciudad de Mazatlán, Sinaloa, para lo cual se requirió el uso de las metodologías de los preciso hedónicos, regresión lineal múltiple y geográficamente ponderada. 
Los resultados ratifican que la conformación del valor de la vivienda depende del binomio de elementos extrínsecos-intrínsecos de los inmuebles, cuya incidencia varia en el territorio, conformando zonas de valor, cuyo peso marginal puede ser interpretado con el factor de de localización encontrado, el cual representa una medida diferencial entre las distintas zonas de la ciudad. Este parámetro se puede utilizar en el cálculo del factor de homogenización por localiza",6.0,https://upcommons.upc.edu/bitstream/2099/9205/9/ACE_13_ST_30.pdf
ff067ba9832742398f4cf1bd811dfbc6fbbcbcf4,10.18306/dlkxjz.2021.10.013,Research progress and review of capitalization of compulsory educational resources,2021.0,Progress in Geography,Z. Song; Fu Hua; Shao-Kuan Liu,": High quality public compulsory education resources have a strong capitalization effect on urban housing prices, which leads to the unique urban residential landscape and residential clustering. Such issue has become the focus in the field of public service provision. In the existing review studies, there is a lack of systematic discussion on the capitalization of educational resources. Based on the analysis of the concept and formation mechanism of the educational resources capitalization, we focused on the impact of school education quality and accessibility on housing prices, the measurement of educational resources capitalization, the residential clustering (segregation) caused by unbalanced distribution of educational resources, and coping strategies. First, from the perspective of the measurement of the quality of school education and its impact on housing prices and the measurement of the accessibility from dwelling places to schools and impact on housing prices, we summarized the relevant research on the impact of educational resources on housing prices. We introduced the mainstream methods to quantify the quality of school education and the impact of school education qual",6.0,
a8357332d54fc8105ac95ee52ad8bac8c460a084,10.1371/journal.pone.0255233,Lie symmetry analysis of the effects of urban infrastructures on residential property values,2021.0,PLoS ONE,Chien-Wen Lin; Jen-Cheng Wang; Bo-Yan Zhong; Joe-Air Jiang; Ya-Fen Wu; S. Leu; T. Nee,"Due to the complexity of socio-economic-related issues, people thought of housing market as a chaotic nucleus situated at the intersection of neighboring sciences. It has been known that the dependence of house features on the residential property value can be estimated employing the well-established hedonic regression analysis method in teams of location characteristic, neighborhood characteristic and structure characteristic. However, to further assess the roles of urban infrastructures in housing markets, we proposed a new kind of volatility measure for house prices utilizing the Lie symmetry analysis of quantum theory based on Schrödinger equation, mainly focusing on the effects of transportation systems and public parks on residential property values. Based on the municipal open government data regularly collected for four cities, including Boston, Milwaukee, Taipei and Tokyo, and all spatial sampling sites were featured by United States Geological Survey (USGS) National Map, transportation and park were modelled as perturbations to the quantum states generated by the feature space in response to the environmental amenities with different spatial extents. In an attempt to asce",6.0,https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0255233&type=printable
89bf8db09db03368715327c4e4d81e12fe3cbace,10.1080/19463138.2011.552942,Contamination by the Israeli military industry and its impact on apartment sale prices in an adjacent Tel Aviv neighborhood: a hedonic pricing model study,2011.0,,Itai Shelem; D. Lavee; N. Becker,"This study quantifies the effect of environmental degradation due to contamination from Taas Magen, an Israeli Defense Force industrial facility, on the nearby housing market. A model was constructed so as to isolate the impact of the contamination from that of the facility itself by incorporating information regarding public awareness of the contamination. The resulting regression analysis suggests that distance from the site of the facility affected home prices only after the general public became aware of the contamination. Therefore, it is specifically the environmental contamination, rather than the facility as of itself, that negatively impacted prices. As a result of the contamination, apartment prices fell by an average of $24,665 (2006 dollars), equal to approximately 14% of the sales price of an average apartment in the sample area. Total losses to the surrounding housing market are accordingly estimated at between $267 and $287 million. These loss estimates serve as a lower bound for the total social and economic costs incurred by the greater community due to the contamination, which are estimated to total at least $358 million. Assuming the government were to fund the e",6.0,http://hdl.handle.net/10161/482
48903214e1c41c55e19b4dfc97ebba18e2a41fbe,10.1108/pm-07-2021-0052,"Constructing segmented rental housing indices: evidence from Beijing, China",2022.0,Property Management,Zisheng Song; Mats Wilhelmsson; Zan Yang,"PurposeThis paper aims to construct rental housing indices and identify market segmentation for more effective property-management strategies.Design/methodology/approachThe hedonic model was employed to construct the rental indices. Using the k-means++ and REDCAP (Regionalisation with Dynamically Constrained Agglomerative Clustering and Partitioning) approaches, the authors conducted clustering analysis and identified different market segmentation. The empirical study relied on the database of 80,212 actual rental transactions in Beijing, China, spanning 2016–2018.FindingsRental housing market segmentation may distribute across administrative boundaries. Properly segmented indices could provide a better account for the heterogeneity and spatial continuity of rental housing and as well be crucial for effective property management.Research limitations/implicationsResidential rent might not only vary over space but also interplays with housing price. It would be worth studying how the rental market functions together with the owner-occupied sector in the future.Practical implicationsResidential rental indices are of great importance for policymakers to be able to evaluate housing poli",6.0,http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-312420
fb4add98a95a133daa94f1c5bfd642d30738afd7,10.2478/remav-2018-0040,Analysis of Prices in the Housing Market Using Mixed Models,2018.0,Real Estate Management and Valuation,Aneta Cichulska; R. Cellmer,"Abstract Hedonic models, commonly applied for analyzing prices in the property market, do not always fulfil their role, mainly due to the application of simplified assumptions concerning the distribution of variables, the nature of relations or spatial heterogeneity. Classical regression models assumed that the variation of the explained variable (price) is explained by the effect of market features (fixed effects) and the residual component. The hierarchical structure of market data, both as regards market segments and the spatial division, suggests that statistical models of prices should also include random effects for selected subgroups of properties and interactions between variables. The mixed model provides an alternative for constructing various regression models for individual groups or for using binary variables within one model. With its appropriate structure, it makes it possible to take into account both the spatial heterogeneity and to examine the effects of individual features on prices within various property groups. It can also identify synergy effects. The article presents the issue of mixed modelling in the property market and an example of its application in a m",6.0,https://doi.org/10.2478/remav-2018-0040
ddac707c3201e8fd8ee39f4a8176310e5a638976,10.1007/s10901-023-10032-2,Potential impact of property management on the market value of dwellings in multi-owned housing,2023.0,Journal of Housing and the Built Environment,Andrzej Muczyński,"The expanding role of property management services and the increasing share of multi-owned housing in many housing markets raises issues concerning the impact of such services on property value in this sector. The presented study investigated the potential impact of property management on the market value of dwellings in multi-owned housing developments. This impact was identified based on estimated implicit values of the extracted common property attributes dependent on property management services. An original research methodology tailored to the institutional arrangement in multi-owned housing developments was used, involving the estimation of hedonic regression models. Empirical research was conducted on representative samples of multi-owned housing developments in the housing market of the city of Olsztyn, Poland. The results showed that common property attributes such as building condition, building accessibility, cleanliness and orderliness, and land development significantly influenced dwelling prices and thus their market value. In extreme cases, the cumulative potential impact of property management services estimated on this basis can reach up to ca. 30% of the dwellings",6.0,https://link.springer.com/content/pdf/10.1007/s10901-023-10032-2.pdf
b87ba1ec1756da4d3c6a1b8e779595a5d97268de,10.1002/jae.2655,(Under)Mining local residential property values: A semiparametric spatial quantile autoregression,2018.0,Journal of applied econometrics,Emir Malikov; Yi-Guo Sun; D. Hite,"Rock mining operations, including limestone and gravel production, have considerable adverse effects on residential quality of life due to elevated noise and dust levels resulting from dynamite blasting and increased truck traffic. This paper provides the first estimates of the effects of rock mining—an environmental disamenity—on local residential property values. We focus on the relationship between a house's price and its distance from a nearby rock mine. Our analysis studies Delaware County, Ohio, which, given its unique features, provides a natural environment for the valuation of property‐value‐suppressing effects of rock mines on nearby houses. We improve upon the conventional approach to evaluating adverse effects of environmental disamenities based on hedonic house price functions. Specifically, in the pursuit of robust estimates, we develop a novel (semiparametric) partially linear spatial quantile autoregressive model which accommodates unspecified nonlinearities, distributional heterogeneity, as well as spatial dependence in the data. We derive the consistency and normality limit results for our estimator as well as propose a consistent model specification test. We find",6.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/jae.2655
4e103ef321687e5a9992a6355d4c3aec66d578de,10.1371/journal.pone.0215954,Calibration and evaluation of Quigley’s hybrid housing price model in Microsoft Excel,2019.0,PLoS ONE,A. Phipps; Dingding Li,"Quigley derived his hybrid price model to improve the precision of predicted prices of sold homes by statistically merging data of resold homes in a repeat sales model with that of once-sold homes in a single sales hedonic price model. The literature has few applications of the hybrid model aside from those by Quigley and his collaborators. Two reasons for this underuse may be its computational intensiveness and its marginal empirical improvement in comparison with two other models. This paper first demystifies this computational intensiveness by calibrating models in Microsoft Excel with transferable procedures into other software. It second evaluates the hybrid price model’s empirical improvement as a reason for its underuse by predicting prices of 2,559 sold and resold homes observed in two inner-city neighbourhoods in Windsor, Ontario, during a 30-year period. The results as hypothesized are its lower standard errors of regression coefficients and higher simple R-squared than those of a single sales hedonic price model. Moreover, the hybrid model’s predictions have higher correlations than those of the single sales model with not only in-sample observed prices or changes in pri",6.0,https://doi.org/10.1371/journal.pone.0215954
efef1ab5307969dc20cffa829b8215a12e50962a,10.3390/su12083325,An Environmental Justice Assessment of the Waste Treatment Facilities in Shanghai: Incorporating Counterfactual Decomposition into the Hedonic Price Model,2020.0,Sustainability,Can Zou; Jun Tai; Li Chen; Yue Che,"Environmental justice (EJ) has become an increasingly significant issue for environmental management and has thus attracted increasing government and public attention. Although some studies have used techniques of proximity based on geographical information systems to assess EJ, their research is limited to individual or household data. Unlike the conventional hedonic price model (HPM) examining the effects of environmental features on housing rent, this article incorporates counterfactual decomposition into the HPM to estimate the environmental pressure on different groups by comparing the externality effects of municipal solid waste treatment facilities (MSWTFs) on two separate groups of people. To explore whether and, if so, the extent to which, vulnerable groups of people are restricted to disproportionate impacts of hazardous environmental facilities, this research uses Shanghai as the study area to highlight specific locations and exemplify the environmental injustice between the rich and the poor. The results, which represent the relationship between environmental quality and property prices, indicate that environmental quality is a robust predictor of housing rent. Simultan",6.0,https://www.mdpi.com/2071-1050/12/8/3325/pdf?version=1587371403
f7d2578b2863289c35ccdc39ef5bb3ae970af6a4,10.3390/land13111881,Aggregated Housing Price Predictions with No Information About Structural Attributes—Hedonic Models: Linear Regression and a Machine Learning Approach,2024.0,Land,Joanna Jaroszewicz; Hubert Horynek,"A number of studies have shown that, in hedonic models, the structural attributes of real property have a greater influence on price than external attributes related to location and the immediate neighbourhood. This makes it necessary to include detailed information about structural attributes when predicting prices using regression models and machine learning algorithms and makes it difficult to study the influence of external attributes. In our study of asking prices on the primary residential market in Warsaw (Poland), we used a methodology we developed to determine price indices aggregated to micro-markets, which we further treated as a dependent variable. The analysed database consisted of 10,135 records relating to 2444 residential developments existing as offers on the market at the end of each quarter in the period 2017–2021. Based on these data, aggregated price level indices were determined for 503 micro-markets in which primary market offers were documented. Using the analysed example, we showed that it is possible to predict the value of aggregated price indices based only on aggregated external attributes—location and neighbourhood. Depending on the model, we obtained ",6.0,https://www.mdpi.com/2073-445X/13/11/1881/pdf?version=1731401537
bd5490155bc4cbf59ec2743cb41b1f32bc28ae48,10.13106/jafeb.2020.vol7.no8.033,An Empirical Testing of a House Pricing Model in the Indian Market,2020.0,"Journal of Asian Finance, Economics and Business",Najmul Hoda; Syed Ashraf Jafri; Naim Ahmad; S. M. Hussain,"The main aim of the study is to test a house pricing model by combining hedonic and asset-based pricing models. An understanding of the relationship between house pricing and its return (the rental income) helps to establish houses as a significant asset class. The model tested the relationship between house pricing (dependent variable) and the house attributes (independent variables) derived from Freeman’s framework of housing attributes. This study uses a large data-set of 1,899 sample of new, high-end houses purchased between 2016 and 2019 collected from the national capital region of India (Delhi-NCR). The algorithm was built in R-Script, and stepwise multiple linear regression was used to analyze the model. The analysis of the model proves that the three significant variables, namely, carpet area, pay-off, and annual maintenance charges explain the price function. Further, the model is statistically fit. The major contribution of the study is to understand the key factors and their influence on the house pricing. The model will be helpful in risk assessment in the housing investment and enhance the chances of investment. Policy-makers can use information about the underlying v",6.0,http://koreascience.or.kr:80/article/JAKO202026061031534.pdf
32069cd74e9248c2bc49e04917b58ca3eeac9d79,10.1108/ijhma-12-2018-0106,Foreclosure discounts for German housing markets,2019.0,International Journal of Housing Markets and Analysis,Tobias Just; Michael Heinrich; Mark Maurin; T. Schreck,"
Purpose
This paper aims to investigate the foreclosure discount for the German residential market in the years from 2008 to 2011.


Design/methodology/approach
The determinants of the foreclosure discount are estimated in a hedonic price model. The analysis is based on a unique data set compiled from three different data sources with 135,000 foreclosed properties.


Findings
The findings reveal that residential units in foreclosures are sold at a discount of 19 per cent compared to residential units with similar characteristics that are not in foreclosure. Second, a regional pattern can be observed, with discounts being negatively correlated to unemployment risk and liquidity. Third, the model with interaction terms shows that foreclosure discounts are linked to specific property characteristics. Fourth, these object-related risks are typically smaller than regional risks or locational risks.


Research limitations/implications
Given the highly fragmented system of Gutachterausschüsse in Germany, who are responsible for collecting transaction data, we were not able to directly analyze transaction data, but only a proxy for this price information.


Practical implications
The resul",6.0,
4d4890aa77fa17d12742365a0f9764a1fa39587f,10.1108/ijhma-10-2022-0162,"Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysia",2023.0,International Journal of Housing Markets and Analysis,Chin-Tiong Cheng; Gabriel Hoh Teck Ling,"
Purpose
Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely, gross domestic product (GDP), consumer confidence index (CF), existing stocks (ES), incoming supply (IS) and completed project (CP) on serviced apartment price changes.


Design/methodology/approach
To achieve more accurate, quality price changes, a serviced apartment price index (SAPI) was constructed through a self-developed hedonic price index model. This study has collected 1,567 transaction data in Kuala Lumpur, covering 2009Q1–2018Q4 for price index construction and data were analysed using the vector autoregressive model, the vector error correction model and the fully modified ordinary least squares (OLS) (FMOLS).


Findings
Results of the regression model show that only GDP, ES and IS were significantly associated with SAPI, with an R2 of 0.7, where both ES and IS have inverse relationships with SAPI. More precisely, it is predicted that the price of serviced apartments will be reduced by 0.56% and 0.21% for every 1% increase in ES and IS, respectively.


Practical implications
Therefore, ",6.0,
baf68c28f940b3a8d693176e398722e3dd1ab869,10.3390/e22040466,Symbolic Analysis Applied to the Specification of Spatial Trends and Spatial Dependence,2020.0,Entropy,Maryna Makeienko,"This article provides symbolic analysis tools for specifying spatial econometric models. It firstly considers testing spatial dependence in the presence of potential leading deterministic spatial components (similar to time-series tests for unit roots in the presence of temporal drift and/or time-trend) and secondly considers how to econometrically model spatial economic relations that might contain unobserved spatial structure of unknown form. Hypothesis testing is conducted with a symbolic-entropy based non-parametric statistical procedure, recently proposed by Garcia-Cordoba, Matilla-Garcia, and Ruiz (2019), which does not rely on prior weight matrices assumptions. It is shown that the use of geographically restricted semiparametric spatial models is a promising modeling strategy for cross-sectional datasets that are compatible with some types of spatial dependence. The results state that models that merely incorporate space coordinates might be sufficient to capture space dependence. Hedonic models for Baltimore, Boston, and Toledo housing prices datasets are revisited, studied (with the new proposed procedures), and compared with standard spatial econometric methodologies.",6.0,https://www.mdpi.com/1099-4300/22/4/466/pdf?version=1587369699
c564bd9a398e71318bf5445540a192f63f99bb88,10.2478/remav-2021-0010,A Priori Spatial Segmentation of Commercial Property Market using Hedonic Price Modelling,2021.0,,Hamza Usman; Mohd Lizam; B. Burhan,"Abstract The improvement of property price modelling accuracy using property market segmentation approaches is well documented in the housing market. However, that cannot be said of the commercial property market which is adjudged to be volatile, heterogeneous and thinly traded. This study, therefore, determines if the commercial property market in Malaysia is spatially segmented into submarkets and whether accounting for the submarkets improves the accuracy of price modelling. Using a 11,460 shop-offices transaction dataset, the commercial property submarkets are delineated by using submarket binary dummies in the market-wide model and estimating a separate hedonic model for each submarket. The former method improves the model fit and reduces error by 5.6% and 6.5% respectively. The commercial property submarkets are better delineated by estimating a separate hedonic model for each submarket as it improves the model fit by about 7% and reduces models’ error by more than 10%. This study concludes that the Malaysian commercial property market is spatially segmented into submarkets. Modelling the submarkets improves the accuracy and correctness of price modelling.",6.0,https://www.sciendo.com/pdf/10.2478/remav-2021-0010
68510a4da77b898ef3de006c8d2e33e5f06fa8bb,10.1016/j.apgeog.2020.102272,The effect of farmers’ market access on residential property values,2020.0,,LaPorchia A. Collins,"Abstract Improving farmers' market accessibility is increasingly being used as a mechanism to promote healthy food consumption. Previous studies about farmers’ markets largely focused on describing either the demographics of market patrons or the impact of market participation on fruit and vegetable intake. Thus, little empirical research has examined how market accessibility impacts nearby communities. The goal of this study is to assess whether consumers value farmers' market accessibility by exploiting preferences revealed through housing purchases. Using residential sales data from 2007 to 2012 in five Central Maryland counties, we tested whether farmers' market accessibility is associated with housing prices by estimating hedonic models with temporal and neighborhood fixed effects. The results suggest an inverse association between housing prices and distance to the closest farmers’ market, a relationship that remains statistically significant when using matching and instrumental variables estimators. The results also suggest that the association between market accessibility and housing prices is stronger in areas with poor-quality food environments. The findings are important",6.0,
ae3b5d4490a4b63206e2a0461c83ed634df63718,10.1108/ijhma-09-2022-0136,The effect of proximity and spatial dependence on the house price index for Dar es Salaam,2023.0,International Journal of Housing Markets and Analysis,Frank Nyanda,"
Purpose
This study aims to examine the effect of proximity and spatial dependence on the house price index for the nascent market Dar es Salaam, Tanzania. Despite the ongoing housing market transactions, there is no single house price index that takes into account proximity and spatial dependence. The proximity considerations in question are proximal to arterial roads, public hospitals, an airport and food markets. Previous studies on sub-Saharan Africa have focused on the ordinary least squares (OLS)-based hedonic model for the index and ignored spatial and proximity considerations.


Design/methodology/approach
Using the OLS and spatial econometric approach, the paper tests for the significance of the two effects – proximity and spatial dependence in the hedonic price model with year dummy variables from 2010 to 2019. The paper then compares the three indices in the following configurations: without the two effects, with proximity factors only, and with both effects, i.e. proximity and spatial dependence.


Findings
The inclusion of proximity factors and spatial dependence – spatial autocorrelation – seems to improve the hedonic price model but does not significantly improve the",6.0,
2beb3a05aec34b9380c9fab8efbb23d5cc37faed,10.1016/j.eneco.2024.107768,Returns to solar panels in the housing market: A meta learner approach,2024.0,Energy Economics,Elias Asproudis; Cigdem Gedikli; Oleksandr Talavera; Okan Yılmaz,"This paper aims to estimate the returns to solar panels in the UK residential housing market. Our analysis applies a causal machine learning approach to Zoopla property data containing about 5 million observations. Drawing on meta-learner algorithms, we provide strong evidence documenting that solar panels are directly capitalized into sale prices. Our results point to a selling price premium above 6% (range between 6.1% to 7.1% depending on the meta-learner) associated with solar panels. Considering that the average selling price is £ 230,536 in our sample, this corresponds to an additional £ 14,062 to £ 16,368 selling price premium for houses with solar panels. Our results are robust to traditional hedonic pricing models and matching techniques, with the lowest estimates at 3.5% using the latter. Despite the declining trend, the additional analyses demonstrate that the positive premium associated with solar panels persists over the years.",6.0,https://cronfa.swan.ac.uk/Record/cronfa64339/Download/64339__31030__f8885b3afea246c38e31b1cb3c753a40.pdf
eacdaf5f66d60ef571a5c73905941b610aa3fe93,10.1108/ijhma-06-2022-0083,House price forecasting using the multi-level modelling method in Sydney,2022.0,International Journal of Housing Markets and Analysis,X. Ge; V. Mangioni; S. Shi; S. Herath,"
Purpose
This paper aims to develop a house price forecasting model to investigate the impact of neighbourhood effect on property value.


Design/methodology/approach
Multi-level modelling (MLM) method is used to develop the house price forecasting models. The neighbourhood effects, that is, socio-economic conditions that exist in various locations, are included in this study. Data from the local government area in Greater Sydney, Australia, has been collected to test the developed model.


Findings
Results show that the multi-level models can account for the neighbourhood effects and provide accurate forecasting results.


Research limitations/implications
It is believed that the impacts on specific households may be different because of the price differences in various geographic areas. The “neighbourhood” is an important consideration in housing purchase decisions.


Practical implications
While increasing housing supply provisions to match the housing demand, governments may consider improving the quality of neighbourhood conditions such as transportation, surrounding environment and public space security.


Originality/value
The demand and supply of housing in different locati",6.0,
b23d650898011c941f1d8cc88538f01f64200f7d,10.1080/02673037.2024.2313606,Are gated communities “safe havens”? Examining housing price dynamics of Chinese gated and non-gated communities during COVID-19 pandemic,2024.0,Housing Studies,Li-Rong Hu; Shen-Jing He,"Abstract Gated communities (GCs) and associated socio-economic implications are of global concern. How GCs and non-GCs responded to the external shock of the pandemic has not been comprehensively understood. Drawing on the information of infected cases during the first wave pandemic (January-March 2020) and longitudinal data of housing sales and rental prices for each community from July/2019-June/2020 in 11 Chinese cities, we employ a hedonic difference-in-differences approach accounting for heterogenous effects in stagger timing to discover the effects of COVID-19 on housing price differences between GCs and non-GCs. Moreover, the buffer zones of infected epicentres are delineated to explore the spillover effects. Compared with GCs, non-GCs with different distances from the pandemic epicentres experienced significantly greater reductions in both housing sales and rental prices at varying degrees. While the effect on housing sales prices was significant over time, it only lasted for one month for rental prices. This study enhances our understanding of housing price dynamics and the socio-spatial implications of GCs.",6.0,
76c2b177b1919a324c0457db859a5dea7811a53a,10.1016/j.jhe.2019.04.001,The impact of leasehold status on apartment price,2019.0,,Carl Caesar; H. Donner; F. Kopsch,"Based upon cooperative apartments sold in Stockholm, Sweden during the period of 2012 to mid-2014, we find that leasehold status (meaning that the cooperative does not own the land that the apartment building occupies) has a small but statistically significant impact on price of −2.3% when controlling for location and apartment characteristics in a hedonic model. At the time of renegotiation (i.e. a lease duration of 0), leasehold depreciates price with 4.2%. We also apply propensity score matching, which results in slightly larger negative impact on the price being estimated. As current lease payments are covered by monthly fees that are to be paid to the cooperative, a negative effect on price should mostly be attributed to an increased uncertainty of future levels of monthly fees. We therefore extend the existing literature by examining the impact on price by the remaining leasehold term whilst still controlling for monthly fees. Consistent with our hypothesis, apartment prices are found to increase with 0.22% for each additional year that remains until renegotiation of the lease contract.",6.0,
aa214ac3bb3dcebf011382a60decdaf92a0fe9eb,10.1111/1540-6229.12411,The capitalization of metro rail access in urban housing markets,2022.0,Real Estate Economics,Zachary T. Keeler; H. Stephens,"Increasing access to public transportation (including metro rail) can help alleviate traffic congestion and address climate and environmental priorities. Living close to a metro line may be especially important in terms of providing improved commuting options. However, proximity to metro lines can also be associated with negative externalities, such as noise and crime, that may make living near a station less desirable. One way to assess the net value that residents place on metro rail access is to examine how proximity to metro lines is capitalized into house prices. Using a hedonic spatial difference‐in‐differences model, we analyze the impact of proximity to the stations on the Gold and Expo Lines in Los Angeles, California, on nearby house prices. Our findings suggest that the capitalization effect is heterogeneous. Some residents value living near new metro stations, while others do not. Overall, our results provide evidence that the value residents place on metro rail access varies based on their income levels and other demographics.",6.0,
c686696e46b0c8f3fa5b2a14efb2ef203a6475f4,10.1093/acrefore/9780199389414.013.555,State of the Art of Hedonic Pricing,2021.0,,D. Guignet; Jonathan Lee,"Hedonic pricing methods have become a staple in the environmental economist’s toolkit for conducting nonmarket valuation. The hedonic pricing method (HPM) is a revealed preference approach used to indirectly infer the value buyers and sellers place on characteristics of a differentiated product. Environmental applications of the HPM are typically focused on housing and labor markets, where the characteristics of interest are local environmental commodities and health risks. Despite the fact that there have been thousands of hedonic pricing studies published, applications of the methodology still often grapple with issues of omitted variable bias, measurement error, sample selection, choice of functional form, effect heterogeneity, and the recovery of policy-relevant welfare estimates.
 Advances in empirical methodologies, increased quality and quantity of data, and efforts to link empirical results to economic theory will surely further the use of the HPM as an important nonmarket valuation tool.",6.0,
5eb2e3296ccf561014e46902530d34ab40a9965f,10.1080/10871209.2021.1953196,Measuring the value of public hunting land using a hedonic approach,2021.0,Human Dimensions of Wildlife,W. Casola; M. N. Peterson; Yu Wu; E. Sills; Brent S. Pease; K. Pacifici,"ABSTRACT Acquisition of public land is critical for wildlife conservation and can impact local tax bases and property values. Those impacts reflect the capitalized value of benefits (e.g., recreational opportunities) and costs (e.g., nuisance wildlife) of living near protected areas. We employed the hedonic price framework to determine how proximity and adjacency to public hunting land in North Carolina were capitalized into housing prices. We modeled sale price as the composite value of structural, neighborhood, and environmental characteristics. Proximity to public hunting land had positive effects on sale price in some locations, whereas adjacency had negative effects in some locations. These relationships were dependent on the sociocultural context of the public hunting land, including proximity to other forms of public land. This research may help facilitate negotiations among stakeholders impacted by protected areas, including land dedicated to wildlife-based recreation.",6.0,
aed7226d236c4580aa8e507c828b96947871ee3e,10.17265/1934-7359/2018.05.006,"The Hedonic Modelling of Rental Values of Properties in Nasarawa, Nigeria",2018.0,,A. Ahmed; Joseph Awoamim Yacim,"The purpose of this study is to explore the need to adopt the CAMA (computer assisted mass appraisal) based system into the Nigerian property market with an example data from Nasarawa in Nasarawa State. Using the hedonic regression models on 312 samples, the results reveal the linear form to outperform the semi-log specification. This demonstration shows that CAMA system can be introduced into the local market of Nasarawa and indeed the whole of Nigeria for property taxes.",6.0,https://doi.org/10.17265/1934-7359/2018.05.006
f2631ef144acaf76b8e8b167b341d3332c82f9b1,10.1080/17549175.2020.1726800,"Do home buyers value the New Urbanist neighborhood? The case of Issaquah Highlands, WA",2020.0,,Jiny Y. Kim; C. Bae,"ABSTRACT This study compares Issaquah Highlands’ home prices with those of traditional suburban single-family homes in the city of Issaquah. Issaquah Highlands is a community that was developed using New Urbanism principles. The null hypothesis is that the sale prices of houses in Issaquah Highlands are not different from the conventional suburban neighborhood in the city of Issaquah. The principal database consists of US Census Washington State Geospatial Data Archive, and the King County Tax Assessments. The final dataset contains 1,780 single family homes over the seven-year period from 2012 to 2018 based on sale records throughout the city of Issaquah. This study uses the hedonic pricing technique to assess the impact of New Urbanism on the value of single-family residences. The findings suggest that people are willing to pay a $92,700–96,800 premium (approximately 7.1–12.0 percent of the sales prices) for houses in Issaquah Highlands.",6.0,
5602359f18abfbbca803794a365ddd850b5a5e94,10.1017/s1355770x20000194,The spatial effect of estuaries pollution on the housing rental market: evidence from South America,2020.0,Environment and Development Economics,Manuel A. Zambrano-Monserrate; M. A. Ruano,"Abstract Estuaries are water bodies, many of which contribute to the sustainable development of cities. Many of them are considered natural landscapes, offering various recreational services to the population. However, estuary degradation is a common problem in developing countries. Ecuador, for example, has a significant problem with the pollution of its estuaries. Machala is one of the most affected cities due to the contamination of these water bodies. This issue has generated negative externalities in the housing market. Thus, our central hypothesis is that rental prices of houses are revalued as their distance from polluted estuaries increases. Using the hedonic pricing approach, our results confirm that the price of a residence increases by US$9.45 for every 100 m farther it is from the closest estuary. This amount constitutes approximately 5.25 per cent of the average rental value in Machala.",6.0,
64213566ff01a4482a5952304e4ff3e526cb24f1,10.1007/s12076-015-0142-6,A spatial hedonic model application of variance function regression to residential property prices in Beijing,2016.0,,Yue Zhang; R. Cromley; Dean M. Hanink,,6.0,
7c08272cdf297c846216eea9c1bd0f1341cb2984,10.1016/j.jtrangeo.2017.01.013,"Corrigendum to ""Combined impacts of highways and light rail transit on residential property values: A spatial hedonic price model for Phoenix, Arizona"" [J. Transp. Geogr. Volume 41(2014) pp. 53-62]",2017.0,,Kihwan Seo; A. Golub; M. Kuby,,6.0,
c0c750e0ff9e1fcc59888eee28b0b7208f559964,10.33915/etd.4652,Essays on housing markets and economic *growth,2010.0,,Arzu Şen,"Essays on Housing Markets and Economic Growth Arzu Sen This dissertation is composed of three essays examining housing markets and economic growth, while carefully considering the role of space. The first chapter serves as an introduction and briefly discusses how each essay contributes to the literature. The second chapter estimates the relationship between residential property values and proximity to coal mines in Monongalia County, West Virginia. The study utilizes a spatial hedonic price model complemented with GIS techniques to estimate the marginal willingness to pay for properties surrounding coal mines. Study findings indicate that proximity to a coal mine translates negatively into property values. The third chapter is related to spatial county growth. Growth theories do not fully specify the prominent factors underlying the data-generating process for growth regressions. Introduction of space in growth regressions further complicates the estimations by adding uncertainty regarding the use of an appropriate spatial weight matrix and spatial regression specification. This study applies Markov Chain Monte Carlo model composition with the Bayesian model averaging methodology ",5.0,https://researchrepository.wvu.edu/cgi/viewcontent.cgi?article=5689&context=etd
d715c36e9151f5e589c6db0ca5b9d34e21b2f0f7,10.3390/buildings14030824,"Investigating the Effect of Transit-Oriented Development (TOD) on Social Equity—Examining the Displacement of Footscray, Melbourne",2024.0,Buildings,Xinyi Wang; Yixuan Xie; Li-Hui Xia; Jinquan He; Beiyu Lin,"As Melbourne faces exponential population growth, the necessity for resilient urban planning strategies becomes critical. These strategies include mixed land use, density, diversity, and sustainable transportation through transit-oriented development (TOD). While TOD promises to accommodate growing populations and address environmental concerns, it also raises issues regarding its unintended consequences on poverty and inequality, notably through residential displacement and gentrification. This study investigates the impacts of TOD construction on inequality in Footscray, employing spatial analysis techniques like the hedonic price model (HPM), robust regression analysis, and Pearson correlation analysis. It aims to understand how spatial factors influence housing prices and their correlations. Additionally, the study uses observational spatial analysis via Google Street View (GSV) to examine indices such as housing development type, traffic signage, sanitation facilities, and house beautification. This approach seeks to build an evaluation framework to assess the extent of TOD street reconstruction and its impact on gentrification and displacement. The research adapts existing kn",5.0,https://www.mdpi.com/2075-5309/14/3/824/pdf?version=1710826849
e2619e6613572753e9edf66060d10effe66fdcc8,10.1080/21681376.2014.981577,Exploring the spatial variation in quality-adjusted rental prices and identifying hot spots in Berlin’s residential property market,2014.0,,Philipp An de Meulen; Timo Mitze,"In this work, we use residual values obtained from an estimated hedonic pricing model to assess the role of district-level neighbourhood effects for the spatial variation in quality-adjusted rental prices in Berlin between 2008 and 2013. By doing so, we also aim at identifying hot and cold spots of quality-adjusted rental prices for apartments across the residential locations within the city of Berlin. The resulting pattern of ‘residual’ rental prices with a growing concentration of hot spots in central districts of Berlin can be interpreted as the tenants’ valorization of apartments in geographic proximity to the city centre compared to similar properties in Berlin’s periphery once we control for the properties’ physical characteristics. The observed temporal evolution of the rental price distribution between 2008 and 2013 thereby hints at an ongoing gentrification process in Germany’s capital associated with the current housing market boom. This visual impression is also confirmed by the application of quantile regressions for a correlation analysis between quality-adjusted rental price values and Berlin district-level characteristics obtained from the last census in 2011. Among ",5.0,https://www.tandfonline.com/doi/pdf/10.1080/21681376.2014.981577?needAccess=true
7afa40d17066b5d6525370fbcd6ea005ee482112,10.1086/717265,Comparing Pollution Where You Live and Play: A Hedonic Analysis of Enterococcus in the Long Island Sound,2021.0,Marine Resource Economics,M. Kung; D. Guignet; P. Walsh,"Hedonic property value methods typically examine the effect of water quality on home prices by focusing on waters nearest a home. While this captures any aesthetic values households may hold for water quality improvements, it may not fully reflect recreational values, particularly for nearby residents that do not live on the waterfront. This study is the first to compare the conventional approach of examining how property prices vary with the quality of waters closest to a home, versus water quality levels at the closest point of access for recreation (i.e., the beach). Using spatial econometric models, we conduct a hedonic analysis of residences within five kilometers of the Long Island Sound. Due to an aging infrastructure, high levels of precipitation often lead to sewage overflows, resulting in high counts of enterococcus – a bacterial indicator of fecal pollution. We also estimate the effect of subsequent beach closures, which we posit as an alternative and more salient signal of local water quality to residents. In line with previous literature, we find that enterococcus levels at waters nearest a home negatively affect home prices within 1 kilometer. However, this effect bec",5.0,http://ageconsearch.umn.edu/record/280943
81418493337e8a52200257397b7d473cf2f8ab52,10.3846/1648715x.2013.822032,Regional house price index construction -- the case of Sweden,2013.0,,L. Ericson; Han-Suck Song; Jakob Winstrand; Mats Wilhelmsson,"The academic literature on the construction of regional house price indexes usually uses geographic areas whose boundaries are administratively drawn. However such administrative regions might not be optimal for the construction of regional price indexes. When producing housing price indexes, we often encounter problems with insufficient number of observations. One way to remedy this problem is to estimate a quarterly index instead of a monthly index. Another possible way to mitigate the thin markets problem is to construct indexes for geographically aggregated regions. However, the literature that discusses methods of dealing with the problem of thin markets and especially geographical aggregation is very rare. The goal of this paper is to construct a housing price index for a major part of Sweden, and to construct price index series for a number of regions. The number of regions, and how their boundaries should be created in order to construct reliable regional price indexes, is however an open question. We apply traditional hedonic methodology in order to estimate house price indexes for both predefined regions whose boundaries are based on a division of labor markets in Sweden,",5.0,https://journals.vilniustech.lt/index.php/IJSPM/article/download/4201/3564
fa0b9f0a77abe07e88e21399a7c72f879eea3be2,10.3390/land13050657,"Examining Property Value Increment along Greenways: A Hedonic Pricing Analysis in Chengdu, China",2024.0,Land,Zheng Liu; Wanli Li; Du Yan; Kai Yu,"Greenways are networks of green corridors of various widths that have attracted increasing scholarly and policy interest due to their economic influence on proximate property values. However, most existing studies have focused on community-scale greenway projects. On the urban scale, in particular, there is a lack of understanding of the heterogeneity of greenway economic influences on property values. In Chengdu, China, the recently developed Jincheng Greenway is a special case, characterized by large-scale green spaces and value capture policies. Through hedonic pricing analysis, we examined the influence of the Jincheng Greenway on proximate properties based on 106,328 transaction records of preowned apartments between January 2017 and December 2020. Empirical results show that apartments along greenways have higher prices compared with apartments 500 m away. However, proximity to a greenway does not necessarily lead to higher prices because apartments located 500 m–1 km from a greenway will benefit more from greenways than those located within 500 m. Moreover, compared with the assumed increment in the value capture policies, the actual increases were smaller than the policy ex",5.0,https://doi.org/10.3390/land13050657
8343ff65dd44c4aa5ab7b44139fddec8e807f67a,10.3390/buildings15101610,A Study on the Price Spatial Differentiation and Influencing Factors of Rural Homestay in Suzhou Based on the Hedonic Price Model,2025.0,Buildings,Sheng Yang; Lei Wang; Yu Bi,"Using ArcGIS software to conduct spatial autocorrelation analysis, it was found that the price distribution of rural homestays in Suzhou is not random but shows apparent spatial clustering. Among the 81 rural homestays were 9 high-high clusters, 25 low-low clusters, 1 high-low outlier, and 5 low-high outliers. The hedonic price model is an economic model that breaks down goods or services into multiple attributes to estimate their prices. Based on this model, this paper further investigates the differentiated impacts and interactions between internal accommodation characteristics and external environmental attributes in the pricing mechanism of rural homestays in Suzhou. The results show that (1) the high-priced rural homestays in Suzhou are concentrated in the lake island resort with good natural environment and perfect infrastructure; (2) the location, facility quality, and network score of rural homestays have a positive impact on housing prices; (3) the parking lot of rural homestays hurts housing prices; (4) the quality of rural residential buildings and facilities has the most significant positive impact on housing prices. By comparing the hedonic price model of rural homesta",5.0,https://doi.org/10.3390/buildings15101610
5b85ac3400803502f29fd0eb3d3da85c444bf19e,10.2139/ssrn.3699240,Redrawing of a Housing Market: Insurance Payouts and Housing Market Recovery in the Wake of the Christchurch Earthquake of 2011,2020.0,Social Science Research Network,Cuong Nguyen; Ilan Noy; D. E. Sommervoll; Fang Yao,"On the 22nd of February 2011, much of the residential housing stock in the city of Christchurch, New Zealand, was damaged by an unusually destructive earthquake. Almost all of the houses were insured. We ask whether insurance was able to mitigate the damage adequately, or whether the damage from the earthquake, and the associated insurance payments, led to a spatial re-ordering of the housing market in the city. We find a negative correlation between insurance pay-outs and house prices at the local level. We also uncover evidence that suggests that the mechanism behind this result is that in some cases houses were not fixed (i.e., owners having pocketed the payments) - indeed, insurance claims that were actively repaired (rather than paid directly) did not lead to any relative deterioration in prices. We use a genetic machine-learning algorithm which aims to improve on a standard hedonic model, and identify the dynamics of the housing market in the city, and three data sets: All housing market transactions, all earthquake insurance claims submitted to the public insurer, and all of the local authority’s building-consents data. Our results are important not only because the utility ",5.0,https://www.cesifo.org/DocDL/cesifo1_wp8560.pdf
c6ce00542686f8005d7aa70875ff34aba6ec193a,10.1108/ijhma-04-2020-0032,Does concentration of social housing influence house prices? Evidence from New Zealand,2020.0,,Vernon J. Sequeira; O. Filippova,"
Purpose
Housing affordability in New Zealand is placing significant pressure on the country’s social housing sector with increased demand for public sector accommodation. A common belief suggests that social housing has a negative effect on nearby residential property values. This study aims to develop proximity and concentration measures of social housing to determine if their spatial distribution affects property values.


Design/methodology/approach
Using over 32,000 residential sales transactions from Auckland (New Zealand) during a three-year period (2014–2016), this study applies standard hedonic OLS framework with the addition of spatial autoregressive model and spatiotemporal autoregressive model to test if proximity and concentration of social housing influence residential property values.


Findings
The research found that private houses that share boundaries with public housing are discounted by 1.7%–3.3% depending on the socio-economic status of the submarket. The authors find that wealthier submarkets are better equipped to absorbing negative externalities attached to social housing. Proximity measures tend to peak at 250 m, with houses discounted up to 5% within that",5.0,
35cb3153162c677efd259e9e30fc2ca6aa291865,10.3390/geographies2010008,"Spatial Modelling and Geovisualization of House Prices in the Greater Athens Region, Greece",2022.0,Geographies,Polixeni Iliopoulou; E. Feloni,"In this article, geovisualization is used for the presentation and interpretation of spatial analysis results concerning several house attributes. For that purpose, point data for houses in the region of Attica, Greece are analyzed. The data concern houses for sale and comprise structural characteristics, such as size, age and floor, as well as locational attributes. Geovisualization of house characteristics is performed employing spatial interpolation techniques, kriging techniques, in particular. Spatial autocorrelation in the data is examined through the calculation of the Moran’s I coefficient, while spatial clusters of houses with similar characteristics are identified using the Getis-Ord Gi* local spatial autocorrelation coefficient. Finally, a model is developed in order to predict house prices according to several structural and locational characteristics. In that respect, a classic hedonic pricing model is constructed, which is consequently developed as a geographically weighted regression (GWR) model in a GIS environment. The results of this model indicate that two characteristics, i.e., size and age, account for most of the variability in house prices in the study region",5.0,https://www.mdpi.com/2673-7086/2/1/8/pdf?version=1645441695
4ffd3d082d1a00d1d5db19ea5af26d65b2c1edbe,10.1108/ijhma-05-2023-0066,The effect of school quality on house prices in the global south: evidence from South Africa,2023.0,International Journal of Housing Markets and Analysis,Anthony Owusu-Ansah; S. Azasu; William Seremi,"
Purpose
This paper aims to investigate the effects of school quality (SQ) on residential property prices in Johannesburg, South Africa. Previous studies have empirically examined the quality of private and public schools without a standard proxy that is accepted in the literature. As a result, this paper extends the literature to the global south by the effect that SQ has on residential property price changes in the local markets of the City of Johannesburg.


Design/methodology/approach
The research adopts the hedonic pricing model to evaluate and quantify the impact that the structural attributes such as erf size; number of bedrooms and bathrooms; and SQ measured by pass rates, sport rankings and quality of facilities have on house prices. A total of 2,763 property transactions covering the Kensington and Observatory areas of the City of Johannesburg over the period 2010 and 2020 were obtained from the deeds registry and used for the empirical analysis.


Findings
The study finds that SQ has a positive impact on house prices. When the average pass rate of the model school increases by 1%, all other things being equal, house prices also increase by 1.8%. This suggests that people",5.0,
2853af8fa0610dda89f0fcba063d8556708ed19c,10.1108/ijhma-03-2019-0038,Shared amenities’ impacts on condominium resale values,2019.0,International Journal of Housing Markets and Analysis,K. Tajima,"
Purpose
This study aims to analyze whether and how condominium shared utilities and facilities (e.g. community spaces), of which buyers assume a share of the ownership upon acquisition of a residential unit, affect the condominium unit price over time.


Design/methodology/approach
The transaction price of each unit reflects the quality of the residential unit and the properties of the shared facilities. Based on the hedonic pricing method, this study assesses the impact of shared amenities on unit resale prices, using an original data set on condominium unit resale transactions and the status of housing characteristics for both condominium units and condominium buildings.


Findings
Results show that holding other conditions constant, a meeting room and an external space that can host events increase the unit resale price by approximately 7 and 16 per cent, respectively. Some community amenities such as a meeting room may increase its impact later in the condominium’s lifetime.


Research limitations/implications
Because of the proprietary nature of data, the analysis focuses on high-end condominium properties in central Tokyo. Although it is difficult to single out the shared am",5.0,
828367334a6cb48f8254ab88d9172664e3afd7a2,10.3846/ijspm.2022.18156,WORLD HERITAGE DESIGNATION AND PROPERTY: THE IMPACT OF PRESERVATION ON THE PRICE OF HISTORIC ASSETS,2022.0,International Journal of Strategic Property Management,Eyal Salinger; D. Shefer; Nir Mualam,"The restrictions and requirements imposed by historic preservation regulations bring about many changes to the rights of property owners. They might impose additional costs, most notably by prohibiting the demolition of designated buildings and thus decreasing property-development opportunities. The objective of this study is to examine what happens following world heritage designations; specifically, if and how such designations impact the property values of historic buildings. Using the hedonic price method, we measure the value of the option to demolish and rebuild that is denied to owners of designated buildings. We also measure the value of preservation regulations, expressed in the prices of apartments in designated buildings. The study area is the “White City” of Tel Aviv, which UNESCO designated as a world heritage site. The findings suggest that the market price of a designated building is on average 12.5% lower than its theoretical value if the building was not subject to historic preservation regulations. Moreover, a premium of approximately 14% was found in the price of apartment units in designated buildings if the building underwent preservation. These findings could ",5.0,https://journals.vilniustech.lt/index.php/IJSPM/article/download/18156/11479
81d174b5151111cd1279a385ed5c4d613c5401ee,10.14254/2071-8330.2024/17-2/16,Effects of the COVID-19 pandemic and the war in Ukraine on the local housing rental market in Poland,2024.0,Journal of International Students,Michał Hebdzyński,"The COVID-19 pandemic that started in early 2020 and the Russian invasion of Ukraine in February 2022 caused multidimensional shocks to the housing market. Understanding their micro-level impact is crucial to optimizing future responses to similar shocks, designing sustainable urban and socio-economic policies, and investing. Based on the hedonic Spatial Error Model for the local housing rental market in Poland, during the pandemic, the valuation of the leisure-related apartment characteristics (the availability of a balcony and a private garden) increased. As tenants spent more time at home or in their neighbourhood, the proximity of housing to green areas became increasingly important, and the relevance of proximity to university buildings decreased. Then, amidst the war, a reluctance to use gas heating has been noticed. Combined with the observed price premium for the location of apartments in revitalised tenement houses, this means that the modernisation of the historic housing stock is not only ecologically desired, but also is capitalised in the achieved rents. The rent change throughout the pandemic has been estimated at -6.7%, while during the war-related crisis, at +29.7%.",5.0,https://doi.org/10.14254/2071-8330.2024/17-2/16
c939212633a7542afd72190505f7218f5bdf65b6,10.1108/ijhma-11-2020-0141,"A hedonic assessment of the relative importance of structural, locational and neighbourhood factors on advertised rents in Malta",2021.0,,Brian W. Micallef; Reuben Ellul; N. DeBono,"Purpose: The private rental market in Malta has expanded significantly in recent years, but as at 2020, no official rent index is yet published This paper aims to construct such an index and explores the relative importance of structural, locational and neighbourhood factors to advertised rents Design/methodology/approach: The authors compile hedonic indices for advertised rents in Malta collected from publicly available sources using webscraping techniques The database comprises more than 25,000 listings with information on various property attributes Hedonic regressions are estimated using ordinary least squares and rent indices are computed using three alternative methods: the time dummy method, the rolling time dummy method and the average characteristics method For the latter, indices are computed using the Laspeyres, Paasche and Fisher methods Findings: The results from the hedonic indices indicate that the annual growth rate in advertised rents was slowing down during 2019, albeit still remaining relatively high, while in 2020, advertised rents contracted sharply, amplified by the effects of COVID-19 The findings also reveal that advertised rental prices are significantly in",5.0,
c7efaf215aa1b51ad5fe3d122b4e985e72cb2b5f,10.1108/ijhma-09-2022-0135,"Spatial variation of the determinants affecting urban land value in Thiruvananthapuram, India",2022.0,International Journal of Housing Markets and Analysis,B. Binoy; M. Naseer; P. P. Anil Kumar,"
Purpose
Land value varies at a micro level depending on the location’s economic, geographical and political determinants. The purpose of this study is to present a comprehensive assessment of the determinants affecting land value in the Indian city of Thiruvananthapuram in the state of Kerala.


Design/methodology/approach
The global influence of the identified 20 explanatory variables on land value is measured using the traditional hedonic price modeling approach. The localized spatial variations of the influencing parameters are examined using the non-parametric regression method, geographically weighted regression. This study used advertised land value prices collected from Web sources and screened through field surveys.


Findings
Global regression results indicate that access to transportation facilities, commercial establishments, crime sources, wetland classification and disaster history has the strongest influence on land value in the study area. Local regression results demonstrate that the factors influencing land value are not stationary in the study area. Most variables have a different influence in Kazhakootam and the residential areas than in the central business dis",5.0,
b736ca161fc20f846d4768bd2e654656d1598aa6,10.18488/journal.1005/2016.6.4/1005.4.59.67,A hedonic analysis of agricultural land prices in Pakistan`s Peshawar district,2016.0,,Salman Khan; Ghaffar Ali; Syed Attaullah Shah; A. Jan; Dawood Jan; M. Fayaz,"This study investigates determinants for agricultural land prices in Peshawar district of Pakistan. A linear hedonic model is used to analyze data set on sale prices of agricultural land parcels and their agricultural, location and environmental characteristics. Results show that agricultural land price is affected positively by soil fertility, amount of irrigation water and closeness to agricultural market. Among location characteristics, distance to city, distance to main road and distance to nearest houses have significant effects on land prices. Agricultural land located closer to city, main road or houses has significantly higher price compared to a more distant land. Environmental degradation such as polluted freshwater bodies has negative effect on nearby agricultural land prices. Based on these findings and review of relevant literature, the study recommends government intervention for conservation of agricultural land, investment in developing agricultural infrastructure such as dams, irrigation canals, roads, transport, agricultural markets, etc., and provision of subsidized fertilizers and other inputs to increase farmers? returns and change their perception to favour us",5.0,https://archive.aessweb.com/index.php/5005/article/download/1459/2105
ca8f27ae918637769688c4bdd64c102b32ef9c6f,10.5194/isprs-archives-xli-b8-829-2016,"A SPATIAL ANALYSIS ON GIS-HEDONIC PRICING MODEL ON THE INFLUENCE OF PUBLIC OPEN SPACE AND HOUSE PRICE IN KLANG VALLEY, MALAYSIA",2016.0,,A. M. Zainora; M. N. Norzailawati; P. Tuminah,"Abstract. Presently, it is noticeable that there is a significant influence of public open space about house price, especially in many developed nations. Literature suggests the relationship between the two aspects give impact on the housing market, however not many studies undertaken in Malaysia. Thus, this research was initiated to analyse the relationship of open space and house price via the techniques of GIS-Hedonic Pricing Model. In this regards, the GIS tool indicates the pattern of the relationship between open space and house price spatially. Meanwhile, Hedonic Pricing Model demonstrates the index of the selected criteria in determining the housing price. This research is a perceptual study of 200 respondents who were the house owners of double-storey terrace houses in four townships, namely Bandar Baru Bangi, Taman Melawati, Subang Jaya and Shah Alam, in Klang Valley. The key research question is whether the relationship between open space and house price exists and the nature of its pattern and intensity. The findings indicate that there is a positive correlation between open space and house price. Correlation analysis reveals that a weak relationship (rs",5.0,https://isprs-archives.copernicus.org/articles/XLI-B8/829/2016/isprs-archives-XLI-B8-829-2016.pdf
bb144710bef8bc171eb21c6d2daac2c06a66a854,10.54055/ejtr.v6i2.127,"Estimating the environmental attractions of rural tourism lodging units in La Gomera island, Spain",2013.0,European Journal of Tourism Research,Y. Santana-Jiménez; Juan M. Hernández; R. Suárez-Vega,"The environmental characteristics compound one of the main attractions of the tourism developed in rural areas. In this line, this paper seeks to identify the most relevant environmental attributes valued by the rural tourism market in La Gomera Island, Spain. The geographic peculiarities (climate and landscape) of this island make it an exceptional case study to analyse the role of the environmental factors in rural tourism. A hedonic price model has been estimated to obtain a quantitative measure of the relative weight of rural house attributes in the rental price. Geographical Information System (GIS) and Spatial Econometric techniques have been applied to compute environmental variables and get accurate estimations of the model, respectively. Results show the relevance of the climate conditions in the surroundings of the house for the rural tourism lodging market in La Gomera, and allow formulating some recommendations to public and private authorities in the design of promotional and investment policies in the sector. A similar procedure can be applied to other rural tourist destinations, where the required socioeconomic and geographic information is available.",5.0,https://ejtr.vumk.eu/index.php/about/article/download/127/126
289aeb017fbfe266264b026e325e9a6953192172,10.2139/ssrn.3488252,"A World Divided: Refugee Centers, House Prices, and Household Preferences",2019.0,Social Science Research Network,M. Dröes; H. Koster,"The number of refugees around the world has increased substantially in the last decade. To cope with refugee flows, many countries have built refugee centers (RCs) for refugees to await the outcome of their asylum procedure. The opening of such centers often leads to considerable opposition from the local population. Using detailed housing transactions data from the Netherlands over the period 1990-2015, we examine locals' attitudes towards immigration by investigating households' willingness to pay (WTP) to avoid living near RCs. Comparing the price developments of opened RCs and those that are planned, we show that the opening of an RC decreases house prices within 2km by 3-6%. Using micro-data on home buyers' characteristics and employing a non-parametric hedonic pricing method, we identify households' individual preferences. We show that attitudes of higher income households towards RCs tend to be more negative, while those of foreign-born households are more positive. The WTP is also more negative for larger RCs. These results imply that when opening RCs, it is advisable to keep them relatively small and locate them in more ethnically diverse areas.",5.0,https://doi.org/10.2139/ssrn.3488252
7cd9527cbc8f8895f2010e7b98c9aefeb55cb9d2,10.23860/diss-gorelick-susan-2014,The effect of lake water quality and wind turbines on Rhode Island property sales price,2014.0,,S. Gorelick,"This dissertation uses the hedonic pricing model to study the impact of lake water quality and wind turbines on Rhode Island house sales prices. The first two manuscripts are on lake water quality and use RI house sales transactions from 1988-2012. The third studies wind turbines using RI house sales transactions from 2000-2013. The first study shows that good lake water quality increases lakefront property price premium. It also shows that environmental amenities, such as forests, substitute for lake amenity as the property’s distance from the lake increases. The second lake water quality study incorporates time variables to examine how environmental amenity values change over time. The results show that property price premium associated with good lake water quality does not change as it is constant in proportion to housing prices with short term economic fluctuations. The third study shows that wind turbines have a negative and significant impact on housing prices. However, this is highly location specific and varies with neighborhood demographics. All three studies have policy implications which are discussed in detail in the manuscripts below.",5.0,https://doi.org/10.23860/diss-gorelick-susan-2014
85ea3296a5d9175ea12142cf209523d5db6d0b42,10.22452/mjes.vol56no1.4,Hedonic Analysis of the Impact of Flood Events on Residential Property Values in Malaysia: A Study of Willingness to Pay,2019.0,Malaysian Journal of Economic Studies,N. Ismail; M. Z. Abd Karim; B. Hasan-Basri,"The effect of flooding on residential property values (RPV) is a major concern to all property buyers and owners. Although numerous studies have already discussed the risk of devaluation of those properties situated in flood prone areas, those that focused on the impact of flooding on residential properties in Malaysia are still limited. This paper extends existing literature by also estimating consumers’ willingness to pay for flood control measures to reduce the flood risk in Malaysia. Using the hedonic pricing model (HPM), our results suggest that the market value of urban and rural residential properties significantly decreases by 18.5 percent and 13.6 percent due to flooding, respectively. The result also shows that, respondents who are risk averse are willing to pay 35.4 percent more for flood control measures to reduce impact of flood risk compared to those who are risk takers. The results of this study can help property owners to understand the factors that contribute to property devaluation due to flooding. This study also proposes flood insurance programmes to be implemented as flooding is a major concern to real property owners.",5.0,https://mjes.um.edu.my/article/download/18328/10073
b79aa4750ced5d8cf3b4aca71bb4a545f71e34bf,10.1007/s10037-021-00158-7,Sorting in an urban housing market—is there a response to demographic change?,2021.0,Review of Regional Research,U. Neumann; Lisa Taruttis,"Using Dortmund as a case study we analyse whether rents and housing prices responded to local demographic change in a German city between 2007 and 2016. In a two-step analysis based on a spatial autoregressive hedonic pricing model and a discrete choice model of housing location we find that during the study period as a whole, higher local mortality induced a negative effect on apartment prices and rents. Yet, the neighbourhood effects of local ageing vary across sub-city districts. Most prominently, the study period was characterised by a strong and rising desire to purchase or rent housing in the vicinity of the city centre. Furthermore, prices for owner-occupied apartments and houses increased rapidly in the more well-off southern part of the city and particularly in a previously declining community, where a large-scale urban regeneration and environmental upgrading project has been implemented since 2011. The characteristics of households likely to move to this neighbourhood switched from low to high income.",5.0,https://link.springer.com/content/pdf/10.1007/s10037-021-00158-7.pdf
7d9b268f866cf9125a45d287f0466e2cbe84b2d8,10.1108/17538271011080619,Public services satisfaction and single‐family house prices in the USA,2010.0,,J. E. Larsen; J. Blair,"Purpose – The purpose of this paper is to empirically test whether residents' satisfaction with seven general purpose public services are capitalized in single‐family house prices. The public services investigated are: fire protection, paramedic services, police protection, trash removal, snow removal, street maintenance, and neighborhood parks.Design/methodology/approach – The seven service satisfaction measures, derived from a public opinion survey, are grouped into three variables based on the city department responsible for providing the service and included in a hedonic regression of single‐family house transactions that occurred in Dayton, Ohio.Findings – All three satisfaction variables are positively related to house price, providing evidence that intra‐jurisdictional differences in the nature of public services are capitalized through market processes.Social implications – The strength of the satisfaction measures in the regression model suggests that efforts to improve citizen satisfaction may b...",5.0,https://works.bepress.com/james-larsen/19
e43a2e3a95837f181fc61d9f3eb6dace0c8606e7,10.1177/2399808320977877,The spatial dimension of the French private rental markets: Evidence from microgeographic data in 2015,2020.0,Environment and Planning B Urban Analytics and City Science,Kassoum Ayouba; Marie-Laure Breuillé; Camille Grivault; J. le Gallo,"This article draws on data collected by local rental observatories in 12 French urban units in 2015 to analyze the spatial dimension of hedonic rental prices in the private rental market through (i) the spatial heterogeneity between urban units and (ii) the wide variety of contextual and locational characteristics (socio-economic, environmental (dis)amenity, and accessibility) and flexible specifications to capture their potential non-linear influence on rent. Based on a joint test of equality of coefficients across all urban units, we find that hedonic prices differ for 75% of the characteristics, thereby justifying a detailed analysis of heterogeneity. Lyon, Nice, and Paris taken individually are the urban units with the most specific valuations of housing characteristics and socio-economic characteristics. Our analysis reveals that housing characteristics, median income, and distance to the center are clearly the variables with the most heterogeneous effects on hedonic prices.",5.0,https://institut-agro-dijon.hal.science/hal-03198767/document
cacce33824550f0ec562df8168cc2fd5a10f3db4,10.1080/14445921.2019.1693323,The value of a tram station on local house prices: an hedonic modelling approach,2019.0,Pacific Rim Property Research Journal,D. Higgins; A. Rezaei; P. Wood,"ABSTRACT There are many drivers of house prices. In urban locations, public infrastructure is considered one of the leading determinants. To explore this relationship, an Hedonic house pricing model was applied to an established Birmingham, the UK working class residential area which is serviced by the Metro Midland tram line. The selected Wednesbury Great Western Street station provides ease of access for the local residents to Birmingham and Wolverhampton City Centres plus there has been recent sale evidence of 100 properties within close proximity to the station. Independent variables consisted of a range of typical physical, locational and neighbourhood attributes for the Hedonic house pricing model input data. Based on the preferred linear Hedonic model, the findings from the recent 100 Wednesbury house sales showed property type, bedrooms, floor area, ambience and distance to the tram station were key explanatory factors in relation to pricing levels. On the evidence provided, property price increased by £16,878 for every km closer to the tram stop. However, when examining properties within defined distance bands with smaller datasets, the location to the tram station was not",5.0,
ce554c8d0bea454028beda9b6599a45b333319f2,10.2478/remav-2021-0021,Hedonic Price for Amenities in Rural and Urban Residential Condominiums in Costa Rica,2021.0,Real Estate Management and Valuation,Javier Paniagua-Molina; Johanna Solórzano-Thompson; C. González-Blanco; David Barboza-Navarro,"Abstract As the number of homes located in condominiums increases, investigations should be promoted to determine the implied price of additional amenities over the total price of the property. This study evaluated the impact of multi-attribute and construction variables on the value of condominiums in Costa Rica, using a hedonic pricing model of the amenities that influence the total price. Information from condominiums located in all provinces of the country was used to determine the importance of the variables studied. Through multiple regression analysis, it was determined that nine amenities explain the behavior of the total price. This study shows that the project’s internal and external variables have a significant effect on sales prices and consumers’ purchasing decisions. The most significant variables were income, construction area, access to a pool and gym, and the type of condominium.",5.0,https://www.sciendo.com/pdf/10.2478/remav-2021-0021
5fa5ffbceda80cb4eadc65e47af1dbdf52eecff1,10.1007/978-3-030-58814-4_21,Evaluating the Urban Quality Through a Hybrid Approach: Application in the Milan (Italy) City Area,2020.0,Communication Systems and Applications,A. Oppio; M. Bottero; Federico Dell’Anna; Marta Dell'Ovo; L. Gabrielli,"Urban planning can support the optimal exploitation of the resources available in an urban system with specific reference to the accessibility of goods and services by an increase of the quality of the public space. In this perspective, knowing the economic effects generated by urban planning choices can be fundamental to guide decision-making processes. For this purpose, a research work which proposes a method for defining a synthetic index through the Multi-Attribute Value Theory to describe urban quality is presented. The synthetic index proposed in this study reflects the public open spaces, accessibility and provision of services qualities of the urban context. Besides, this study estimates these advantages through the hedonic prices method, analyzing the residential market. The combined methodology has been applied in detail to three districts located in the Municipality of Milan (Italy). The simultaneous reading of the indices used to spatialise the urban quality levels allows identifying the extrinsic characteristics of the three neighbourhoods analyzed. Considering the changes induced on house prices, the results of the hedonic models show that the economic impacts generat",5.0,
b8c394ccc08a68ca85188494555b6dfbef89e3f7,10.1108/ijhma-05-2020-0064,"Close enough: housing price effects of urban parks, reserves and volcanic parks in Auckland, New Zealand",2020.0,International Journal of Housing Markets and Analysis,Lydia Cheung; M. Fernandez,"
Purpose
This study aims to test whether the size of and distance to the nearest green space has any effects on residential property transaction prices in Auckland, New Zealand.


Design/methodology/approach
This paper divides all green spaces in Auckland into three categories, namely, urban parks, regional reserves and volcanic parks (a unique feature in Auckland, New Zealand). This study uses six years of residential property transaction data to estimate hedonic price regressions. For each property, this paper calculates the size of and distance to the nearest park in each category.


Findings
The logged sizes of the nearest regional reserve and volcanic park have positive effects on property prices. The logged distances to the nearest urban park and volcanic park are insignificant, while the logged distance to the nearest regional reserve is positively significant. In other words, homebuyers prefer larger regional reserves and volcanic parks and prefer to be further away.


Originality/value
Auckland is ranked as a top-five city in the world in terms of the proportion of public green space, trailing four European cities. However, because of Auckland’s much younger age, it presen",5.0,
629682091489cb7b391ff8efeb48a934fc61a365,10.32890/jbma2014.4.0.8875,Does Flood Affect Property Values? A Hedonic Analysis of Residential Property Values in Peninsular Malaysia,2020.0,Journal of Business Management and Accounting,N. Ismail; M. Z. A. Karim; B. H. Basri,"The hedonic pricing model (HPM) has been used to identify the values of residentialproperty due to flood impact. Most of the previous studies had been conducted usingflood frequency and flood depth to measure flood variables rather than flood duration.The hedonic pricing study presented here investigated the effect of flood duration onresidential property value in Peninsular Malaysia. We measured the housing attributesinvolving location, structural, and neighborhood attributes. We also developed theinteraction variable between flood and structural attributes to determine whether theeffect of flood duration on residential property value differs across house age, size ofland area, and number of bedroom. The results suggest that the sale price of residentialproperty is significantly decreased by 0.015 percent due to flood.",5.0,https://e-journal.uum.edu.my/index.php/jbma/article/download/8875/1668
d47ca04b9ffbe475e2f9fcf124c6584bdb395ff3,10.3917/rfe.192.0203,Hétérogénéité spatiale des prix hédoniques des appartements du marché locatif privé en France,2019.0,Revue française d économie,Kassoum Ayouba; Marie-Laure Breuillé; C. Grivault; J. le Gallo; Ingrid Nappi-Choulet,"Cet article exploite les donnees collectees par les observatoires locaux des loyers dans onze poles urbains en 2015. Si la variance des loyers au m² d’un meme pole urbain s’explique principalement par les caracteristiques structurelles des logements, les variables socio-economiques et d’accessibilite sont neanmoins des determinants importants, surtout dans les grandes agglomerations, avec des effets tres differents entre les poles. A l’interieur des poles, la variance des loyers au m² est mieux expliquee par les caracteristiques structurelles en peripherie qu’au centre. A Paris intra muros, la variance expliquee par les caracteristiques socio-economiques est superieure a celle expliquee par les caracteristiques structurelles.",5.0,https://hal.science/hal-02401250v1
8fb41eefcd89b6d6746d9ab5af9f6f61e2da05b2,10.3368/le.100.1.102122-0086r,Spatial Heterogeneity in Hedonic Price Effects for Lake Water Quality,2023.0,Land Economics,Kristen Swedberg; Diego S. Cardoso; Adriana Castillo-Castillo; Saleh Mamun; K. Boyle; C. Nolte; M. Papenfus; S. Polasky,"This study uses Zillow’s Transaction and Assessment Database to investigate variation in hedonic price effects of water clarity on single-family houses throughout the United States. We consider five spatial scales and estimate models using different sample selection criteria and model specifications. The results indicate considerable spatial heterogeneity within and across the four U.S. census regions. However, we also find heterogeneity resulting from different types of investigator decisions, including sample selection and modeling choices. Thus, it is necessary to use practical knowledge to consider the limits of market areas and to investigate the robustness of estimation results to investigator choices.",5.0,https://le.uwpress.org/content/wple/early/2023/07/07/le.100.1.102122-0086R.full.pdf
faa0171f4dbf145193d9e7036164fc6af8df202f,10.1016/j.spasta.2021.100522,Modelling Nonstationary Spatial Lag Models with Hidden Markov Random Fields,2021.0,,C. Ghiringhelli; Francesco Bartolucci; A. Mira; G. Arbia,"Abstract One of the basic assumptions in spatial statistic is second-order stationarity, which implies homogeneity and isotropy. However, when using a spatial random field framework to model socio-economical or epidemiological data - just to mention two examples - it is often unreasonable to believe that the relationship between variables could be modelled as a realization of a unique stationary process. In order to provide a more realistic representation, we introduce a latent process which drives the value of the coefficients in a Cliff-Ord-type spatial autoregressive linear model identifying groups of observations with a similar behaviour. The latent process evolves as a Hidden Markov Random Field. This structure allows the topology of the problem to be taken into account when identifying groups. A simulation exercise is performed to investigate the influence of parameter values - estimated via a Markov chain Monte Carlo procedure - on the accuracy of the results. Criteria to perform model comparison in order to establish the optimal number of clusters are also provided. A case study referred to hedonic house prices in Boston illustrates the advantages of the proposed modelling ",5.0,
cca9b5019b0fc9142dc68dadaabdb567573c5fe6,10.13189/sa.2016.040709,"House Prices and School Quality: Instruments, Signaling, Usage and Perceptions",2016.0,,David M. Brasington,"We identify commonly-available instrumental variables for housing hedonics for proficiency tests, school spending, and property taxes. We estimate the hedonic simultaneously with the reasons a person bought his house. We find larger housing value elasticities than previous studies: 0.47 for test scores, 1.07 for expenditures per pupil, and -0.37 for property taxes. We suggest schooling expenditures acts as a signaling mechanism. We find that people who use private schools and think their private school is excellent pay an additional 10% house price premium; this finding, along with capitalization of private school test scores, supports the theory of the marginal consumer.",5.0,http://www.hrpub.org/download/20160630/SA9-19606797.pdf
a72cca14fbf8ecebadc64e09461001598fd82793,10.1111/1540-6229.12463,"House price seasonality, market activity, and the December discount",2023.0,Real Estate Economics,Erling Røed Larsen,"In Norway, house prices tend to drop in December. This regularity is persistent across regions and over time. I exploit a transaction data set with high temporal granularity to document and estimate the size of the December discount. I control for a composition effect using a hedonic model and I control for unobserved heterogeneity by using repeat sales and involving ask prices and appraisal values. By segmenting into submarkets, I search for determinants of price seasonality. The evidence suggests that the December effect is linked to time‐on‐market for each unit and transaction volumes within each submarkets.",5.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1540-6229.12463
99b7e936aed2e2ae92958948173e755e39615476,10.1177/15356841221123762,Affordable Regulation: New York City Rent Stabilization as Housing Affordability Policy,2022.0,City & Community,Kasey Zapatka; Juliana de Castro Galvao,"The growing housing affordability crisis is at the center of conversations about U.S. inequality. This paper reconsiders the role of rent stabilization as one important affordability tool. We investigate who is most likely to benefit from rent stabilization, how much non-stabilized renters would save if their units were stabilized, and the extent to which stabilization would reduce rent burden among households. Using New York City Housing Vacancy Survey data and employing logistic and hedonic regression techniques, we show that Hispanic and foreign-born householders are more likely to live in rent-stabilized units and find evidence of both rent savings and rent burden reduction when comparing stabilized tenants with their non-stabilized counterparts. We argue that expanded rent stabilization could be paired with policies that stimulate new construction to simultaneously curb rent inflation, protect current populations from displacement, and increase housing supply.",5.0,
37635a8033736018ebfc4e1103251a4a6a696cd7,10.1080/00396265.2023.2293366,Model agnostic interpretable machine learning for residential property valuation,2023.0,Survey Review,Tugba Gunes,"Machine learning algorithms commonly outperform the traditional hedonic models in property valuation; however, it is hard to capture the inner workings of these complex models due to their black-box nature. To address the opaqueness of ML models, this study applies model-agnostic interpretability methods at the both global and local levels for a Random Forest model which provided better prediction accuracy than Support Vector Machines and eXtreme Gradient Boosting algorithms in predicting residential property prices. The results of this study suggest that interpretable ML methods can bring transparency to opaque ML models, and visualize feature effects and interactions in property valuation models.",5.0,
a4ed184162eb6d76ba7b279ed239872bd3452fca,10.1177/1087724x18757535,"Pavement Condition and Residential Property Values: A Spatial Hedonic Price Model for Solano County, California",2018.0,,Kihwan Seo; D. Salon; F. Shilling; M. Kuby,,5.0,
d37971d97af2ef251a0da6b9c73ae5f307074e7d,10.15760/etd.1344,"Hedonic Analysis of Housing Prices Near the Portland Urban Growth Boundary, 1978-1990",1996.0,,A. Alkadi,"An abstract of the dissertation of Abdullah Alkadi for the Doctor of Philosophy in Urban Studies presented May 6, 1996. Title: Hedonic Analysis of Housing Prices near the Portland Urban Growth Boundary, 1978-1990. The cornerstones of Oregon's 1973 Senate Bill 100 are the preservation of farm, forest, and other resource lands and the containment of urban development within urban growth boundaries (UGB). The UGB is a boundary around each incorporated city containing enough land to meet projected needs until the year 2000. The Land Conservation and Development Commission (LCDC), charged with adopting and implementing state planning policy, sought to keep UGBs small enough to contain urban sprawl. To avoid the potential effects of land price inflation, LCOC allowed UGBs to include more land supply than the forecasted demand. The Portland-Metropolitan region was allowed to have a 15.3-percent surplus. Policy makers are unsure what effect UGBs have on housing costs. The common belief is that by restricting the amount of land available for residential construction the market drives prices up. Contrasting opinions suggest that by substituting low-density with high-density development, per-",4.0,https://pdxscholar.library.pdx.edu/cgi/viewcontent.cgi?article=2344&context=open_access_etds
56f6c5c110638bb1bdf65edaeebdeeeb28a59f48,10.1108/ijhma-10-2018-0085,Does the school input quality matter to nearby property prices in Taipei metropolis?,2019.0,International Journal of Housing Markets and Analysis,Ti-Ching Peng,"
Purpose
This paper aims to analyse the spatial effect of school input – “student–teacher ratio” – on property prices in Taipei Metropolis, Taiwan. The falling fertility rate inevitably changes educational system since more less-experienced part-time teachers are hired for the sake of schools’ budget. Hence, in addition to full-time teachers, part-time teachers are included in measuring the student–teacher ratio to see if an increase in part-time teachers, indicating the possible plunge of school quality, may decrease the value of nearby properties.


Design/methodology/approach
Three types of spatial regressions (including spatial lag, spatial error and SARAR models), which incorporate different kinds of spatial dependencies into hedonic models, are applied to reveal the relationship between two measures of student–teacher ratios and property values.


Findings
Conventional variables, including housing attributes, demographics and local facilities, demonstrated their consistent and expected influence on property prices. More importantly, the significant “student–teacher ratio 2” (both full-time and part-time teachers) indicated that low-paid, less-experienced and overworked part-t",4.0,
cce01ce44d149fbb206bae015b04a15374aa51b7,10.1088/1755-1315/1067/1/012082,Impact of Urban Regeneration on the Housing Prices: Wangsa Maju – Maluri,2022.0,IOP Conference Series: Earth and Environment,Asmeer Nor Aqilah; Nurzafira Zainul Abidin,"Urban regeneration is a planning tool used by the urban planner to improve the environment through generating positive externalities and minimizing negative externalities. In addition, an improved environment can provide benefits on the nearby residential property value via value appreciation that will affect the property price in the long run. Hence in this paper, the impact of urban regeneration on the housing prices in Maluri is empirically investigated. By using the quantitative method, the paper aims to determine the housing attributes that influence the housing prices in Maluri and to investigate the impact of urban regeneration on the housing prices in the selected case study area. A total of 1,376 housing sales transaction data were analyzed via SPSS and Microsoft Excel. For the hedonic pricing model, the results reveal that the number of bedroom attribute has the most influenced on the housing prices in Maluri. The floor level attribute, built-up area attribute and land area attribute are revealed to have a positive influence in affecting housing prices in Maluri. For examining the location-time interaction between the case study area and the different stages of urban rege",4.0,https://iopscience.iop.org/article/10.1088/1755-1315/1067/1/012082/pdf
27a0475ade51b3efad8840036dcd4309a4da68c0,10.1137/18s017296,A Comparison of Machine Learning Approaches to Housing Value Estimation,2019.0,SIAM Undergraduate Research Online,Orton Babb,"Housing value estimation relies on hedonic pricing models whereby price is determined by both internal characteristics (bedrooms, bathrooms, living area, etc.) as well as external characteristics (neighboring houses, ZIP code, etc.). While classical parametric models based on linear regression analysis have been well studied in this application, the theory of hedonic prices places no restrictions on the hedonic price functional form, and hence, more recent research has attempted to apply machine learning (ML) approaches such as K-Nearest Neighbors and Support Vector Machine Regression (SVR). Many of these ML methods are employed on the basis of their flexibility in terms of making less assumptions on the shape or distribution of the data. ML models are therefore used with the expectation of higher accuracy on predicting the final sale price of a house. In this study, we consider the combination of various pre-processing procedures and candidate models on a historical data set of house sales in King County, Washington. Different measures of accuracy are considered in interpreting model performance. The results suggest that while machine learning algorithms like SVR achieve top perfo",4.0,https://doi.org/10.1137/18s017296
51134d2f7274ff4ef274c35586653f2235a55edc,10.1016/j.jhe.2022.101840,What is the impact of macroprudential regulations on the Swedish housing market?,2022.0,Journal of Housing Economics,Mats Wilhelmsson,"Housing shortage and urbanization have led to higher housing prices and larger household debt. In order to control the growth of debts, Sweden's financial supervisory authority has introduced several borrower-based macroprudential tools in the last ten years. In 2010, a mortgage loan to value (LTV) ratio was introduced, and in 2016, amortization of 1 percent of the loan balance was mandated by the law if the mortgage was higher than 50 percent of the value of the property. Furthermore, in 2018, the amortization requirement was tightened as all households with a mortgage larger than 4.5 times the annual income was forced to amortize 1 percent of the loan balance. The question is whether the financial supervisory authority's use of macroprudential tools had the intended effect. We are combining a hedonic regression modeling approach with a regression discontinuity design in order to estimate the causal impact on house prices. The effect of the macroprudential tools is estimated on the single-family housing market as well as on the cooperative apartment market. We are using microdata of 1 million housing transactions over the period 2008 and 2019. Our estimates indicate that the amort",4.0,http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-263789
e8ea2e7291a004f64eeb8cba24c6ee6d0fc6ee1c,10.21837/pm.v23i35.1681,HEDONIC PRICING MODEL (HPM) ON SOUTH TANGERANG RESIDENTIAL PROPERTY VALUE,2025.0,PLANNING MALAYSIA,Noah Sidik Darendra; Edy Riyanto,"This study investigates the effects of location, structural, and environmental attributes on residential property values in South Tangerang City, Indonesia.  The research employs the Hedonic Pricing Model (HPM), formulated mathematically using the multiple linear regression approach to determine the relative contribution given by these attributes. To achieve the objective, data were collected from information on residential properties in South Tangerang City which is accessible on various property buying and selling websites. The data collection was limited from July 2023 to January 2024. The results showed that some variables affected the value of residential properties, such as distances to KRL stations, public parks, top high schools, and the Central Business District (CBD), as well as building areas, land areas, and the number of rooms (bathrooms and bedrooms). However, other variables, such as distances to malls, hospitals, universities, and population density, had no partial effect on residential property values. If we look at the types of variables, the standardized coefficient beta test revealed that building areas were the most dominant variable affecting the property valu",4.0,https://www.planningmalaysia.org/index.php/pmj/article/download/1681/1360
2bbd25e60ca8ea2625da98d69a5096e00200229f,10.1007/s11356-022-20482-w,Does energy efficiency matter for prices of tenant-owned apartments?,2022.0,Environmental science and pollution research international,David Stenvall; P. Cerin; Bo Sjö; Gazi Salah Uddin,"In this study, we use Energy Performance Certificate (EPC) information to investigate the effect of energy efficiency on the selling price of Swedish tenant-owned apartments. While there is a large body of literature on how energy efficiency affects the sales price of single-family houses, none has exclusively focused on tenant-owned apartments. For owners of tenant-owned apartments in Sweden, heating is for a large share included in the monthly fee paid to the tenant association, which usually does not change on a short-term basis. This raises the question whether homebuyers’ incentives for acquiring energy-efficient tenant-owned apartments are large enough to be capitalized into the prices. By hedonic models and matching methods, we found mixed results. In our most optimistic scenarios, tenant-owned apartments enclosed in energy-efficient buildings are sold with a premium of approximately 0.8 to 1.2% compared to apartments in non-efficient buildings. The results in this study are not robust to all model specifications and vary across regions. In comparison with recent studies using data for single-family houses in Sweden, our detected capitalization is smaller. Our results highli",4.0,https://link.springer.com/content/pdf/10.1007/s11356-022-20482-w.pdf
d3478adb47a71c3439d7226513183972e1a8a27a,10.1088/1755-1315/1078/1/012116,Does energy retrofitting pay off? An analysis of German multifamily building data,2022.0,IOP Conference Series: Earth and Environment,A. Groh; H. Kuhlwein; S. Bienert,"Several studies have investigated the relationship between the energy performance of buildings and housing prices. First, this paper identifies a price premium for energy efficiency within the German rental market. Then, the generated price differences and associated marginal benefits are compared to the marginal costs of energy retrofits. An extensive database of Germany’s largest online platform for housing over a time span from 2016 to 2020 is used in a hedonic regression approach. Additionally, to extract the marginal costs of energy consumption abatement, a dataset of 1.048 rental units regarding green-retrofit measures is utilized. While a significant green premium is identified in the rental market, the findings suggest that it is not high enough to compensate landlords for the money they have to spend to retrofit. The marginal costs exceed the marginal benefits by far. Furthermore, it is found that the German government’s recent plans to split the CO2 tax between landlords and tenants does not change this because the price per metric ton of carbon is insufficiently high. The findings can help both tenants and landlords in their decision-making, as well as policy makers in t",4.0,https://iopscience.iop.org/article/10.1088/1755-1315/1078/1/012116/pdf
609634e5a0125bb5f2b5b532303d4bc87544a7d9,10.1080/13467581.2022.2077735,"The assessment of green premium variation across different development scales: case of apartment complexes in Seoul, South Korea",2022.0,Journal of Asian Architecture and Building Engineering,Dong Hyun Kim,"ABSTRACT Building sustainability has become a major objective in architecture due to buildings’ significant contribution to the environment degradation. Like many other nations, South Korea has inaugurated the Green Standard for Energy and Environmental Design (G–SEED) to address the issue of environmental loads caused by energy inefficient buildings. Due to the additional construction cost needed to obtain G–SEED certification, building stakeholders face challenges in deciding whether to invest in green building certification. In this study, we evaluate the existence and magnitude of the G–SEED price premium in Seoul, one of most densely populated cities in South Korea. We applied the hedonic pricing model to an extensive dataset of all housing transactions made during 2018 in all 25 districts of Seoul. Our findings indicate that the average price premium for a G–SEED certified apartment is 24.3%, with the premium being 18.3%, 31.0%, and 54.6% for small, medium, and large apartment complexes, respectively. We conclude that although the additional cost required to meet G–SEED certification criteria increases with the size of the development; green investment is profitable at all sc",4.0,https://www.tandfonline.com/doi/pdf/10.1080/13467581.2022.2077735?needAccess=true
d56bf4cd1a256e03b5c6053d80fff6b8e2066d12,10.4314/gjds.v19i1.4,Student housing investment strategies through location and building services. A study of privately-owned student housing around university campuses in Northern Ghana,2022.0,Ghana Journal of Development Studies,Samson Aziabah; A. Miller; E. Attakora-Amaniampong,"The study assesses the investment strategies private investors employ in student housing to remain viable by attracting students to the hostels with minimum impact of location on such decisions of students. The study used a mixed-methods approach involving surveys and interviews. The Hedonic Price Model through Multiple regression and ANOVA were used to analyse quantitative data, while qualitative data were analysed using themes. The study found a gradual rise in student housing rent with increasing distance from university campuses. As a strategy, investors in student housing distant from university campuses offer special building services over and above those hostels near campuses. It allows distant hostels to stay competitive in the student housing market. In addition, the paper highlights student's' preferences such as internet services, private lavatories and security, which investors should consider in the provision of student housing to enhance occupancy rate and eventually increase returns. The study also reiterates the need for specificity in using the Hedonic Price Model in housing research.",4.0,https://www.ajol.info/index.php/gjds/article/download/226474/213735
985bdf3836772990583bc5befcca3813e168b892,10.19030/jber.v9i5.9026,Effects Of Zoning On Housing Option Value,2011.0,,Prathamesh Muzumdar,The research explores the subject of zoning effect on price value of a house in a certain designated zone. Zoning is defined as a land under planned use. This results in price value of the land. As the area of the land decreases an increase in price occurs. This research does not specify the magnitude of a certain unit by which a housing price will increase or decrease but it estimates the housing option value. This research helps the policy makers to improve long term policy decisions. This research will showcase zoning effects on housing option value for the specific zones in the city of Normal. The observations are taken for different parcels of total neighborhoods in the city of Normal. This research will use hedonic model for conducting a regression analysis on the subject. The hypothesis taken into consideration before starting the research is to prove that more 50 percent variation in the housing price is affected by the zoning characteristics. This research will try to prove the hypothesis by comparing the assessed values with the predicted values from the model.,4.0,http://arxiv.org/abs/1306.6137
4e94c698b9b6217c36e2e8842148142f5bccfb36,10.3846/ijspm.2019.6366,A RE-ASSESSMENT OF HOUSE PRICE INDICES: EVIDENCE FROM THE SPANISH MARKET,2018.0,International Journal of Strategic Property Management,Paloma Taltavull de La Paz; Stanley McGreal,"This paper using evidence from the Spanish housing market contributes significantly to the debate concerning the different results obtained from house price indices depending on the method used to build the index. Utilising a large database over the period 1994 to 2012, the paper constructs a time dummy hedonic index (HD) and an imputed hedonic index using a Laspeyres approach (HI), and compares the different effect on the price index evolution. The paper discusses control by quality changes and identifies those attributes experiencing structural changes over the analysis period, identified by the HI index but not by the HD index. Results indicate that changes in quality stem from socio-demographic conditions rather than changes to housing quality (other than size). The paper also shows that improvements in neighbourhood quality rather than change in a ‘typical house’ affects house price and argues that these considerations are important in both the method selected to calculate house price indices and the application of the methodology to estimate price changes.",4.0,https://journals.vgtu.lt/index.php/IJSPM/article/download/6366/5513
e8a9322fd674d4221b8909ed282bc81b2c824398,10.1111/1540-6229.12535,"Energy labels, misreporting, and heuristic hedonic models",2025.0,Real Estate Economics,Xinyu Lu; C. Spaenjers,"We propose that home buyers and sellers rely on “heuristic hedonic models”: simplified representations of properties' utility‐bearing attributes. We test this hypothesis using public administrative data from France, where properties' (continuous) estimated energy consumption is summarized by a (discrete) energy label on a scale from A to G. We document substantial bunching of energy efficiency scores just below the relevant cut‐off values, and show that it is at least partially driven by intentional misreporting by certified technicians, which points to labels' perceived importance. Estimates of donut regression discontinuity design (RDD) models reveal that house prices drop sharply when energy consumption crosses the boundary to a lower rating. Moreover, we observe larger price discontinuities in areas where the relation between energy efficiency and house values is harder to estimate. Finally, the discontinuities also show up in home sellers' list prices, suggesting that a simple buyer inattention story is insufficient to explain our findings.",4.0,https://doi.org/10.2139/ssrn.4408760
03dfdb8e71c82301e0dd0e280f55d9533b4118da,10.20885/jstl.vol3.iss2.art3,Dampak Erupsi Gunung Merapi Terhadap Nilai Lahan dan Bangunan: Pendekatan Hedonic Price,2011.0,Jurnal Sains &Teknologi Lingkungan,Endah Saptutyningsih,"This study aims to conduct economic valuation of volcanic eruption impacts in disaster prone areas of Merapi eruption. Economic valuation of flood disaster impacts were calculated using the hedonic price method. The disaster prone areas of Merapi eruption are the area especially located in Sleman Regency, they are Turi, Pakem, Cangkringan, and Ngemplak Districts. The results of this study indicate that the hedonic price method can be applied in Sleman Regency to obtain estimates marginal damage to property value caused by flooding. The significance of height level of deposits of volcanic material coefficient shows that flood is indeed depressing the agricultural land value. The sample household’s average marginal willingness to pay (MWTP) for a unit decrease in height level of deposits of volcanic material in their agricultural land is estimated at a reasonable amount of Rp 653,800.00. By conducting economic valuation in the Sleman Regency, is expected to be also done in other areas vulnerable to volcanic eruption disasters.",4.0,https://jurnal.uii.ac.id/JSTL/article/download/4681/4126
8877fbe091f7a7ae39e4640c0cfe92e8569e6f87,10.30902/jrea.2018.4.2.85,"A Study on the Impact of Large-Scale Complex Shopping Center on
 Apartment Prices - Case of Starfield Hanam -",2018.0,Journal of Real Estate Analysis,Jong-Kyu Hwang,"This study analyzes the effects of a large-scale complex shopping center on surrounding apartment prices. This study investigated Starfield Hanam, a large-scale complex shopping center located in Hanam City. Starfield Hanam has a total floor area of ​​ 460,000 square meters, and is a combination of department stores, discount stores and leisure facilities. For the analysis, the Hedonic price function was used. Apartment price was used as a dependent variable; and residential characteristics, complex characteristics, area characteristics were used as explanatory variables. The results of analysis show that the opening of a large complex shopping center positively affected the price of nearby apartments. According as the distance from the complex shopping center increased by 1m, the price of apartment per 3.3㎡ was reduced by 0.028 million won. The distance range affecting apartment price is estimated to be about",4.0,http://www.ejrea.org/download/download_pdf?pid=jrea-4-2-85
1b4b730b1b7e5c68c755a7ae46919b1120fc8c06,10.18235/0011348,Housing Markets in Uruguay: Determinants of Housing Demand and Its Interaction with Public Policies,2011.0,,Natalia Garabato; Magdalena Ramada-Sarasola,"This paper analyzes the determinants of housing demand for Uruguay and the extent to which housing policies have an impact on their target population. The paper first analyzes the determinants of housing demand, following an approach based on Rosen's (1974) two-step procedure consisting of fitting a hedonic price regression in 34 different geographical units (or markets) to estimate a housing demand function. The determinants of formality and ownership choices were examined using a multinomial logit framework. Determinants of these choices include both household demographic attributes and access to and use of public housing programs and other social programs. Policy recommendations are offered on the basis of the finding that a price and income-inelastic formal housing market greatly contrasts with a rather price and income-elastic informal housing market.",4.0,https://publications.iadb.org/publications/english/document/Housing-Markets-in-Uruguay-Determinants-of-Housing-Demand-and-Its-Interaction-with-Public-Policies.pdf
800215511f8e27d7d9c3831e023d6dd1daa33b6e,10.13128/aestimum-3274,Mixed environmental quality indexes for hedonic housing price models: an alternative with area-to-point kriging with external drift,2009.0,Aestimum,J. Montero; G. Fernández-Avilés,"(a) When environmental variables are included in hedonic house price models, the locations where a property transaction has been taken place are more than those equipped with an environmental monitoring station. (b) When environmental variables are numerous, an environmental quality index (EQI) is needed. The solution is to interpolate (kriging) environmental variables and, subsequently, elaborate an EQI, because of the lower prediction variance. (c) Environmental informations can be both objective and subjective. The potential mismatch between the spatial support for both the objective informations and the subjective ones is solved by using a kriging strategy (area-to-point kriging) that forces scarce objective environmental informations to be coherent with dense subjective ones.
These options for elaborating EQIs are compared in Madrid City (Spain).",4.0,https://oaj.fupress.net/index.php/ceset/article/download/5561/5561
b6d65672ab5e20c98ea3cedb5a3c5bfd6fbff306,10.31235/osf.io/ghdx4,"Transportation Accessibility, Housing Investments, and Housing Prices: Application of Hedonic Price Model in Des Moines, Iowa",2019.0,,R. Ahasan,"Affordable housing provision has been a challenge in the United States over the past years. As housing prices increase, a high number of people cannot afford to have their housing, and most residents can only afford to live in apartments in rental areas. This problem becomes more substantial for low-income people, who cannot afford to live near their workplace. Due to this spatial mismatch, these low-income people are forced to commute longer to reach their workplaces every morning in the city of Des Moines. This highlights the importance of proximity and access to the public transport system in the city. This study examined the relationship between investments in affordable housing by a non-profit organization, proximity to public transit, and housing prices in the City of Des Moines, in 2000 and 2018.",4.0,https://osf.io/ghdx4/download
61b591502f7c68241e167ba01c5fd7b40838aaef,10.1016/j.forpol.2020.102241,Effect of working forest conservation easements on surrounding property values,2020.0,,T. Reeves; B. Mei; J. Siry; P. Bettinger; S. Ferreira,"Abstract The hedonic pricing method was applied to examine the effect of working forest conservation easements (WFCEs) on the value of surrounding land parcels in state of Georgia. Data were collected on attributes of WFCEs in 62 counties and 46,580 property sales occurring from 2001 to 2018. Results suggested that one size did not fill all and that the type of property (agricultural, commercial or residential) near a WFCE played a large role in determining potential price effects of land cover types and other attributes. Additionally, an increase in the age of the nearest WFCE had a negative price effect on surrounding properties. This research could be used in strategic management decisions to maximize both conservation and economic outcomes.",4.0,https://doi.org/10.1016/j.forpol.2020.102241
ebd764414d12429dec7ee666a2f902c6faad3bb7,10.3368/le.100.1.102122-0088r1,Measuring the Value of U.S. National Parks Using Hedonic Property Value Models,2023.0,Land Economics,Jeffrey E. Zabel; C. Nolte; R. Paterson,"The National Park Service is expected to calculate the economic benefits of national parks for use when evaluating policy and management options of the parks (Loomis 2002). We estimated the marginal willingness to pay to live close to a national park that is capitalized into house prices for 18 national parks and found that estimated effects can be significant and are heterogeneous across different types of parks. However, these effects can also be attributed to other factors in the housing market, which brings the significance of these estimated impacts into question.",4.0,https://le.uwpress.org/content/wple/early/2023/08/15/le.100.1.102122-0088R1.full.pdf
28404b5b33c2442fe37f7c23dcedd9a617e649d0,10.1080/08941920.2023.2254730,Recreation Area Characteristics and Their Impact on Property Values within Florida’s Wekiva River System,2023.0,Society & Natural Resources,Kotryna Klizentyte; Andres Susaeta; Damian C. Adams; Taylor V. Stein,"Abstract Water-based recreation areas provide many benefits to society and the ecosystem services they provide are increasingly being considered in land planning and conservation decisions. We examine the value of the Wekiva River in central Florida using a hedonic valuation model of residential property values. We analyze how structural characteristics of single-family homes and recreation area characteristics, such as fee systems, size of the area, and activities provided, impact property values. We find that publicly owned recreation areas with both land and water-based recreation activities increased property values within 5 miles of the Wekiva River. Proximity to recreation areas marginally increased housing values, and the size of the recreation areas and ecosystem type had no impact on property values. We recommend that recreation managers and land use planners focus efforts on conserving more publicly owned conservation lands that increase recreation access to residents to promote contiguous natural areas.",4.0,
a80c08f2aacf20c5a1048a6a86f0870ccb58602f,10.30902/jrea.2019.5.3.49,"An Inquiry into the Determinants of the Rents ofSmall Urban Houses
 Using Spatial Hedonic Price Modeling",2019.0,Journal of Real Estate Analysis,Gwang-Mun Shin; Jae-Su Lee,,4.0,https://doi.org/10.30902/jrea.2019.5.3.49
a40c543486e003823667bfd2166dc015a8c5d26a,10.1007/s12076-021-00298-x,"A spatial hedonic approach for modeling the relationship between quality of urban life and housing prices, case study: Alexandria city, Egypt",2022.0,Letters in spatial and resource sciences,Mohamed A. A. Abdrabo; M. Hassaan; Rofida G. Abdelwahab,,4.0,
3f35556a906b3e58f87a26e3a08bbb83c7f99fa4,10.1016/j.apgeog.2024.103483,"Measuring the impact of the urban microclimate on housing price using the spatial hedonic pricing method: The case study of Mueller, Austin, TX",2025.0,Applied Geography,Se Woong Kim; Robert D. Brown,,4.0,
d626b4a7696e6663796514b50cc34ddb6578fa9c,10.23860/diss-liu-tingting-2014,THREE ESSAYS ON THE ECONOMICS OF ECOSYSTEM SERVICES AND LAND USE CHANGE,2014.0,,Ting-Ting Liu,"Over the past few decades, agricultural and forest lands in the northeast US have been lost to residential development. Combined with more intensive farming on remaining lands, these trends have led to losses in valuable ecosystem services from the agricultural and forest landscape. Narragansett Bay is also exhibiting an increasing array of eutrophic-associated symptoms, including low dissolved oxygen, fish kills, eelgrass loss, algae blooms, and loss of submerged aquatic vegetation (Narragansett Bay Estuary Program, 2008). This dissertation contains three essays to quantify and value the changes in ecosystem services and to evaluate the effectiveness of policy for land use management. Manuscript 1 seeks to illustrate a method for spatially quantifying hydrological ecosystem services (water quality and quantity) related to wildlife habitat and flood risks, as well as the production of ecosystem services (food and fiber) at the watershed scale. I also investigate the effects of stressors faced in the coming decades—land use change and climate change—as well as choices in land management practices on production of these ecosystem services. I demonstrate the approach in the Beaver Riv",3.0,https://digitalcommons.uri.edu/cgi/viewcontent.cgi?article=1277&context=oa_diss
139a479d89e00ab1b758c098bc0ce8ec92d8f75d,10.1108/ijhma-09-2023-0124,Housing affordability and housing demand assessment for urban poor in India using the hedonic model,2023.0,International Journal of Housing Markets and Analysis,P. Rao; Arindam Biswas,"
Purpose
This study aims to assess housing affordability and estimate demand using a hedonic regression model in the context of Lucknow city, India. This study assesses housing affordability by considering various housing and household-related variables. This study focuses on the impoverished urban population, as they experience the most severe housing scarcity. This study’s primary objective is to understand the demand dynamics within the market comprehensively. An understanding of housing demand can be achieved through an examination of its characteristics and components. Individuals consider the implicit values associated with various components when deciding to purchase or rent a home. The components and characteristics have been obtained from variables relating to housing and households.


Design/methodology/approach
A socioeconomic survey was conducted for 450 households from slums in Lucknow city. Two-stage regression models were developed for this research paper. A hedonic price index was prepared for the first model to understand the relationship between housing expenditure and various housing characteristics. The housing characteristics considered for the hedonic model ar",3.0,
e290ed8b754cb705b3ade7949dd99294395b623b,10.17233/sosyoekonomi.2022.02.19,Kamu Konutu Fiyatlarını Belirleyen Faktörlerin Hedonik Fiyat Modeliyle Analizi,2022.0,Sosyoekonomi,Ö. Altun,"This study aims to research the factors that determine public houses prices. The hedonic price method, which is based on the assumption that house prices are determined by structural, locational, and neighbourhood attributes, was utilised in this research. In the models that examine the factors, the cross-sectional data of the public houses owned by the treasury were analysed, which were sold through an auction between December 2019 and October 2020 in the Çankaya District of Ankara Province. Estimates were made using the least-squares method. Independent variables were determined by the stepwise regression method. According to the results, the increase in the area of the parcel where the house is located, the increase in the size of the house, the location of the house on the mezzanine, the location of the building where the house is located at the intersection of the street(s) and/or avenue(s), the increase in age of the house, the presence of a metro stop 500 meters from the house, the presence of a car park, the increase in the number of parks in the neighbourhood where the house is located, the increase in the floor of the house, the location of the house in Bahçelievler, Emek",3.0,https://dergipark.org.tr/tr/download/article-file/1819647
dd6360aad0a34ea8efeb25ad432bafeb3bda79e5,10.15396/eres2019_151,The impact of an urban toll-ring on housing prices,2019.0,26th Annual European Real Estate Society Conference,A. Emblem; Theis Theisen,"Over the last decades, there has been considerable interest in the use of tolls on cars driving into towns. Not only has this been a hot political topic; this issue has also attracted substantial attention from economists. The focus in most of the economics literature has been on how tolls impact traffic volumes, and on how tolls may be used to reduce negative externalities of car use. Less attention has been devoted to how property values and house prices inside and outside toll rings may be affected. From the urban economics literature, it is however well known, that local commuters’ cost of accessing centrally located amenities and work-places will be discounted into house prices. The magnitude of this effect will be contingent on the extent to which tolls also reduce congestion, external effects related to noise, etc. Moreover, since the imposition of a toll ring will alter the long-run spatial equilibrium of a town and the surrounding area, it will set into motion processes of sorting and re-location of households, and possibly also a re-location of some work-places. Consequently, the effects of tolls on house prices may be quite different in the short-run and long-run.In this",3.0,
71d296b73cf2513489f80c2160fa8bc67d4b9272,10.1109/melcon.2016.7495471,Attitudes to systemic risk: The impact of flood risk on the housing market in Dublin,2016.0,Mediterranean Electrotechnical Conference,Salem S. Gharbia; O. Naughton; Vincent Farrelly; Ronan C. Lyons; F. Pilla,"The concatenated effects of increased frequency of intense precipitations due to climate change and anthropogenic impacts in the form of construction in floodplains, channel straightening and increased presence of impermeable surfaces are increasing the incidence of floods in urban areas. This paper investigates behavioral responses to a natural hazard (flooding) by examining residential property values. The results of this investigation can be used to develop benefit/cost studies to assess the economic merits of policies that mitigates the risk of floods by using the residential housing market as a proxy for estimating these values since the choice of where to live often includes the choice of hazard level. The methodology described here also provides a mechanism for testing consumer behavior under uncertainty. This study uses a hedonic property price function to estimate the effects of flood hazards on residential property values. The study utilizes data from 158,890 residential home sales in Dublin, Ireland between 2006 and 2015. This area experienced significant flooding in October 2011. GIS is used to spatially characterize the houses included in the analysis by linking them t",3.0,http://hdl.handle.net/2262/76554
257ad10ae28dd51dce46a86ee368977b4a8f474f,10.1108/ijhma-05-2021-0051,Causal effects of immigration inflows on house prices in a traditionally non-destination country,2021.0,International Journal of Housing Markets and Analysis,W. Wong; J. Soon,"
Purpose
The purpose of this study is to examine the causal impact of international immigration inflows on housing prices at the state level in Malaysia from 2007 to 2018.


Design/methodology/approach
Hedonic regressions using both fixed effects and first difference approaches are used to estimate the impact of immigration inflows on house prices in Malaysia. This study deals with potential endogeneity of immigrants’ choices of destination states in Malaysia by using a shift-share instrument variable approach. Specifically, historical shares of immigrants in a state are used to predict current immigrant inflows to a particular state. The predicted value of immigration flows is then inserted into the house price regression models in place of the actual immigration flows.


Findings
Using annual data for 14 states from 2007 to 2018, this study documents the positive impact of immigration inflows on house prices in Malaysia. The authors find that a 1% increase in immigration inflows is associated with an increase of 10.2% (first difference) and 13.4% (fixed effects) in house prices. The economic impact is larger in magnitude than that found in developed countries. Contrary to existin",3.0,
a84f7a323a0ecff8d18c7eec8b3d892b7f33fd14,10.1108/ijhma-03-2022-0042,Hedonic housing values in a transition economy: the case of Tashkent,2022.0,International Journal of Housing Markets and Analysis,Onur Ozsoy; Muzaffarjon Ahunov,"
Purpose
This paper aims to scrutinize the value of houses explained by their location in Central Asia’s largest city – Tashkent, the capital of Uzbekistan. The city was completely rebuilt after a devastating earthquake of 1961 and since the country was under the centrally planned regime, houses followed a common standard and style. This allows minimizing the error from omitting possible intrinsic characteristics in a hedonic model, while measuring the impact of location on housing values.


Design/methodology/approach
This study uses unique data on housing values and characteristics harvested from classified adverts. This study deliberately focused on data between 2013 and 2016, when Uzbekistan was characterized as hesitant in economic reforms. Therefore, residential buildings constructed during the Former Soviet Union dominated all parts of the city in the analysis period. The results are based on the hedonic pricing model.


Findings
The results suggest that locational characteristics are relatively more important than intrinsic characteristics. This study finds that proximity to the city center and access to subway stations significantly increase housing values. The opposite is",3.0,
5a100ea0ae6b9abb9233dacf6cfe205a1e702b4d,10.11648/j.ajere.20200504.13,Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka,2020.0,,Faria Sharmin,"Within the context of the economic valuation, the presence and absence of open space has an effect on the residential property value in urban areas. Residents in a city esteemed these open spaces differently. They are keen to pay a premium for attractive views willingly. This study only assessed the amenity value of open spaces especially green parks and water bodies of two planned urban residential neighborhoods of Dhaka city in Economic terms. An empirical analysis is carried out by employing Hedonic Price Method (HPM) to analyze the impact of open space attributes on real price of residential properties. The six storied walkup and high-density apartments are typical for upper and middle-income residents in Dhaka city. Together with a set of structural, location and socio-economic variables the research use to explain residential property prices; this study focuses on three amenity or environmental variables which include the existence of views of open spaces, the distance from the residential unit to the nearest open space, and the size of that open space. The regression analysis result from the first stage hedonic estimation reveal that homebuyers are willing to pay only for sc",3.0,https://doi.org/10.11648/j.ajere.20200504.13
ecf2b13c236408a7b08c96a3c6f87bd3866a46b3,10.3390/su13095088,"The Spatial and Temporal Decomposition of the Effect of Floods on Single-Family House Prices: A Laval, Canada Case Study",2021.0,,Maha AbdelHalim; Jean Dubé; N. Devaux,"This paper aims to estimate and decompose the spatial and temporal effect of a flood event occurring in the city of Laval in 1998 using a hedonic pricing model (HPM) based on a difference-in-differences (DID) estimator. The empirical investigation of the impact of flood as a natural disaster must take into account the fact that the negotiation process between buyers and sellers may well occur before the event. It is argued that the evaluation procedure needs to be adjusted to account for this reality because the estimation of the effects may otherwise be biased and isolate other effects. To test this hypothesis, the study focuses on transactions occurring between (1995 and 2001) and within designated floodplains to adequately isolate and decompose the impact of flood. The original database contains information on 252 single-family houses transactions. The results suggest that the estimation of the impact is time dependent, with a measured negative effect appearing several months after the flood, suggesting that the impact is hard to establish right after the event since transactions, and the final sale price, could have been fixed by negotiations well before the event. The statisti",3.0,https://www.mdpi.com/2071-1050/13/9/5088/pdf?version=1619853880
24eaf1f95ac50576303c43e2f82ff601c169e9f3,10.18820/24150487/as27i1.2,"The impact of the Integrated Residential Development Programme on surrounding property values: Case Study of Fleurhof, Johannesburg",2020.0,Acta Structilia,N. Mnisi; Aly H. Karam,"South Africa is challenged with an increased backlog of adequate subsidised affordable housing for the marginalised in well-located areas that provide access to urban amenities and places of employment. However, the perception of subsidised affordable housing developments built in the urban core in close proximity to bonded properties is significantly negative. This article seeks to address whether the presence of subsidised affordable housing provided through South Africa’s Integrated Residential Development Programme (IRDP) impacts on the property value of bonded properties located nearby. This article examines the impact of the subsidised affordable housing development of Fleurhof, Johannesburg, on surrounding property values. It investigates, in particular, whether the IRDP housing development decreases property values. Using hedonic pricing models (HPM) with regressions, the housing attributes (characteristics) and property price data, dating from 2001 to 2017, were used to determine the effect on the value of Acta Structilia 2020: 27(1) 30 properties in the suburbs of Meadowlands East Zone 1 and Orlando West in Soweto and Florida in Roodepoort, as the two closest residential ",3.0,https://doi.org/10.18820/24150487/as27i1.2
78bc9d720e5741bf564f697968291c6f8f90620f,10.1016/j.spasta.2024.100864,Joint spatial modeling of mean and non-homogeneous variance combining semiparametric SAR and GAMLSS models for hedonic prices,2024.0,Spatial Statistics,J. D. Toloza-Delgado; O. Melo; N. A. Cruz,"In the context of spatial econometrics, it is very useful to have methodologies that allow modeling the spatial dependence of the observed variables and obtaining more precise predictions of both the mean and the variability of the response variable, something very useful in territorial planning and public policies. This paper proposes a new methodology that jointly models the mean and the variance. Also, it allows to model the spatial dependence of the dependent variable as a function of covariates and to model the semiparametric effects in both models. The algorithms developed are based on generalized additive models that allow the inclusion of non-parametric terms in both the mean and the variance, maintaining the traditional theoretical framework of spatial regression. The theoretical developments of the estimation of this model are carried out, obtaining desirable statistical properties in the estimators. A simulation study is developed to verify that the proposed method has a remarkable predictive capacity in terms of the mean square error and shows a notable improvement in the estimation of the spatial autoregressive parameter, compared to other traditional methods and some ",3.0,https://doi.org/10.1016/j.spasta.2024.100864
8821ce79f0bb411de2cf3bdba20d76e18d06bca9,10.1088/1755-1315/1180/1/012048,Measuring the economic impact of landslide hazard: hedonic price approach,2023.0,IOP Conference Series: Earth and Environment,Endah Saptutyningsih; D. S. Dewanti,"One of the main climate-related disasters in Yogyakarta, Indonesia, is landslides, which result in slope degradation through soil loss. The largest number of landslides was recorded in Kulonprogo regency. In the Samigaluh sub-district, where recent landslides resulted in the biggest number of displaced persons, this study seeks to determine the economic impacts of landslides. For this investigation, we used primary data gathered using a questionnaire. The systematic random sampling was utilized to choose households in the villages. The study uses a total of 300 residential households that were interviewed in landslide prone area of Samigaluh sub-district of Kulonprogo, Indonesia. The age of building, number of rooms, and building size as structural characteristic has correlation with property price, respectively. As shown by the hedonic pricing approach’s finding, there is a positive association between property price and the distance to landslide point as characteristic of neighborhood. The distance to the river was also have impact on the property price. More frequent the landslide, higher the property price. The findings of this study can assist property owners in understanding ",3.0,https://iopscience.iop.org/article/10.1088/1755-1315/1180/1/012048/pdf
73debde22affa76354c48d44c5fc2e0c025cf6e3,10.3390/land11050759,Research on the Measurement Method of Benchmark Price of Rental Housing,2022.0,Land,Hao Xi; Linhui Tang; Chang-Chun Feng,"China’s rental housing market has just started to develop in recent years. It is relatively imperfect and lacks a clear reference for the pricing of rents, which is not fully transparent. A study on the rent formation mechanism of rental housing has policy implications for the construction of a guiding price for the rental housing market and the establishment of a reference basis for the pricing of subsidized housing. Referring to the definition of a benchmark land price, we use data from Beijing to innovatively introduce the concept of benchmark rent. Based on hedonic price theory and the driving factors of benchmark rent, a system of indicators is constructed to explore the mechanism of influencing factors at meso and micro levels on the benchmark rent of market-based rental housing. After LaGrange and robustness tests, it is found that the spatial error model (SEM) is more suitable for benchmark rent determination. We conclude that benchmark rents are affected by spatial relationships caused by spatial heterogeneity and dependency, and that there is significant spatial variation in the factors affecting market-based rental housing benchmark rents. The determination of the benchm",3.0,https://doi.org/10.3390/land11050759
d034f577476deee132190a2c393b9c571c7e7ddc,10.3390/land14030483,"The Economic Effect of Parks and Community-Managed Open Spaces on Residential House Prices in Baltimore, MD",2025.0,Land,Sherry Russell; B. Kweon,"Urban greenspaces, such as parks and other public vegetated spaces, provide respite from the built environment for residents and visitors. Lesser-known urban greenspaces are community-managed open spaces (CMOSs), such as play lots, community gardens, and memorial gardens. This study investigated the effect of the distance to and size of parks and CMOSs on residential house prices in Baltimore, MD, in 2016–2017 using a hedonic price model. This is the first study of an urban city comparing parks and CMOSs. The study included 21,116 houses sold and revealed that park proximate price premiums ranged from 7.73% to 11.01% for distances of up to a 1/2 mile, and the CMOS proximate price premiums were 8.69% and 8.96% for distances of up to 1/8 and 1/4 miles, respectively. Moreover, both parks and CMOSs revealed a buyer preference of a 1/8 to 1/2 mile distance from these urban greenspaces. Small- to medium-sized parks, less than 9.65 acres, increased house prices by approximately 2.36%, and small CMOSs, less than 0.24 acres, increased house prices by 5.93%. These results confirm that parks and CMOSs provide economic benefits in addition to their social, health, and well-being benefits and s",3.0,https://doi.org/10.3390/land14030483
dbfc419fae85b2cf607f68db238ec77b3593a5e0,10.3846/ijspm.2025.24813,Dynamic effect of sports parks on housing prices: Evidence from Hangzhou Asian Games Park,2025.0,International Journal of Strategic Property Management,Haizhen Wen; Fangziyi Huang; Shu-Yuan Li; E. Hui; Ling Zhang,"The construction of sports parks often involves significant investment and extended development timelines, making it crucial to evaluate their economic impacts for informed policymaking and strategic urban planning. While research on the externalities of urban parks has grown, the specific economic effects of sports parks remain underexplored. This study examines the impact of the Hangzhou Asian Games Park on housing prices using 31,329 transaction records from 2018 to 2023. Employing a hedonic pricing model and a difference-in-differences approach, we find that housing prices increase by 1.6% for every 1 km reduction in distance to the park. Spatial heterogeneity is observable, as the effect diminishes with increasing distance. Temporally, the park’s planning announcement triggered a 0.7% increase in price-distance elasticity, compared to a 0.2% increase after its opening. These findings suggest that the anticipatory market response was stronger than the realized benefits after the park’s completion. This study quantifies the spatial and temporal dynamics of the economic value of sports parks, providing valuable insights for urban planning, public policy, and investment strategies",3.0,https://journals.vilniustech.lt/index.php/IJSPM/article/download/24813/13058
e5c57008db05022564030cd217e49180e5791cd6,10.1142/s146433322250003x,Effects of Environmental Quality on Urban Housing Prices: A Hedonic Multiple Linear Regression Model Approach,2022.0,Journal of Environmental Assessment Policy and Management,Mukarati Julius; Abel Sanderson; P. le Roux; Matsvai Simion; Mahlangu Zenzile,"While studies on the valuation of urban environmental amenities have been limited in developing countries, their scarcity is even amplified in the Sub-Saharan Africa and Zimbabwe is no exception. For a city such as Gweru, this particular study is among the few done so far. The aim of this research is to investigate the effects of environmental conditions in a given area on the residential location. We randomly sampled 800 households and the Hedonic Pricing Regression technique was applied to analyse whether environmental quality does have a significant effect on housing prices in the city of Gweru. The set of considered variables was carried out from a location choice survey and Hedonic regression estimators are presented to verify to what extent a relationship between the accessibility conditions, environmental context and the dwelling market values does exist. Based on the estimated model, the results revealed that vegetation, sewage system, water supply and distance from the central business district (CBD) are environmental characteristics that have a bearing on property prices with sewer availability being the most significant variable that affects the price. Residents are will",3.0,
3dfae3009b1215f0bf1cf1dce541849dd1d8327e,10.1177/13548166231191551,Airbnb pricing and term structure: A temporal analysis of omitted variable bias and repeat sales method as remedies,2023.0,Tourism Economics,Ka-Shing Cheung,"Many tourism studies leverage the hedonic price model to gauge tourists’ willingness to pay for diverse attributes of short-term rental properties. However, when this estimation is applied to the temporal analysis, it can be biased if variables varying with time, such as term structure effects in short-term rentals, are omitted. This paper introduces a repeat sales Airbnb ADR (average daily rate) index to track the change in quality-adjusted rentals of Airbnb properties over time in Auckland, New Zealand, while factoring in the term structure. The findings confirm that using repeat sales data from Airbnb listings can significantly mitigate the bias linked to time-varying attributes. Results demonstrate that when the term structure is not considered, the ADR calculated by the hedonic method may be overestimated by 0.2% per day of the tenancy term. The inventive Airbnb ADR repeat sales index enables the assessment of Airbnb rental trends, taking into account changes in the term structure of leases. This new index can potentially enhance Airbnb listings by incorporating the effects of lease term structures.",3.0,https://journals.sagepub.com/doi/pdf/10.1177/13548166231191551
38bde6e6f3fb947d8b6029d64eef6268c93759cc,10.3846/1648715x.2015.1121415,Marginal prices of improvements made to blocks of flats: empirical evidence from Romania,2016.0,,Adela Deaconu; D. Lazar; Anuța Buiga; Gheorghe Fatacean,"This paper examines a specific segment of the housing markets from Central and Eastern European countries, namely the stock of flats in the urban area. With focus on Romania, we emphasize the improvements made by owners and authorities, aimed to enhance the quality of life and the maintenance of old blocks of flats; are highlighted some aspects regarding the cost of these improvements. In addition, the empirical section investigates whether and to what extent the improvements made to the flats and buildings have a significant effect on sale prices and rental prices. The marginal prices of these attributes are provided by hedonic pricing models, estimated in a generalized linear model framework; gamma and log-linear regression models perform in a similar way in terms of fit and prediction accuracy. The physical condition of the building and finishing works inside the flats, as variables of interest in our models, have a significant effect on sale and rental prices, but with different intensity. A common set of significant attributes, in the hedonic models for both sale and rental price, is suggested.",3.0,https://journals.vgtu.lt/index.php/IJSPM/article/download/2079/1674
f4c2de64517b144279be7b2447709dd6e88ff04d,10.2139/ssrn.3851745,Are Move-in Ready Properties More Expensive?,2021.0,Social Science Research Network,Iimb Submitter; Arnab Dutta; Richard K. Green; Venkatesh Panchapagesan; M. Venkataraman,"A large share of residential properties on sale in developing countries is under construction. This is partly due to lengthy periods of construction. But purchasing under-construction properties can be costly and risky because of construction delays and the possibility of stalled construction. Hence, property sellers would expect buyers to pay higher prices for completed or move-in ready properties relative to under-construction ones. Prolonged construction times can also lead to higher resale prices. Buyers with an appetite for risk might purchase new under-construction properties at lower costs and resell these at higher prices, either when construction is complete, or when market prices increase, or both. In this paper, we use residential property listings data from the six largest urban agglomerations (UAs) in India - Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi - between 2010-2012 and estimate the sellers’ expected premium for move-in ready properties in each UA. Hedonic regressions of listed prices on property attributes reveal that the expected move-in ready premium is statistically significant in Bangalore, Kolkata, Mumbai, and Delhi, and its magnitude varies be",3.0,
287cc849d7afd6569e4e6f1f33325f9c6193a013,10.1177/03611981221084700,"Effects of Urban Expressways on Housing Prices: A Case Study of Qiushi Highway, Hangzhou, China",2022.0,Transportation Research Record,Ling Zhang; Rui-Guang Shen; Tian-Qi Li; Qing-Feng Zhou,"This paper discusses the effects of the construction of urban expressway on accessibility and further investigates the relationship between changes in accessibility and house prices caused by expressway construction. Taking the Qiushi Highway Phase III project in China as an example, a hedonic price model and difference-in-difference method are used to analyze the impact. The main innovation of the study is how it considers the improvement of the overall traffic conditions brought about by the construction of the expressway. In addition, three distance impedance parameters—namely Euclidean distance, road network distance, and actual transit time—are used to estimate the value of traffic accessibility during the process. The main research conclusions are as follows: (1) The opening of the Qiushi Highway Phase III project can significantly improve the accessibility of the surrounding areas to the city center. Additionally, this improvement can be extended to further sites through the urban expressway network; (2) The results of the difference-in-difference method show that the premium effect of the city expressway on house prices will not be directly generated by the expressway’s geo",3.0,
602877bc585b67c1c02101be64c2995a85447774,10.3390/realestate1010004,Using Co-Ordinate Systems in Hedonic Housing Regressions,2024.0,Real Estate,S. Caudill; Neela D. Manage; F. Mixon,"Hedonic house price studies typically incorporate information about location by including either a set of dummy variables to represent individual locations called “neighborhoods” or by using a set of distance (or travel time) variables to characterize locations in terms of proximity to amenities and dis-amenities. As an alternative to these, relatively recent research advocates a latitude–longitude co-ordinate system for incorporating distance information into hedonic house price regressions. This study shows that many of the claims made in this research, particularly those referencing the elimination or diminution of “biases of coefficients of non-distance variables”, are given the particulars of the Monte Carlo experiments, not possible to investigate. We further show, both analytically and with our simulations, that there is no omitted variable bias present in their simulations because their randomly generated non-distance variable is uncorrelated with any of the other variables used in their regression models.",3.0,https://www.mdpi.com/2813-8090/1/1/4/pdf?version=1710244759
11a3acb58d746aa063a0ab1613080df9d88090f5,10.1002/app5.272,"Regional inequality in urban China, allowing for spatial cost of living differences: Evidence from a hedonic analysis of apartment prices",2019.0,Asia & the Pacific Policy Studies,Chao Li; J. Gibson; Geua Boe-Gibson,"Studies of inequality in China typically ignore cost-of-living differences between areas. Under the Balassa-Samuelson effect, non-tradeables cost more in richer areas, so nominal inequality exceeds real inequality. This especially matters in China, where spatial cost-of-living differences should have increased with recent development of urban housing markets. We use new data on apartment prices in 104 major cities in China to develop housing-related spatial deflators. The level of spatial inequality in 2016 is overstated 27 percent if cost-of-living differences are ignored. A hedonic analysis of 41,000 individual apartment sales shows most price variation is between areas, rather than from features of individual apartments. The dominant trend in the reform era is for regional inequality in China to decline, contrary to common perceptions. In nominal terms, the Theil Index for inter-provincial inequality in 2016 is just 46 percent of its 1978 level, and in real terms the fall in inequality would be even greater.",3.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/app5.272
8885ddb1a206684210159fea8394d2ea9c611111,10.15641/jarer.v0i0.482,Natural Environmental Amenities and House Rentals: A Hedonic Analysis for Integrated Planning,2018.0,Journal of African Real Estate Research,F. Famuyiwa,"Environmental valuation techniques have been used in quantifying the influences of environmental amenities on house prices. The hedonic approach is used to evaluate contributions of environmental amenities to rents in this study. Though the theme of this study has attracted pedagogical attention, the comparison between man-made and natural environmental amenities in housing values is a nouvelle approach in identifying and explaining effective demand and value systems of urban and natural amenities through market evidence. It extends existing body of literature on hedonic studies in Nigeria by contextually assessing these two broad categories of environmental amenities on the same scale. Results reveal the variations in demand and significance of physical infrastructure and natural amenities in rents. This /study's significance lies in bringing to light, the realities of market demand for natural amenities in comparison with physical infrastructure",3.0,https://journals.uct.ac.za/index.php/JARER/article/download/482/560
68ff8f5a3696963aea58f292eea5d4fcc901d3df,10.1108/jerer-08-2024-0062,AI-powered floor plan analysis for feature extraction in automated valuation models,2025.0,Journal of European Real Estate Research,Tor Kringeland; U. J. F. Aarsnes; A. Oust,"PurposeThe purpose of this article is to test whether floor plan image segmentation can be used to improve automated valuation model (AVM) accuracy and whether image segmentation provides the opportunity to assess single aspects of property floor plans.Design/methodology/approachUsing a dataset comprising floor plans of 5,498 apartments sold in Oslo, we estimate balcony sizes by image-segmenting the rooms in floor plans using our machine learning model FloorPlanNet and extracting the size of the balcony from the segmentation. We also extract balcony size using text recognition. Then we utilize two models for AVM estimation – hedonic regression (linear OLS) and the non-linear XGBoost model – before measuring feature importance using SHAP.FindingsOur experiments show that including balcony size as a feature in AVMs enhances model performance. We also find that balcony size has a positive but diminishing impact on property price.Research limitations/implicationsDemonstrating that image segmentation can be used for valuation in AVMs opens up the possibility to value numerous other aspects of dwelling floor plans.Practical implicationsThe use of floor plans in AVMs can provide a more ob",3.0,
d5e8f0614239f565c7f4c5a1479c2d08c3aa1747,10.3390/economies10090222,Kindergarten Proximity and the Housing Market Price in Italy,2022.0,Economies,A. Bergantino; A. Biscione; A. de Felice; Francesco Porcelli; Riccardo Zagaria,"This paper investigates the impact of kindergarten proximity on housing market prices in the eleven major Italian Municipalities over the period 2004–2017. For this purpose, we employ a hedonic property price model. We also differentiate the impact of kindergarten proximity on houses’ market price between state and non-state premises. The findings highlight that (i) the level of housing price depends on kindergarten proximity; (ii) some quality school characteristics played a crucial role and (iii) the distinction between public and non-state kindergartens shows that the vicinity of the latter generates a more significant capitalization effect. Finally, the empirical evidence could be useful to several actors involved in urban planning when developing plans for the construction of new kindergartens in order to create a more homogeneous city.",3.0,https://www.mdpi.com/2227-7099/10/9/222/pdf?version=1663074058
380f9a0823f46fb974f80272dc92c955bc4cb81b,10.21433/b3110qh4t98s,"Local variation in hedonic house pricing in Hanoi, Vietnam: a spatial analysis of status quality trade-off (SQTO) theory",2016.0,,A. Comber; P. Harris; Quan Nguyen; Khánh Chi; H. Tran; P. Hoang,"GIScience 2016 Short Paper Proceedings Local variation in hedonic house price, Hanoi: a spatial analysis of SQTO theory A. J. Comber 1 , P. Harris 2 , T. Q. Nguyen 3 , P. K. Chi 4 , H. Tran 4 and H. H. Phe 5 School of Geography, University of Leeds, LS2 9JT, UK Email: a.comber@leeds.ac.uk Rothamsted Research, North Wyke, Okehampton, EX20 2SB, UK Email: paul.harris@rothamsted.ac.uk National University of Civil Engineering, Hanoi, Vietnam Email: quannt@nuce.edu.vn GeoViet Consulting Co. Ltd, Hanoi, Vietnam Email: chi.geoviet@gmail.com Vinaconex RD Fujita, 1989). In these, access to place of work to minimise commuting costs, for example, is one of the main factors explaining residential location choices for lower- income households and higher-income households choose larger properties in the suburbs",3.0,https://doi.org/10.21433/b3110qh4t98s
01c1e5bca8eaf590e5c6915c4360c9e5feadbbe1,10.3390/land11091432,"Estimating the Effect of Tidal Marsh Restoration on Housing Prices: A Hedonic Analysis in the Nisqually National Wildlife Refuge, Washington, USA",2022.0,Land,A. Good; E. Pindilli,"This study employs the hedonic pricing method and a rich spatial and temporal dataset from two counties in Washington, USA to determine the effect of the 2009 Nisqually Restoration project (NRP) on housing prices in adjacent communities. The NRP restored 308 hectares of wetlands via dike removal in the Billy Frank Jr. Nisqually National Wildlife Refuge (NNWR), leading to improvements in salmon and bird abundance and recreational opportunities. We find that the ecological improvements made by the NRP increased the value of homes within 0.5 mile of the refuge by $37,631; homes 0.5 to 1 mile by $10,489; and homes 1 to 1.5 miles by $31,186. Our findings are consistent with previous wetland hedonic price analyses and may be useful inputs in natural resource management and policy decision-making.",3.0,https://www.mdpi.com/2073-445X/11/9/1432/pdf?version=1661868540
a0d72d354bbbcd8ff18f7c1df1a7890061a4a7ca,10.1080/13504851.2024.2308586,Too close to the sun: solar farms’ impact on housing prices at subtropical latitudes,2024.0,Applied Economics Letters,Will Georgic; Goran Skosples; David Wolf; Robert J. Gitter,"ABSTRACT While the transition from fossil fuels to renewable energy will benefit many constituencies, recent work suggests that newly activated solar panels may negatively impact nearby housing prices. Although a single mechanism driving these effects has not been causally identified, alternative explanations posit that homes near solar farms lose value either due to glare or the loss of open space amenities and associated rural character. We supplement this literature with an analysis distinguished by a unique sample with the most equatorial location to date and the largest average solar farm (26 MW), allowing for a careful investigation of the role of size and glare in the capitalization of solar farm proximity. Using hedonic analysis, manually traced solar farm footprints, and difference-in-differences identification, we find a 6.86% negative capitalization of solar farm proximity that does not appear to be attributable to glare and is driven by the impacts of very large solar farms. The results are robust to concerns of negative weights associated with bad controls. To limit economic losses associated with the renewable energy transition, solar farms should be strategically loc",3.0,
694f758f1694e5b76b38f514f371ca026dda205d,10.1177/27541223241236749,"Tenure inequality, public facilities and housing prices: Evidence from Shenzhen, China",2024.0,Transactions in Planning and Urban Research,De Tong; Yue Shen; Chuan-Hao Tian; Chen-Yuh Wu,"Public facilities capitalization of formal housing has been widely discussed. However, how residents of informal housing value facilities and how they differ from formal housing remain unclear. We employ hedonic model and the gradient boosting decision trees approach to address the gap by identifying the differences between small property rights housing (SPRH) and commercial housing in Shenzhen, China. Empirical modeling results reveal that the capitalization effects of public facilities in SPRH are significantly lower than in commercial housing. SPRH buyers are significantly less willing than those commercial housing buyers to pay for public facilities, and the gap in willingness to pay between these two types of housing buyers is greater for public middle schools with access related to housing tenure than for metro stations and hospitals. After accounting for how the poor public facility provision of SPRH affects capitalization effects, we further find that informal tenure weakens SPRH capitalization effects. These findings help planners and policymakers better understand the housing market so they can take reasonable initiatives to make urban public facilities more accessible an",3.0,
4c413fd31a3b80ec7e4d1310248805c0de4dbd9e,10.1016/j.jenvman.2025.124594,The impact of noise on green open space value.,2025.0,Journal of Environmental Management,L. Makovsky,"I investigate the effect of noise on the amenity value of urban green open spaces in Prague, Czech Republic. First, I use standard hedonic pricing model exploiting cross-sectional and quasi-experimental variation in the apartment price data and then I analyse green open spaces quality inferred from a quantitative spatial model. Results show that increasing size of quiet green open spaces (with noise below 60 dB) by 10% increases local apartment prices by 0.05% and perceived quality of green open spaces by 1.2%. In a counterfactual scenario, if noise in green open spaces decreases by 2 dB, a noise reduction achieved by implementing 30 km/h speed limit in a city, value of apartments would increase by 0.2% due to increased size of accessible quiet green open spaces.",3.0,https://doi.org/10.1016/j.jenvman.2025.124594
e800e7ce33cb203ba4e10b690cf882b258b31a0e,10.1111/jors.12706,311 calls and neighborhood attributes: A panel study of housing prices,2024.0,Journal of Regional Science,Sumei Zhang; Yanmei Li; E. Boamah,"This article aims to incorporate social relations into panel hedonic price modeling analyses, examining how the social conditions of neighborhoods are integrated into local housing markets. To achieve this, we utilize Jefferson County, Kentucky, as a case study and decompose publicly available 311 data, which consist of nonemergency concerns and requests reported by residents, into subcategories to proxy the diverse aspects of social relations. Our findings reveal several key insights: (1) 311 data are characterized by their complexity and encompass a wide range of inputs from residents, necessitating careful interpretation; (2) the overall number of 311 reports may offer limited utility in disclosing social relations; (3) specific categories of 311 reports pertaining to public domain issues hold potential as indicators of social relations. Reports on incivilities, for instance, can serve as proxies for conflicting social relations and exhibit negative impacts on housing prices. Conversely, reports on natural deterioration, environmental concerns, and planning issues demonstrate positive impacts on housing prices, suggesting their utility as indicators for social capital within hou",3.0,
b51dca0b914c1303b23f83cfa4c1bfe64568958a,10.1080/09599916.2020.1714698,Identifying local housing markets through revealed preference,2020.0,,M. Beenstock; Daniel Feldman; D. Felsenstein,"ABSTRACT A new empirical approach to identify local housing markets (LHM’s) is proposed, which focuses on the spatial correlation between local house price indices constructed from repeat sales data. It extends the work of Pryce who claimed that if housing in different locations are perfect substitutes, their house price indices should be perfectly correlated over time. Pryce’s work represents a paradigmatic change in identifying local housing markets using revealed preferences rather than hedonic pricing. It requires spatial panel data for house prices which we construct using repeated sales data to generate house price indices for Tel Aviv (1998–2014) for over 100 census tracts. These price indices are used to define LHMs. The number of LHMs varies inversely with the degree to which house prices in locations belonging to the same LHM, are expected to be correlated. It also varies directly with the order of contiguity of these locations. Results point to considerable spatial heterogeneity in house price movement. This belies the popular impression that the Tel Aviv housing market is relatively homogeneous, characterised by expensive housing and uniform house price movements.",3.0,
2465924247b65b73975579e6191da066e727c1b8,10.2139/ssrn.807825,Why and How to Construct a Genuine Belgian Price Index of House Sales,2005.0,,André Decoster; Kris De Swerdt,"Assessing the price evolution of houses on the basis of average sales prices, as is current practice in Belgium, might be misleading due to changing characteristics of the houses sold in the periods observed. A hedonic index which takes into account changes in characteristics is more appropriate. We use the budget surveys of the Belgian Statistical Institute to illustrate how this also applies for Belgium. The estimated hedonic price index for house sales on the secondary market is practically always below the index based on average sales values for the period considered. This demonstrates the need to collect more extensive data on the characteristics of the dwellings sold in Belgium.",3.0,https://doi.org/10.2139/ssrn.807825
23f79c90f905cfa296fb72fd34315cc599bd3daa,10.24957/hsr.2020.28.2.37,Influence of Accessibilities of Multiple Urban Neighborhood Parks and their Interaction Effect on Apartment Prices : Focusing on Dongtan 1 New Town,2020.0,Korean Association for Housing Policy Studies,Han-Ming Gu; Kabsung Kim,"This study empirically analyzed accessibilities of multiple urban neighborhood parks and their interaction effect on apartment prices by using the Hedonic Price Model (HPM) and hierarchical multiple regression. The results are as follows. First, it was shown that the closer the urban neighborhood park was, the higher the apartment prices were. This was consistent with findings of previous researches. Second, there was a significant interaction effect between accessibilities of multiple urban neighborhood parks, and the interaction effect worked in a way that inhibited the main effect on apartment prices. In other words, the farther away from one park an apartment was, the lower the price was, but the farther away from another park, the smaller the decrease was. This suggests that the two parks function as substitute and complementary goods. Therefore, to maximize impact on the welfare of urban residents, it is desirable to set up multiple urban neighborhood parks at locations that are symmetrical in the urban structure, considering the interaction effect of accessibilities to the parks.",3.0,
4b8dce22e1c4393eb7a0d08aac818d5ecd5c5cc4,10.1080/08920753.2021.1967564,The Effect of Salt Marsh on Residential Property Values,2021.0,Coastal Management,G. Gardner,"Abstract Salt marshes provide a myriad of critical ecosystem services yet have been threatened by urban expansion, sea level rise, and the armoring of coastal property. This study uses a hedonic property price method to evaluate the effects of salt marshes on residential property values in the Eastern Shore of Virginia. Contrary to findings from the wetland literature, results show an insignificant relationship between proximity to salt marsh and residential property values. In contrast, results show a statistically significant increase in property values with increasing proportions of salt marsh within 250 to 500 meters of the parcel. Furthermore, the increase in value is found to be larger for proportions of preserved relative to non-preserved salt marsh in this proximity of the home. The findings of this study can contribute to understanding the spatial patterns for housing premiums stemming from salt marshes. The information can be used to guide coastal management agencies on how to conserve salt marshes in a way that promotes residential property values.",3.0,
e6fc06155d8a773fc82acbe44720e167fb93c3f1,10.3130/aija.85.2713,CORRELATION BETWEEN BUILDING ATTRIBUTES AND ROOM RATE OF PRIVATE HOME RENTALS CONVERTED FROM QUAINT OLD HOUSES IN OSAKA CITY USING HEDONIC APPROACH,2020.0,Journal of Architecture and Planning (Transactions of AIJ),Rei Kondo; D. Matsushita,"Two groups of hedonic price models are constructed, one for quaint old private home rentals and the other for non-quaint private home rentals. In the case of quaint old private home rentals, the higher the presence of traditional design, the higher the room rates, and in the case of non-quaint private home rentals, the closer the distance to the station and the higher the roadside land price, the higher the room rates. A potential market value was found in the private home rentals converted from old houses that had lost those market value as residences.",3.0,https://www.jstage.jst.go.jp/article/aija/85/778/85_2713/_pdf
2b0979784a826ff5181dbb43492b0239ca3062e8,10.3368/le.100.2.071522-0056r,The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing,2023.0,Land Economics,Tom Gillespie; Ronan C. Lyons; Stephen Hynes,"This article develops a new measure of sea view breadth and depth, based on a combination of GIS 3D simulation and natural language processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. We estimate the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014–2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.",3.0,https://le.uwpress.org/content/wple/early/2023/10/09/le.100.2.071522-0056R.full.pdf
69b22c5fccce5fb15438db89f202197ce6ddb546,10.1016/j.jhe.2018.06.009,The value of community: Evidence from the CARES program,2018.0,Journal of Housing Economics,A. Hanson; Zackary B. Hawley; G. Turnbull,"Renters of multi-unit housing structures report weaker ties to their community than other renters and owner occupants. In response to the lack of a sense of community in multi-unit rental structures, owners and managers of these properties have implemented planned programs to establish stronger community ties for residents. We examine the effect of one such program, the CARES (Community Activities and REsident Services) program, on the rental price of apartments using both a standard hedonic approach as well as matching techniques designed to limit unobservable differences between treated and comparison units. Our results using propensity score matching to identify comparison units, suggest that monthly rents are between 5.7 and 9.3 percent higher for apartment units that offer the CARES program. We also find the effect of the CARES program to be stronger in larger apartment complexes, suggesting that renters are willing to pay a premium for a sense of community rather than just the increased services from the program.",3.0,
c426b9504a0bc9f64321d899be4d2e6f070537f1,10.1080/03081060.2024.2445651,"What drives warehouse prices? Estimating a spatial hedonic warehouse pricing model in Belo Horizonte, Brazil",2024.0,Transportation planning and technology (Print),L. D. de Oliveira; Gracielle Gonçalves Ferreira de Araújo; Rui Colaço; J. de Abreu e Silva,"ABSTRACT This paper explores the determinants of warehouse sale prices in Belo Horizonte, Brazil, by estimating a spatial hedonic pricing model (HPM). HPMs are based on the understanding that the value of one property is the outcome of its characteristics, location, and the vicinity in which the property is located. In this paper, we estimated an HPM and identified the influential factors on the sale prices of logistics facilities in Belo Horizonte (Brazil). Results show that proximity to arterial streets, high-hierarchy roads, and the city center positively affect prices. Additionally, the commercial diversity in the city center explains the demand for small warehouses. The concentration of warehouses in areas not classified as suitable economic zones suggests deficiencies in urban planning. The findings indicate that aligning the supply of logistics areas with demand could reduce the dispersion of facilities, lower acquisition costs, and increase profitability for logistics companies, benefiting the city’s economy.",3.0,
a874c896126583fea118e828a5f59ff9dcb02b98,10.1142/s1464333218500060,Quantifying Welfare Impacts of Air Pollution in Seoul: A Two-Stage Hedonic Price Approach,2018.0,Journal of Environmental Assessment Policy and Management,M. Jun,"This study aims to measure welfare loss due to the high pollution levels of PM10 and NO2in the Seoul metropolitan area (SMA), Korea, which do not comply with the international standards, using spatial hedonic price models with apartment sales and air pollution data in 2010. The major findings were as follow: First, spatial hedonic model estimation reveals statistically significant negative signs for air pollution index for all submarkets, empirically presenting a trade-off between air pollution level and housing values. Second, the own-good quantity variable (air pollution index) has a statistically significant negative coefficient, indicating a diminishing marginal willingness to pay (MWTP) for additional level of the air pollution. Third, a worsening air quality brings about a substantial amount of welfare loss ($26.3 billion) among households residing in the SMA.",3.0,
5366be2d650d591647c7d1e89d25fe46c4a2023c,10.3368/wple.97.3.090119-0126r1,Data-Driven Estimation of Treatment Buffers in Hedonic Analysis: An Examination of Surface Coal Mines,2021.0,Land Economics,Luke G. Fitzpatrick; Christopher F. Parmeter,"In hedonic studies of how environmental disamenities influence house prices, the homes that are treated are typically unknown. We propose a new method for defining treatment buffers and apply our technique to disamenities that have thus far received little attention: surface coal mines. Our leave-one-out cross-validation approach identifies an optimal buffer of 2,300 m in two Appalachian counties at which effects dissipate. Hedonic regressions indicate that treated homes sell for 15.5% less than untreated homes. We supplement these results with nearest-neighbor covariate matching models and recover average treatment effects on the treated of 14.7% price reductions.",3.0,
40bfa22b0dbf75b5502f0431043e8ff89878400f,10.22394/1993-7601-2022-65-5-28,Determinants of short-term rental prices in the sharing economy: The case of Airbnb in Moscow,2022.0,Applied Econometrics,E. Bobrovskaya; A. Polbin,"In this paper we analyze pricing on a large online platform for short‐term rental housing Airbnb based on Moscow dataset in January 2021. We build a multiple regression model based on a hedonic price function. We identify the main price determinants and the features typical for the specified market. In addition, the results demonstrate the importance of applying quantile regression and geographically weighted regression for more detailed analysis of the determinants of short‐term rental prices.",3.0,
a3eda655de359959a1420f9bdf33959136e9b7b4,10.7480/abe.2018.3,Diffusion and Risks of House Prices in the Netherlands,2018.0,Architecture and the Built Environment,A. Teye,"The rate of home-ownership has increased significantly in many countries over the past decades. One motivating factor for this increase has been the creation of wealth through the accumulation of housing equity, which also forms the basic tenet of the asset-based welfare system.


In generating the home equity, house price developments play an important role. Generally, house prices show an increasing trend over long time period, however, there are short-term negative appreciations that may have inherent risks for the housing equity. Following the 2007-08 Global Financial Crisis (GFC), for example, the collapse of house prices has caused many recent home buyers to run into negative equity.


Some housing researchers and experts have suggested that a better understanding of the spatial diffusion mechanisms of house prices will aid resuscitating the housing market after the GFC. Others also advocated adopting insurance schemes to protect the home equity that yields the welfare benefits. Unfortunately, however, little research insight exists on the Dutch house price diffusion process, although there are empirical results for countries such as the UK, US and China, where the contexts d",2.0,
a62e5c8ece3bbc335b334246ba72302fca27fb34,10.1108/jerer-07-2018-0033,An analysis of regional house prices in Greece,2018.0,Journal of European Real Estate Research,M. White; D. Papastamos,"
Purpose
This paper aims to examine the housing market in Greece after the Global Financial Crisis focussing on regional analysis and urban markets in Athens and Thessaloniki.


Design/methodology/approach
The paper uses a data set of over 70,750 property values from 2007 until 2014 incorporating characteristics variables upon which hedonic models are estimated. These form the bases for calculating value indices for mix adjusted houses/apartments by year and region. The indices are used in a panel model in which regional and economic variables are included as independent variables. Using advances in dynamic panel data modelling, a bias-corrected least squares dummy variable corrected (LSDVC) model is applied.


Findings
Results indicate the importance of macroeconomic variables in terms of the role of disposable income and significantly different regional effects. Examining the major urban markets, results indicate significant differences in the response of house values to exogenous demand side influences, consistent with the finding of significant regional differences in the LSDVC.


Research limitations/implications
While data on valuations are used that may contain smoothing, th",2.0,http://irep.ntu.ac.uk/id/eprint/34855/1/12366_White.PDF
b24770d0d30ff39214190c206691a281b4d70bf9,10.1016/j.jrurstud.2025.103632,A room with a blue view: The impact of Blue Economy activities on housing prices across Scottish regions,2025.0,Journal of Rural Studies,Marcello Graziano; Maurizio Fiaschetti; J. Gross; Karen A. Alexander; Alberto Longo; T. O'Higgins,"This study examines the indirect impacts of sustainable transitions on coastal communities by analysing the relationship between the visibility of Blue Economy activity and house prices using four Scottish regions as a case example. The research employs hedonic price modelling and spatial econometrics to assess how the visibility of various Blue Economy activities, such as conservation, fossil fuel extraction, ports and aquaculture, has influenced residential property prices from 2012 to 2019. Utilising a unique database of property listings and geographic data, the analysis considers three distance bands to determine the extent to which ocean views containing different marine activities affect housing values. The findings reveal that oil and gas sites negatively impact housing prices across all distance bands and property price quartiles, consistent with existing literature on land-based oil and gas extraction. Conservation activities like Marine Protected Areas (MPAs) only affect prices positively at larger distances when spatial autocorrelation is accounted for, indicating a nuanced relationship between environmental conservation and property values. The study also highlights th",2.0,https://doi.org/10.1016/j.jrurstud.2025.103632
43f7e9d6cba74139e9ac3b95fe6b95f3368701ee,10.54030/2788-564x/2022/v2s3a3,"DOES AN INCLUSIVE HOUSING DEVELOPMENT DEPRESS NEIGHBOURHOOD HOUSE PRICES? A CASE STUDY OF COSMO CITY, JOHANNESBURG, SOUTH AFRICA.",2022.0,Journal of Inclusive Cities and Built Environment,P. Simbanegavi; K. Ijasan,"South Africa joined the global world in building inclusive housing, known as Mixed Income Housing (MIH) as a way to integrate and transform residential markets previously distorted by the discriminatory apartheid regime. However, despite the benefits of MIHs in deconcentrating poverty while boosting housing supply, these inclusive neighbourhoods often experience amplified cases of ‘Not in My Back Yard’ (NIMBY) for various reasons. Thus, approval processes of these inclusive housing developments get to be highly contested in courts, which causes huge delays in their completion. The paper aims to investigate the effect of NIMBY on the price of houses in a mixed-income neighbourhood. The paper used a cross sectional hedonic model on houses sold in the neighbourhood of Cosmo City MIH. The limitation is that a typical and purposely selected Cosmo city case study may not be generalizable to South Africa at large. Results show that Cosmo City had negligible effects on neighbourhood house prices. This is rather surprising given the unfavourable perception encountered during its development. The practical implication is that improving infrastructure such as roads to reduce traffic congestio",2.0,https://doi.org/10.54030/2788-564x/2022/v2s3a3
4410a1dad99aee4702c611a6173645faaad1ebdf,10.3390/land11081138,An Intelligent Homogeneous Model Based on an Enhanced Weighted Kernel Self-Organizing Map for Forecasting House Prices,2022.0,Land,Ching-Hsue Cheng; Ming-Chi Tsai,"Accurately forecasting housing prices will enable investors to attain profits, and it can provide information to stakeholders that housing prices in the community are falling, stabilizing, or rising. Previous studies on housing price forecasting mostly used hedonic pricing and weighted regression methods, which led to the lack of consideration of the nonlinear relationship model and its explanatory power. Furthermore, the attribute data of housing price forecasts are a heterogeneous study, and they are difficult to forecast accurately. Therefore, this study proposes an intelligent homogeneous model based on an enhanced weighted kernel self-organizing map (EW-KSOM) for forecasting house prices; that is, this study proposes an EW-KSOM algorithm to cluster the collected data and then applies random forest, extra tree, multilayer perception, and support vector regression to forecast the house prices of full, district, and apartment complex data. In the experimental comparison, we compare the performance of the proposed enhanced weighted kernel self-organizing map with the listing clustering methods. The results show that the best forecast algorithm is the combined EW-KSOM and random fo",2.0,https://www.mdpi.com/2073-445X/11/8/1138/pdf?version=1658659023
6ae69d454719469289cf886a7d8df2a64c7bef57,10.25034/ijcua.2025.v9n2-4,"Influence of the Mass Rapid Transit System on Plotted Residential Property Prices: A Case Study of Gurugram, India",2025.0,Journal of Contemporary Urban Affairs,Sneh Fandian; Manoj Panwar,"Mass Rapid Transit Systems (MRTS) are increasingly recognised as critical drivers of urban transformation, particularly in rapidly urbanising cities at the Global level.  However, empirical research on their influence on plotted residential property markets in emerging urban contexts remains limited. This study investigates the socio-economic impact of the Delhi Metro Line extension in Gurugram, India, across the various phases of the metro project. Using a mixed-methods approach, it combines a hedonic price modelling of 300 residential properties from 2007 to 2024 with qualitative surveys and spatial analysis. The study measures ""proximity premiums"" and contextualises them through stakeholder perspectives. The results indicate that properties within 500 metres of a metro station experienced price growth of 20–25% after project announcement and around 30% post-operation, relative to earlier trends. These effects are highly localized, with premiums diminishing beyond 1km and disappearing beyond 1.5-2km. The hedonic model confirmed distance to the nearest station as a key determinant of price with an average 12% price decrease per kilometre (p < 0.01), along with other influential va",2.0,https://ijcua.com/ijcua/article/download/544/713
0b04bfccaa1a73e352859882c48abad47a0e9304,10.5821/ace.9.27.3841,"¿Los condominios verticales benefician por igual al valor de sus inmuebles vecinos? Un análisis para Ñuñoa, Santiago de Chile",2015.0,,Esteban Eskarmeta; C. Duarte; Carlos Aguirre-Nuñez,"Numerosos estudios han constatado el market premium que gozan las viviendas ubicadas dentro de los barrios cerrados; sin embargo, nula o poca atencion ha recibido el impacto que producen estos sobre el precio de las viviendas que los rodean. Esta cuestion es de central importancia en las ciudades en las que las gated communities u otra clase de common interest housing communities dirigidas a estratos socioeconomicos medio-altos se incardinan en enclaves tradicionalmente de renta mas baja. Desde una perspectiva cualitativa Salcedo y Torres (2004) y Caceres y Sabatini (2004) han sugerido que esta proximidad social produce diversos beneficios, entre otros, unas expectativas de revalorizacion del suelo de los pobladores originales. En esta investigacion, mediante un modelo de precios hedonicos, a partir de informacion de casas usadas vendidas en Nunoa entre el ano 2002 y 2004, se intenta mesurar el impacto que sobre el precio de estas han producido los condominios verticales recientemente construidos. Los resultados sugieren que un condominio de tamano medio produce una revalorizacion de un 4,7% en las viviendas que le rodean; si bien, este impacto es de tipo local. El analisis espacia",2.0,https://upcommons.upc.edu/bitstream/2099/16073/8/3841-932-1-SM.pdf
85ba1a9fd85fc626cbb78eb16244ae06366cce7a,10.4038/bhumi.v10i2.103,"An Investigation of the Impact of Amenities on Condominium Apartment Prices in Colombo, Sri Lanka with Machine Learning",2023.0,Bhumi The Planning Research Journal,R. Mahamood; Gayani Ranasinghe,"Condominium prices of a location are heavily impacted by the availability of neighbourhood amenities, which attract people to that location. Studies that employ machine learning to evaluate the impacts of amenities on condominium prices are a few, despite indications of increased accuracy. Hedonic models are used in the majority of current studies on housing pricing. Yet, the application of machine learning will improve accuracy and be more effective for the identification of multi-collinearity and non-linear relationships between property prices and the availability of amenities for a wide range of parameters. The aim of this study is to investigate the possible relationship between urban amenities surrounding condominium apartments and their market prices. The study uses data from the Google Maps Platform to examine the link between neighbourhood amenities and the prices of 236 condominiums in Colombo, Sri Lanka. 56 significant amenity characteristics were found using the eXtreme gradient boosting (XGB) algorithm, and the variety of correlations between amenities and condominium prices as restricted positive, accelerated positive, crooked, humped, and negative was explained. Resu",2.0,https://storage.googleapis.com/jnl-sljo-j-btprj-files/journals/1/articles/103/659cd529a2ab0.pdf
6f4507f62465ff464aadad09c2b8c343297df054,10.35241/emeraldopenres.15025.1,Willingness to Accept and Willingness to Pay for Residential Properties: A Hedonic Model Approach,2023.0,Emerald Open Research,S. Mishi; R. Mwanyepedza,"The world over is becoming urbanized, and people are migrating to cities in large numbers in search of opportunities. The increased urbanization has posed challenges such as congestion, rising crime, and growing urban poverty. The governments respond by providing amenities such as schools, hospitals, and housing to meet to increase in demand for these facilities. However, there is a need for the provision of facilities that meets the expectations of the people, particularly on the proximity of amenities and bundles of utility-bearing housing characteristics. In an attempt to address the challenge mentioned, the study estimated the hedonic characteristics influencing the willingness to accept and willingness to pay for housing facilities in the Eastern Cape Province, South Africa. Using a multiple linear regression model and artificial neural network, the study found out that properties with a bathroom, garage and large floor size have a higher value compared to properties without these facilities. When making decisions to acquire a property, buyers consider the availability of discounts and the prevailing property price. Overall, willingness to pay and accept decisions are mainly d",2.0,https://emeraldopenresearch.com/articles/5-14/pdf
bc5c2c3c86f1f45909dcce75c8f09acff914dd28,10.1186/s40854-025-00874-w,Toward transparent and accurate housing price appraisal: Hedonic price models versus machine learning algorithms,2025.0,Financial Innovation,S. An; Yena Song; H. Jang; Kwangwon Ahn,"The nonlinearity of hedonic datasets demands flexible automated valuation models to appraise housing prices accurately, and artificial intelligence models have been employed in mass appraisal to this end. However, they have been referred to as “black-box” models owing to difficulties associated with interpretation. In this study, we compared the results of traditional hedonic pricing models with those of machine learning algorithms, e.g., random forest and deep neural network models. Commonly implemented measures, e.g., Gini importance and permutation importance, provide only the magnitude of each explanatory variable’s importance, which results in ambiguous interpretability. To address this issue, we employed the SHapley Additive exPlanation (SHAP) method and explored its effectiveness through comparisons with traditionally explainable measures in hedonic pricing models. The results demonstrated that (1) the random forest model with the SHAP method could be a reliable instrument for appraising housing prices with high accuracy and sufficient interpretability, (2) the interpretable results retrieved from the SHAP method can be consolidated by the support of statistical evidence, an",2.0,https://link.springer.com/content/pdf/10.1186/s40854-025-00874-w.pdf
90b005f2d907927836c3ad3d6f6fdd6f9874f5c4,10.1155/2020/8851637,The Model of the Relationship between Urban Rail Transit and Residential Location,2020.0,Scientific Programming,Lin Zhang,"In order to investigate the intrinsic relationship between residence choice and urban rail transit, this paper establishes a housing valuation model, explores the interface link between the rail transit and other transport modes by the establishment of a model, and also obtains the family transportation impedance. According to the balanced housing price, the various districts’ hedonic cost, and the generalized transportation impedance, the attractiveness of the various districts with respect to each mobile home is obtained. Satisfaction of any resident is received by establishing a close degree model. Due to the satisfaction and the price, we construct a largest consumer surplus model and then obtain the residence of the greatest consumer surplus for mobile home. Numerical example’s result indicates that all high-income mobile homes will chose the residence for the commute destination district, especially the one in the suburbs. Furthermore, the low-income families chose the residence for the commute destination district, which has the rail transit if the income is allowed, or the nearest district to the destination with rail transportation if not. This illustrates that whether a r",2.0,https://downloads.hindawi.com/journals/sp/2020/8851637.pdf
a2368aae0ce04c40c9686e4568112bdd22a86021,10.1108/978-1-83867-837-120211008,"Urbanisation, Environmental Externalities and House Prices in China",2021.0,,Helen X. H. Bao,"Urbanisation, environmental sustainability and property markets are intertwined. Consequently, studies on any of these three topics need to take the other two topics into consideration. By critically reviewing 33 hedonic pricing studies in 16 key journals in the urban studies and environmental policies areas, we summarise quantitative evidence on the price of environmental externalities resulting from China's urbanisation process. We find that Chinese residents are willing to pay more for the access to green space and waterbody as well as the treatment of urban pollution. The cost and benefit of these amenities and disamenities have already been capitalised in house prices. The central and local government in China can leverage market force to encourage, support and facilitate sustainable urban development and environmental protection, instead of directly intervening in the property market by using public resources. Meanwhile, the estimated hedonic price of Urban Green, Urban Blue and Urban Grey helps policymakers to understand the cost and benefit of their urban development decisions. Our review of the papers on Urban Green, Urban Blue and Urban Grey suggests that there have been ",2.0,
18a3ce8a193301208557e0d6f2d027166917cb25,10.1007/s12053-023-10084-x,Impact of ground source heat pumps on house sales prices in Finland,2023.0,Energy Efficiency,J. Vimpari,"Buildings contribute to approximately 28% of global energy-related emissions. Heat pumps are a key technology for decarbonising the heating emissions of buildings. This study focuses on ground source heat pumps (GSHP), which are increasingly used in colder regions. Since, for an average home, the capital expenditure of GSHP can be an order of magnitude higher than that of traditional heating, it is important to understand whether GSHP has an impact on house transaction prices. A hedonic price model was constructed to estimate the sales prices of detached houses, where heating type is the main variable of interest. The hedonic analysis revealed that for detached houses, GSHP had a statistically significant positive impact of 5.33% on house sales prices. Further analysis puts the premium in the context of housing prices in different locations in Finland. An average house in the Helsinki Metropolitan Area (HMA) could cover the required capital expenditure of a GSHP system with the sales price premium, whereas in other areas in Finland, 5 years of energy savings are required on top of the premium. Hence, in locations with lower housing prices, the house must be owned for a longer perio",2.0,https://link.springer.com/content/pdf/10.1007/s12053-023-10084-x.pdf
f4fb0d7f950528f7110fe01a9f18b204c25b7e0a,10.1016/j.ecolecon.2022.107354,"Property value effects of the Hemlock wooly adelgid infestation in New England, U.S.A.",2022.0,Ecological Economics,Xiaoshu Li; K. Boyle; E. Preisser; T. Holmes; D. Orwig,"We investigate residential property-price effects of the spread of the Hemlock wooly adelgid infestation northward through central portions of Connecticut and Massachusetts, USA. We find that hemlock trees and the accompanying adelgid infestation within 0.1 km buffers of properties affect sale prices, but the results do not extend to buffers of 0.5 and 1.0 km's. Further, within the 0.1 km buffer, only the healthiest hemlock trees contribute positively to property values. We investigated the robustness of the results to three data interpolation methods, Kriging, Inverse Distance Weighting and Spline, and while there was some minor difference in outcomes the results are robust to these interpolation methods. Two property-price models were estimated, a traditional hedonic model with spatial fixed effects and a repeat sale model. The models provide substantially different property-price impacts and care needs to be taken when interpreting these estimates. Both approaches are limited but in different ways; the hedonic by potentially omitted variables and the repeat-sales by a limited number of observations. Our results provide some support for the repeat-sale model as the hedonic model ",2.0,https://www.sciencedirect.com/science/article/am/pii/S0921800922000167?via%3Dihub
d26e4036802561ee82449ee655284c134f2e8101,10.1108/ijhma-06-2025-0140,From hedonic attributes to fundamentals: assessing the macroeconomic environment of housing in Ghana,2025.0,International Journal of Housing Markets and Analysis,Benjamin Kwakye; Alexander Sasu; Ebenezer Afrane; A. Gadzekpo,"
 
 The literature on the nexus between economic fundamentals and the housing market is increasing in advanced economies. However, the same cannot be said for developing economies, especially in sub-Saharan Africa (SSA), where property data presents a challenge. This study, therefore, aims to examine the macroeconomic environment of house prices in Ghana.
 
 
 
 Drawing on the macroeconomic nuances in the Ghanaian housing market, the authors applied the autoregressive distributed lag (ARDL) model to a quarterly data set from 2006Q1 to 2020Q1.
 
 
 
 The findings suggest that fundamentals are cointegrated with house prices, with a significant effect in both the long and short term. The adoption of inflation targeting and adjustment in the policy rate by the Bank of Ghana increases house prices. Moreover, the authors observed that income plays a critical role in the housing market, whilst population aged 15–64 showed an inverse relationship with prices. Any disequilibrium in the short term is adjusted in the long term.
 
 
 
 To the best of the authors’ knowledge, this is the first study to apply the ARDL model with national house prices in the housing market in Ghana and cognate cou",2.0,
4c7179dd84112b4960f502fd2402c7981bbf9d13,10.14249/eia.2016.25.6.457,The Effect of an Urban Park View on the Price of Apartment - A Case of Songdo Central Park -,2016.0,,T. Jung; Y. Baek; Jihyun Sohn; Sunbin Yoo,": Around the world, a lot of people are migrating to the urban areas, and new cities are continuously being constructed. Currently about 54 percent of the world’s population live in the urban areas, and by 2050, it is expected to increase to 66 percent; thus, managing the urban areas is one of the most important challenges of sustainable development in the 21st century. The key to successful urban management is to preserve the urban green spaces, which provide aesthetic, psychological and health benefits to the urban citizens. However, the benefits of the urban green spaces are not fully appreciated within the societies due to the difficulty of economic valuation of the urban green spaces. This study examined whether the view of the Songdo Central Park has a positive influence on the prices of the surrounding apartments, using the hedonic pricing method. The results showed that a positive relation exists between the view of the Songdo Central Park and the price of apartment. The price of an apartment with the view of the Songdo Central Park was 5 percent higher than that of an apartment without the view. In addition, it was estimated that the proximity to the Songdo Central Park ha",2.0,http://koreascience.or.kr:80/article/JAKO201610235351775.pdf
74af9c37ef426529c7f4a21719bc9b953bec8abd,10.3390/su132413880,A Study on the Impact of Unconventional (and Conventional) Drilling on Housing Prices in Central Oklahoma,2021.0,Sustainability,Kangil Lee; Brian E. Whitacre,"Shale energy development activity may benefit some aspects of a regional economy (such as increased jobs or tax revenue); however, there may also be negative impacts to the local environment, such as noise and underground water contamination. We study the impact of unconventional drilling activity on housing price in an area of the country with a long history of crude oil production. A prospective home buyer may want to avoid a place near sites that have been drilled using unconventional drill technologies such as horizontal fracturing. Adopting a hedonic price model, we estimate the impact of distance to and density of unconventional drilling on housing prices in two central counties in Oklahoma during the period 2001–2016. We also apply a semiparametric approach to deal with the possibility that the relationship between an environmental pollutant source and housing price is nonlinear. The empirical results are consistent in terms of physical housing characteristics and locational aspects in all cases, with drilling activity having only a minimal effect in benchmark models. Further, the semiparametric estimation results support the findings that drilling activity has only limited ",2.0,https://www.mdpi.com/2071-1050/13/24/13880/pdf?version=1639728603
e3ecb0f9b472aff4c9973a4b791ef947ba16e2fe,10.1108/ijhma-02-2025-0032,The influence of buyers’ aesthetic preferences for building facade colors on the pricing of high-rise residential properties: a hedonic pricing model analysis,2025.0,International Journal of Housing Markets and Analysis,A. MohdAini; A. Adediran; Yeong Re Seng,"Purpose
This study aims to investigate the impact of consumers’ aesthetic preferences for building facade colors on the price of high-rise residential properties. It explores how differences in color qualities influence transaction pricing, providing insights on market demand.

Design/methodology/approach
This study examines transaction data for apartments and condominiums in Petaling from 2023 to the first quarter of 2024, obtained from the National Property Information Centre. A hedonic pricing model is used to investigate the relationship between price components and facade color qualities, whereas quartile regression is used to determine how preferences fluctuate across income levels.

Findings
The results indicate that lower chroma and saturation levels are associated with higher transaction prices, while blue-green and red-purple hues are the most favored. In addition, income level influences aesthetic preferences, with higher income buyers demonstrating more selective tastes.

Research limitations/implications
Future studies could expand by incorporating additional variables, refining color measurement techniques and exploring cross-cultural differences in facade color prefe",2.0,
ee111cf894e85df6ea8bd8470a073acd08974045,10.1177/03611981221086640,Investigating the Effects of COVID-19 Pandemic on the Perception of Residential Accessibility in Greater Toronto and Hamilton Area,2024.0,,S. Shakib; Jason Hawkins; Khandker Nurul Habib,"This paper investigates the changes caused by the COVID-19 pandemic on households’ perceived utility of the accessibility of their residence in the Greater Toronto and Hamilton Area (GTHA). The paper considers several neighborhood and dwelling attributes and fuses those with property price data from mid-March 2019 to mid-March 2021 to analyze changes in housing trends before and during the COVID-19 pandemic. Two mixed geographically weighted regression (MGWR) models are estimated for the year before the start of the pandemic and the year during the pandemic to address spatial autocorrelation and non-stationarity in price data. The empirical models reveal new patterns in accessibility perception for some factors, including accessibility to regional subway and inter-regional rail transit. This study also contributes to the literature of MGWR modeling by assessing the capacity of the model through validation procedures. Estimation is performed on randomly selected samples from the population to compare the errors with the population-based model and a traditional hedonic price model. The findings suggest that the application of MGWR is restricted to cases where price data are abundant.",2.0,https://doi.org/10.1177/03611981221086640
8965e19cc07a82548ccce5e2fba1b9f697ca577c,10.1111/grow.12710,Craft breweries and residential property values,2024.0,Growth and Change,Yang Zhou; Neil Reid; Michael C. Carroll,"This paper studies the effect of craft breweries on residential property values. Using a hedonic Difference‐in‐Differences (DID) approach and about 250 thousand housing transactions in Denver, Colorado from 1990 to 2016, we investigate the impact of proximity to a craft brewery on residential property values. We consider three types of residence (single‐family home, row house, and condominiums), three types of brewery (all craft breweries, microbreweries, and brewpubs/taprooms), and two measurements of distance (Euclidian and walk‐time). Our most robust results are found for single‐family homes, whose values enjoy a premium of up to 20.4% for being in proximity to a brewpub/taproom several years after, with the average annual maximum premium around 3%. As expected, premiums decline as distance from breweries increase. Beyond a distance of 0.5 km or a 10‐min walk‐time, the premium for a regional/microbrewery is greater than that for a brewpub/taproom. For single family homes within 4 km or 40‐min walk‐time, the annualized premium ranges between 0.41% and 3.01%. These findings support the narrative that craft breweries are a neighborhood asset.",2.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/grow.12710
f20b0ec992f09b77e6e0188a692d7502df1e0ffc,10.3390/land11091380,"An In-Depth Understanding of the Residential Property Value Premium of a Bikesharing Service in Portland, Oregon",2022.0,Land,Sang-Wan Lee,"Bikesharing (BSS) is an emerging alternative mode of transportation with various benefits, such as reducing reliance on single-occupancy automobiles, boosting public health, lowering pollution levels, and enhancing accessibility. Accordingly, proximity to BSS stations can be factored into residential property values. Thus, this research attempts to explore whether (1) proximity to BSS was positively associated with residential property prices in Portland, Oregon, (2) proximity to BSS and public transportation modes showed synergistic effects on the values, and (3) the magnitude of the BSS premium intensified over time. The findings of spatial hedonic models indicate (1) a premium for proximity to BSS in both single-family and multi-family housing markets with varying magnitudes, (2) synergetic effects between BSS and public transportation modes, including light rail transit, streetcar, and bus, and (3) an unchanged premium for BSS between 2016 and 2019 with a few exceptions. The findings expand discussions around transportation-induced property value premium and offer policy implications.",2.0,https://www.mdpi.com/2073-445X/11/9/1380/pdf?version=1661490709
724aae65b0b64a5f69972a43498d31c2ec162203,10.1108/ijhma-12-2024-0191,Spatial examination of house prices via cluster analysis,2025.0,International Journal of Housing Markets and Analysis,Leyla Alkan-Gökler,"

In Ankara, house prices exhibit significant variation across different locations, a trend closely tied to speculative behaviors in the Turkish housing market. Many neighborhoods remain unaffordable, even for households within the highest income quintile. This raises critical questions: To what extent are these pronounced price differences attributable to the specific attributes of the housing stock? Can Ankara’s housing market be segmented into homogeneous clusters based on housing characteristics and price levels? What are the primary factors influencing housing prices, and what role does speculation play in shaping these dynamics? This study aims to address these questions through the application of various statistical analyses.



This study examines housing market differentiation in Ankara by applying cluster analysis, discriminant analysis and hedonic price analysis, using data from 12,460 dwelling units across 325 neighborhoods within eight central districts of the city.



The findings of this study indicate that speculation can be a significant determinant of house prices, as evidenced by the considerable price variations observed even among properties with similar physic",2.0,
ba924ed666dc6e80b91d654bd01646d03c73690f,10.48550/arxiv.2310.08133,Multi Level Dense Layer Neural Network Model for Housing Price Prediction,2023.0,arXiv.org,Robert Wijaya,"Predicting the price of a house remains a challenging issue that needs to be addressed. Research has attempted to establish a model with different methods and algorithms to predict the housing price, from the traditional hedonic model to a neural network algorithm. However, many existing algorithms in the literature are proposed without any finetuning and customization in the model. In this paper, the author attempted to propose a novel neural network-based model to improve the performance of housing price prediction. Inspired by the modular neural network, the proposed model consists of a three-level neural network that is capable to process information in parallel. The author compared several state-of-the-art algorithms available in the literature on the Boston housing dataset to evaluate the effectiveness of the proposed model. The results show that the proposed model provides better accuracy and outperforms existing algorithms in different evaluation metrics. The code for the implementation is available https://github.com/wijayarobert/MultiLevelDenseLayerNN",2.0,https://arxiv.org/pdf/2310.08133
5b37e5a8171c3e334c6dceb3b43bc0444bfe5314,10.1080/00036846.2024.2399816,The impact of gunfire on residential property values,2024.0,Applied Economics,Stephen L. Locke; Michael Toma; Jason Beck,"ABSTRACT Hedonic studies of housing unit prices routinely attribute lower prices to perceived undesirable attributes and or amenities of the property sold. A steady stream of literature finds that criminal behaviour is negatively capitalized into housing unit prices. This study focuses on the effects of geocoded gunfire incidents on housing unit prices while controlling for other attributes and amenities at the census-block group level. The primary finding is that spatial and temporal proximity of gunfire incidents reduces housing unit prices in an analysis of 3,844 gunfire incidents, involving over 15,000 rounds of gunfire and 2,053 housing unit sales in Savannah, Georgia, from 2015 to 2020. The effect of gunfire is greater when it occurs in the immediate vicinity of the property. Heterogeneous effects on sale prices were found to be present across time and space when intensity was measured by the number of days with gunfire incidents and to a lesser extent when intensity was measured by the number of shots fired in each incident.",2.0,https://doi.org/10.2139/ssrn.4495266
b604112e36f7e8ec865f34b583815040aca5d5f8,10.2139/ssrn.4345418,Economies of Scale of Co-Living – An Empirical Study of the New Zealand Rental Housing Markets,2023.0,Social Science Research Network,E. Yiu; Ka-Shing Cheung; Chuyi Xiong,": Co-living was commonly considered inferior compared to single-family occupied homes. However, with the chic of sharing economy and the sophistication of online peer-to-peer accommodation platforms, co-living has become more common and popular nowadays. Yet, there have been very few empirical studies on the co-living discount in rents and the economies of scale benefit to landlords, probably due to the lack of data. This study is a novel attempt to examine the disutility of co-living and the economies of scale effect by using hedonic price model to estimate the impacts of the number of co-living flatmates on total rents, ceteris paribus , in the New Zealand housing markets. The results confirm the hypothesis of non-linear economies of scale benefit of co-living to the landlords. There is a 17.3% substantial fall in rents between 0 and 1 flatmate, but a gradual marginal increase in total rents from 2 flatmates onwards. This study also provides comprehensive results on other key determinants of co-living rents.",2.0,https://doi.org/10.2139/ssrn.4345418
d63f6d17821220f308759bfa98bad7bffc675b22,10.1111/1540-6229.12365,Getting high or getting low? the external effects of coffeeshops on house prices,2021.0,Real Estate Economics,M. Langen; E. Aydın; P. Eichholtz; N. Kok,"The legalization of cannabis is a hotly contested policy topic. While beneficial to some, cannabis dispensaries may create a negative externality for others. This paper studies the external e ects of co eeshops – Dutch cannabis sales facilities – on local house prices. Controlling for hedonic property characteristics, we use distance to co eeshops as a measure for proximity to externalities. We employ a di erence-in-di erence analysis around a recent change in regulation, leading to exogenous co eeshop closings. Contrary to expectations, we document that co eeshop closings have negative e ects on home values. Compared to homes nearby remaining co eeshops, homes nearby closing co eeshops decrease 1.6 to 7.8 percent in value after closings. We further document a co eeshop-proximity discount of around -0.8 to -2.0 percent, increasing with closeness. Both findings are robust to several sub-tests, and show that co eeshops are generally located in lower priced areas, but closing them does not restore value.",2.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1540-6229.12365
b5908edad4e8630b04e4b20a84ca99387d5030bf,10.2139/ssrn.6098186,Characteristics of a Sufficient Statistic to Measure City Housing Prices,2026.0,Social Science Research Network,D. Broxterman; William D. Larson; A. Yezer,"Characterizing the level and change of housing prices in cities is central to many empirical questions, whether prices are measured using rents or asset values. The task is complicated by the heterogeneity of the housing stock, the joint consumption of housing and neighborhood, and differences in accessibility. This paper focuses on intra-city location which, based on economic theory, is systematically related to housing prices. The final conclusion is that a sufficient statistic to describe both the level of and change in the average housing price requires that prices be aggregated from relatively homogeneous market areas and weighted by housing quantities such as dwelling units or interior space. Common repeat-sales and hedonic indexes are generally not weighted in this fashion but could be modified to do so.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.",2.0,https://doi.org/10.2139/ssrn.6098186
3777ce734c4a5c9380dfa227ede8503f4f25b44e,10.22146/ijg.46302,"The impact of urban light rail transit on double-story terraced property values in the Greater Kuala Lumpur, Malaysia",2021.0,,M. Dziauddin,"Introducing a rail transit system into an urban region is expected to increase land values, and subsequently, residential property values. Despite this general belief, there has been limited research on the impact of proximity to urban light rail transit stations in developing countries setting. This study, therefore, investigates the impact of proximity to urban light rail transit on double-story terraced property values in the Greater Kuala Lumpur, Malaysia, using hedonic pricing model. The findings suggest urban light rail transit has a positive and significant impact on surrounding double-story terraced residential property values – estimated at a premium of 12.3% and 9.8% for properties located up to 1000 m and 1001 – 2000 m to the nearest light rail transit station respectively. The findings of the study are useful for investors and developers, namely to build more houses near urban rail transit infrastructure since they lead to significant appreciation in value.",2.0,https://jurnal.ugm.ac.id/ijg/article/download/46302/pdf
a855c4aba93669899f6285712fd4b23cfb3500bb,10.13128/aestimum-13123,Estimation of a Hedonic House Price Model with Bargaining: Evidence from the Italian Housing Market,2013.0,Aestimum,Mauro Iacobini; G. Lisi,"This empirical paper tests the role of bargaining in the formation process of housing prices in Italy. Housing markets are “thin”, local and decentralized, and thus buyers and sellers may have some market power. Hence, the selling price is influenced both by the characteristics of the product as well as by the bargaining power of the buyers and sellers. Furthermore, the bargaining power of the seller (buyer) can also be viewed as the cost of incomplete information imposed on the buyer (seller). The empirical results derived from multiple regression analysis support our theoretical assumptions. In fact, the variables created as proxies of bargaining power of the parties, and incorporated into the hedonic price function, are statistically significant and help to improve the performance of the hedonic model, thus reducing the differences between predicted and observed selling prices.",2.0,https://oaj.fupress.net/index.php/ceset/article/download/6604/6604
c21f19e67ea8c7d7e20d55b40a6bf57357d83d42,10.1177/23998083261420306,Quantity or structure? Asset or burden? Causal evidence of street greenery’s impact on housing prices from sequential data,2026.0,Environment and Planning B Urban Analytics and City Science,Zhao-Cheng Bai; Rui Ji; Feng Gao; Yu-Heng Mao; Song Liu,"Street greenery, as critical green infrastructure, provides extensive ecosystem services, and accurately evaluating its value benefits urban greening strategies and funding decisions. Previous studies relying on cross-sectional data and hedonic regression models are limited by confounding factors, thus failing to accurately measure the net effects of street greenery characteristics on housing prices. To address this limitation, hedonic regression, propensity score matching and difference-in-differences methodologies were employed based on housing price and built environment data from 2017 to 2022 to analyze how street greenery quantity and vegetation structure affect housing prices. Results indicated that street greenery impacts differ significantly between the central area and the expanded central area, revealing a negative price effect defined as the “Green Burden Effect” in expanded central area. Additionally, greenery quantity changes exerted stronger and more stable price impacts compared to vegetation structure. The DID analysis further clarified temporal changes in these relationships. Employing multiple econometric models revealed the complex spatial-temporal relationships ",2.0,
c921bca7961ace0c621e4e3cd8c150038e095dd8,10.24957/hsr.2023.31.1.5,Influencing Academic Achievement and Regional Mediating Effects of General High Schools on Local Apartment Prices Based on Spatial Hedonic Price Model,2023.0,Korean Association for Housing Policy Studies,Jiyoung Oh; Wonseok Seo,"This study empirically analyzed the effect on housing prices according to the academic achievement of general high schools and the regional mediating effect using the spatial hedonic model. The main empirical analysis results are as follows. First, accessibility to general high schools had a positive effect on local apartment prices regardless of the type. It was found that the preferred high school type, which had the highest college entrance rate, had a greater influence. Second, a prestigious high school was more preferred when it comes to the type of high school closest to the apartment. This result seems to be due to the recognition that consumers in the local housing market place high value on the status of local prestigious high schools, and that there are many students with excellent grades in prestigious high schools. Consequently, there may be less incidence of juvenile delinquency, creating a positive effect on the residential environment around the school. Third, it was found that in an area where the regional effect on housing price is high, the closer an apartment is to a prestigious high school, the higher the apartment price can get. Through these results, this stud",2.0,
38f58471b6a11b558ec2f3d473f3af9d7d81683c,10.3390/e14071165,Information Theory Estimators for the First-Order Spatial Autoregressive Model,2012.0,Entropy,E. V. Perevodchikov; T. Marsh; R. Mittelhammer,"Information theoretic estimators for the first-order spatial autoregressive model are introduced, small sample properties are investigated, and the estimator is applied empirically. Monte Carlo experiments are used to compare finite sample performance of more traditional spatial estimators to three different information theoretic estimators, including maximum empirical likelihood, maximum empirical exponential likelihood, and maximum log Euclidean likelihood. Information theoretic estimators are found to be robust to selected specifications of spatial autocorrelation and may dominate traditional estimators in the finite sample situations analyzed, except for the quasi-maximum likelihood estimator which competes reasonably well. The information theoretic estimators are illustrated via an application to hedonic housing pricing.",2.0,https://www.mdpi.com/1099-4300/14/7/1165/pdf?version=1424784850
4a281ef2669f8484e87c39283360e862d1b8bfb0,10.3727/108354221x16140381653042,"The Impact of Tourism, Game of Thrones and Income on Croatian Housing Prices",2021.0,,B. Brotman,"
 The Game of Thrones television program was widely seen throughout the world. The show acted as an advertisement for travel and home purchases in the Republic of Croatia. A hedonic least squares regression model adjusted for autocorrelation is used to consider the impact of the television show, tourist visits to the country and domestic personal income on the housing price index. The descriptive statistics and regression results suggest that the television show and tourism impact existing housing prices. Visitors to the country purchased or rented enough housing to cause demand to increase for residential properties which results in a higher housing price index. Per capita domestic income is not a significant factor influencing the housing price index for existing dwellings.
",2.0,https://doi.org/10.3727/108354221x16140381653042
e6977036af218c66801dc27cc31ad7aef338a356,10.1007/s40864-018-0094-4,"Transforming Abandoned Rail Corridors into Multi-purpose Trails: Applying a Spatial Hedonic Approach to Estimating the Economic Benefits of the Little Miami Scenic Trail in Cincinnati, Ohio, USA",2018.0,Urban Rail Transit,Wen Zhang; Seunghoon Oh; Rainer Vom Hofe,"This research assesses the appreciation in residential property values in connection with proximity to the Little Miami Scenic Trail, a multi-purpose biking, hiking, and jogging trail built along an abandoned railroad corridor near Cincinnati, Ohio, USA. Applying two spatial hedonic frameworks, the spatial lag of X (SLX) model and the spatial Durbin error model, we conclude that proximity to trail entrances had significant impacts on property values for both, Euclidean and network distance measures. Specifically, the SLX results indicate that decreasing the distance to the closest trail entrance by one foot (meter) increases a house’s property value by US$0.92 (US$3.02) when using network distances.",2.0,https://doi.org/10.1007/s40864-018-0094-4
81028a8cb9444bf5d722c03b190fb66d6f1bed17,10.4028/www.scientific.net/amm.580-583.1306,Impact of Urban Rail Transit on Residential Property Values in Hangzhou,2014.0,,L. Ruan; Jing-Ping Yin,"This research investigates the impact of the first metro line (Line 1) in Hangzhou on its station-area residential property values. A hedonic pricing model shows that Line 1 had a statistically significant and positive effect on residential prices in its operation period. Compared with its construction phase, the impact did not change significantly, indicating that metro rail transit had a long-term positive influence on the station-area property values. These findings suggest that such capitalization is likely to lead to high-density and transportation-oriented development. While planning the urban rail transit system, such impact should be fully considered.",2.0,https://doi.org/10.4028/www.scientific.net/amm.580-583.1306
3f7f4a036162c91db500d57a87850d9edbbb5fad,10.1016/j.jenvman.2023.119829,"Hedonic property values and water quality: A meta-analysis of commodity, market, and methodological choices.",2024.0,Journal of Environmental Management,M. Heberling; D. Guignet; M. Papenfus,"This study quantitatively reviews the hedonic literature examining surface water quality to assess how attributes of the commodity, housing market, and methodological choices lead to variation in the significance and expected sign of the estimated property value effects (i.e., elasticities). We conduct a meta-analysis of 29 studies with 290 unique estimates, published or released between 1985 and 2017, and find evidence based on probit meta-regression models that some of the definitions and decisions made in primary studies do influence the estimated relationship between water quality and home prices. Our most robust evidence suggests that methodological choices (e.g., accounting for spatial dependence, or if the water quality measure was based on something other than in situ measurement) have a critical role in determining the likelihood of finding a significant and theoretically expected result; and perhaps most importantly, it is not always selections that reflect best practices that lead to this finding. This study can help identify potential concerns with data and modeling choices in the collective hedonic literature focused on water quality.",2.0,
7a10c3b72eeacd50246c6e73b69a44db5fedbb3e,10.1007/978-3-319-14145-9_17,Quantitative Study of Housing Price Based on Huff Model and Hedonic Method,2015.0,,Yuan Li; Lang-Jie He; J. Jiao; G. Shen,"Using Hedonic and Huff model, we conduct empirical study of the ordinary commercial housing price’s spatial pattern in Xiamen City, China. This paper mainly focus on the following three issues: (1) Exploring the 21 potential factors that influence spatial distribution of housing price; (2) The relationship between commercial size and housing price; (3) Quantitative analysis about the five primary factors’ mode of action and saliency characteristics. In the numerous variables, allocation of educational resources and the distance between housing and shopping malls and supermarkets based on Huff model have Significant impact on housing price.",2.0,https://ink.library.smu.edu.sg/context/cis_research/article/1520/viewcontent/Quantitative_Study_of_Housing_Price_Based_on_Huff_Model_and_Hedonic_Method.pdf
44c2fd5025a7af24a92cb5d2d377de56839af7e1,10.1145/3558819.3565227,The hedonic price model of online short-term rental market based on machine learning,2022.0,ICCSIE,Jin Xin; L. Xue,"Under the background of the sharing economy, the online short-term rental market contains huge business opportunities, but the development of online short-term rental models in various regions is uneven, and there is a lack of reasonable pricing. Therefore, based on the Beijing Airbnb online short-term rental data set, this paper adopts the advanced machine learning method AutoGluon model to predict the price range, and finally analyzes the solvability of the model. First, data preprocessing is performed on the initial dataset. Second, an initial exploration of the data found that prices are correlated with housing type, location, and surrounding environment. Then, based on the existing features, an AutoGluon hedonic price model is established to predict the price range; finally, interpretable analysis of the model is performed to identify key factors. Geographical location and room type undoubtedly have the greatest impact on the online short-term rental market price, providing a reference for online short-term rental platforms and homeowners to reasonably customize house prices and improve service quality.",2.0,
5bfe734e48a860fc23458401eeacf64ff966a420,10.1080/14445921.2019.1610595,A comparative study on the value of scenic views between an inland and a coastal city in Korea,2019.0,Pacific Rim Property Research Journal,Tae-yun Jeong; Sae-Won Park; Sunhae Lee,"ABSTRACT This study estimates hedonic house price models for an inland city of Seoul and a coastal city of Pusan using spatial regression with successful bidding price data of court auction during the period from January 2006 to December 2014. Among hedonic attributes such as floor area, building age, total floor level, living floor level, direction of the window of the living room, proximity to natural environment, scenic views and others employed in this study, our main focus is on scenic views. As a result of our empirical analysis, the most preferred view turns out to be a water-related view such as a broad river view in Seoul or an ocean view in Pusan. A mountain view, affecting negatively in a coastal city like Pusan which is adjacent to the beautiful ocean, has positive influence in Seoul, since it is an inland city with no ocean in sight with only a river running across the heart of the city which is surrounded by mountains serving as its boundary. While a building view in Seoul has negative effect on the price, it affects positively in Pusan.",2.0,
bb2e91d5a532536b1c94ae544968aa0fedb9627b,10.1002/2475-8876.12218,Correlation between building attributes and room rates for private home rentals converted from quaint old houses in Osaka City through a hedonic approach,2021.0,Japan Architectural Review,Rei Kondo; D. Matsushita,"Two groups of hedonic price models were constructed, one for quaint old private home rentals and the other for non-quaint old private home rentals. In the case of quaint old private home rentals, a higher presence of traditional design corresponded to higher room rates. In the case of non-quaint old private home rentals, closer distances to a train station and higher roadside land prices corresponded to higher room rates. A potential market was found for private home rentals of homes converted from old houses that had lost their market value as residences.",2.0,https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/2475-8876.12218
4ae67269a70f22a9391910ccbe20e38eaf057620,10.2139/ssrn.3334469,How Does Subway and Ground Transit Proximity Affect Rental Prices?,2019.0,Social Science Research Network,K. Kholodilin; M. Maksimova,"This study focuses on the ground transportation system and its impact on the rents in 30 of Russia’s largest cities. It also compares the effect with subway transit networks. The data set includes rent information from an all-Russia online advertisement website Avito and various measures of proximity to the public transit network stops (including subways for cities with them). The analysis is conducted using linear hedonic models. The results show that the ground transportation proximity is important for housing rent formation in both cities with and without subways, although the effect for subway stations is greater in comparison. Nevertheless, the benefits of a denser ground transportation system are high and stable, whereas the distance to the closest bus stop and the number within the walking distance are important solely for cities with a subway system and without it, respectively.",2.0,
d637f4858470df91a33dd8b0d6d39d133a55e954,10.1080/13504851.2024.2331660,Housing prices and environmental hazards: the effects of industrial park openings in Korea,2024.0,Applied Economics Letters,J. Park; Youngseok Park,"ABSTRACT We explore an empirical examination on the effects of industrial park openings on housing prices in Korea under under hedonic framework. First, the availability of multiple transactions within apartment complexes enables fixed-effects estimation and addresses unobserved heterogeneity across apartment complexes. Second, we trace the effect on housing values from the announcement stage to actual operation stage of industrial parks. Our results indicate housing prices positively respond to an announcement of industrial park opening, but less in areas close to the industrial park. Furthermore, housing prices in close proximity to industrial parks decline when industrial parks begin operation.",2.0,
0d23cd7a92ccfe63ffe85f31c85c690778a52ee9,10.1007/s10901-025-10202-4,Assessing the impact of maintenance condition on multifamily rents: an integrated approach of machine learning and hedonic modelling,2025.0,Journal of Housing and the Built Environment,Qiong Peng; Grace Zhao; Xinyue Ye,,2.0,
c85974bfbd3f8d6210af3c6918ccf7d1a108f07b,10.1080/19475683.2021.1959855,Open geographic modeling,2021.0,Annals of GIS,Song-Shan Yue; B. Croke; D. Ames,"Various problems are occurring and evolving in the earth’s environment, for example, global warming, air/ water/soil pollution, floods, traffic congestion, and so forth. Moreover, decision-making and planning demands in industry and governance areas are also dependent on reasonable understandings of the environment. Geographic modelling (can also be expressed as environmental modelling as humans are living in a geographical environment) is an important approach in exploring solutions for solving problems and supporting decision-making. Climate models, air/water/soil quality assessment models, traffic management models, watershed models, urban explanation models, and other more different types of models have been and are being designed and developed. They can be applied in simulating the global/local environments and helping people formulate better solutions. However, modelling and simulating ability of a single model is limited. Interdisciplinary knowledge and collaborative exploration are generally required when solving complicated problems. With regard to this, integrated environmental modelling (Laniak et al. 2013), collaborative modelling (Hurrell et al. 2013; Chen et al. 2019)",1.0,https://www.tandfonline.com/doi/pdf/10.1080/19475683.2021.1959855?needAccess=true
1f8d7e1e212b9365d3c89b4b9de6318e604a74bb,10.3790/gjrer.7.1.50,Hedonische Regression der Wohnungsmietpreise unter Berücksichtigung von Lagevariablen am Beispiel eines Bestandsim Ruhrgebiet.,2008.0,German Journal of Real Estate Research,J. Möbert; K. Kortmann; Rita Németh,"In diesem Artikel wird der Einfluss makrookonomischer Lagevariablen auf die Markt- und Kostenmiete in zehn Stadten des Ruhrgebiets untersucht. Der verwendete Paneldatensatz umfasst Daten zu 27.336 Wohnungen fur die Jahre 2000 bis 2004. Neben einer Reihe von kontrollierenden Wohnungseigenschaften wird der Einfluss der makrookonomischen Variablen Altersstruktur, Arbeitslosenquote, Auslanderanteil und Anteil der sozialversicherungspflichtig Beschaftigten auf die entsprechenden Mietpreise getestet. Untersuchungsebene sind die statistischen Bezirke der jeweiligen Stadte. Daruber hinaus werden die Wohnungen im sudlichen Ruhrgebiet mit einer zusatzlichen Indikatorvariablen erfasst, um eventuelle Preisdifferenzen zum nordlichen Ruhrgebiet aufzuzeigen. Unsere Regressionsergebnisse legen einen eher homogenen Wohnungsmarkt im Ruhrgebiet nahe. Bestatigt wird hierbei die Annahme, dass Mietpreise vor allem durch die Wohnungseigenschaften und weniger durch Lagevariablen beeinflusst werden. Ersichtlich wird zudem, dass die Mietpreise fur Sozialwohnungen (Kostenmiete) noch weniger von den untersuchten Variablen abhangen und somit losgelost von der Preisbildung auf dem Markt entstehen. This study se",1.0,https://doi.org/10.3790/gjrer.7.1.50
4bc90bf144a67adcd110a7eb2f7529f23d1b686d,10.23860/diss-sudhakaran-pratheesh-2015,Three Essays on Shellfish Management in Rhode Island,2015.0,,P. Sudhakaran,"Shellfish resources are the main fishery resources commercially harvested and cultured in Rhode Island. Wild shellfish management in Rhode Island is undertaken by the RI Department of Environmental Management (DEM) aiming to achieve, among other objectives, conserving naturally occurring shellfish populations in RI waters and managing public health outcomes due to, water quality issues. However, for any management scheme or regulation to be effective, policy must recognize the economic forces at work when evaluating proposed intervention or regulation of shellfishing. Regulations would influence the harvesters’ behavior through the change in the harvested quantity or market price of the product and this will affect the state of shellfish stock. As such, ignoring the market force could not only nullify the management effectiveness but could backfire and lead to unintended adverse impact on the primary target of management—the healthy stock of shellfish. Moreover, some of the regulations for shellfish resources might also affect the public. For example, people value houses near to the coast due to the aestheticism and serenity. However, construction of oyster farms near their backyar",1.0,https://digitalcommons.uri.edu/cgi/viewcontent.cgi?article=1396&context=oa_diss
ee8004df7c25ce94224c5171602b84f4e4294003,10.1108/arla-07-2023-0119,Do the different expressions of an artist offer the same financial performance over time? The case of Fernando Botero,2024.0,Academia : Revista Latinoamericana de Administración,Urbi Garay; Miguel Ríos; Albrect Sorensen; Enrique Ter Host,"PurposeArt return indices are usually estimated based only on a few means of artistic expression (mainly paintings and drawings). Other forms of expression (e.g. sculptures and installations) are generally ignored, in part because they are three-dimensional and, hence, more difficult to measure. We analyze the price determinants as well as the return and risk of three artistic expressions (paintings, drawings and sculptures) executed by Fernando Botero, the most expensive living Latin American artist, to analyze the degree to which their risk and return attributes differ throughout a 20-year period.Design/methodology/approachWe analyzed all paintings, drawings and sculptures executed by Botero and sold at Sotheby’s and Christie’s between 2000 and 2020 (a total of 707 artworks). The data and the images of each artwork were obtained from the web pages of these two auction houses. A hedonic regression was run to explain the price of each artwork and use explanatory variables that are standard in the literature. Art price indices for paintings, drawings and sculptures were constructed using the year-dummy variables estimated in the regressions. We performed a similar analysis for anoth",1.0,https://doi.org/10.2139/ssrn.5139163
a8397465c1c088a14f40011c85eed9919e2e7a57,10.17582/journal.sja/2021/37.1.14.23,Analysis of Agricultural Land Price Determinants and Policy Implications for Controlling Residential and Commercial Encroachments: Facts from District Swabi (Pakistan),2021.0,Sarhad Journal of Agriculture,M. Abdullah; Syed Attaullah Shah; K. Saddozai; Jahangir Khan; M. Fayaz; I. Ullah; Sabeeh Ullah,"This study was conducted to examine the characteristics of agricultural land parcels and identify important determinants of their prices in Swabi district of Khyber Pakhtunkhwa. For this purpose, a sample of 79 land parcels, having transaction record for the year 2015-2017, was selected from 10 randomly chosen villages. Data were collected on their prices and their physical, agricultural and location characteristics. Descriptive statistical tools were used to summarize data on agricultural land characteristics. A linear Hedonic Pricing Model (HPM) was used to estimate agricultural land prices based on physical, location and agricultural characteristics. Results show that agricultural land parcels in Central Swabi district have comparatively high prices, and this is due to their high residential and commercial potential. Developmental projects for roads, hospitals, universities and gas supply infrastructure in the surroundings of Swabi city are resulting human influx from rural areas, and are increasing demand for residential and commercial units in the suburbs. This high demand is pulling land prices and causing utilization of fertile agricultural land for residential and commercia",1.0,http://researcherslinks.com/base/downloads.php?jid=14&aid=3556&acid=1&path=pdf&file=1610291743SJA_37_1_14_23.pdf
8d77de195646ec231c2d309460b799e44df7893d,10.33915/etd.4624,Three essays on relative house size and house price,2010.0,,Susane Leguizamon,"ESSAYS ON RELATIVE HOUSE SIZE AND HOUSE PRICE Susane J. Leguizamon This dissertation is comprised of three essays in which I examine the influence that the size of the neighbors’ houses have on predicted house price. I estimate the associated effect of a change in neighbor house size on predicted house price, how the effect changes when considering different reference groups, and how the effect changes when considering observations along the distribution. The analysis of results are framed within the context of behavioral explanations which are then compared to previous results regarding housing consumption behavior and status symbol consumption behavior. In Chapter 2 I estimate the change in predicted house price associated with an increase in the average size of the nearest neighbors’ house size using a spatial autoregressive model. I find that individuals value an increase in absolute house size significantly more than they value a decrease in the size of the neighbors’ house and yard. In Chapter 3 I use a spatial autoregressive hedonic model to examine change in predicted house price associated with a change in house size of four different reference groups: nearest neighbors, s",1.0,https://researchrepository.wvu.edu/cgi/viewcontent.cgi?article=5661&context=etd
c166fc02d0c5699b202ba8fa9c5779a69bb4a83e,10.1093/acrefore/9780199389414.013.464,Valuation of Beach Quality,2019.0,Oxford Research Encyclopedia of Environmental Science,Ashley S. Barfield; Craig E. Landry,"The result of interactive dynamics of the ocean, landforms, and weather patterns, sandy beaches and dunes are a natural feature along many coastlines around the world. Their contributions to overall social welfare are multifaceted and complex. Providing water access, recreation and tourism potential, scenic beauty, and leisure amenities, sandy coastlines have witnessed extensive commercial and residential development. Intact beach–dune systems provide coastal development projects with protection from storms, erosion, flooding, and (to some extent) sea-level rise. While yielding value through capital investment, market expansion, and the enhancement of access to natural amenities, increases in buildings and infrastructure can upset the delicate dynamic equilibrium in coastal systems. This, in turn, puts beaches, dunes, wetlands, wildlife habitats, and other ecological resources at risk. Concerns about these impacts have provided the impetus for several environmental management initiatives. Critical to these initiatives is information about the multidimensional economic and social values of coastal amenities, especially beaches and dunes.
 The economic valuation of beach quality and ",1.0,
e4592b36820f6060fbb36cbe5025a3125af4afe1,10.1108/ijhma-07-2024-0092,Pricing strategies in the Silicon Valley housing market: an update on TOM and recent events,2024.0,International Journal of Housing Markets and Analysis,Wan-Hsiu Cheng; Shih-Chieh Chiu; Chia-Yueh Yen; Fu-Chang Yeh,"
Purpose
This study aims to explore the relationship between house prices and time-on-market (TOM) in Silicon Valley. Previous findings have been inconclusive due to variations in property characteristics. This paper highlights the discrepancy between listing and selling prices and identifies differences among housing types such as condominiums, detached houses and townhouses based on housing orientations and customer groups. Additionally, this study considers the impact of the COVID-19 pandemic and the Fed’s interest rate policies on the housing market.


Design/methodology/approach
The authors analyze 63,853 transactions from the Bay East Board of Realtors’ Multiple Listing Service during 2018 to 2022. The study uses a multiple-stage methodology, including a nonlinear hedonic pricing model, search theory and two-stage least squares method to address concerns relating to endogeneity.


Findings
The Silicon Valley housing market shows resilience, with low-end properties giving buyers more bargaining power without significant price drops. High-end properties, on the other hand, attract more attention over time, leading to aggressive bidding and higher final sale prices. The pandemic",1.0,
dfece9ff6b03e44757fbc0efb86a6c5871c562a2,10.1088/1755-1315/294/1/012023,The influence of environmental factors on housing transaction price in local cities in Japan,2019.0,IOP Conference Series: Earth and Environment,Tomoaki Shinozaki; Hirotaka Tanabe; K. Fujiwara; N. Yokoo,"Generally, it is considered that individual housing quality and the convenience of location are main factors when people purchase their houses. Local governments in Japan that promote housing transaction also place importance on the convenience of location, and they do not make effective policy which consider importance on other factors such as the environmental aspect of houses and housing area. This study investigated the factors that influence housing transaction prices in local cities in Japan, and the results will be expected to contribute for making local housing policy considering environmental aspects. The study analyzed recent housing transactions of some local cities located about 100 km north of the centre of Tokyo with a population from about two hundred thousand to five hundred thousand, e.g. Utsunomiya City, using open data that contains transaction prices and various attribute of residential. We estimated hedonic prices and reveal characteristics of each region considering individual housing quality, the convenience of location and the environmental factors. In addition, we conducted a questionnaire survey in multiple detached house areas in Utsunomiya City to clarif",1.0,https://iopscience.iop.org/article/10.1088/1755-1315/294/1/012023/pdf
62cb13503b4318a1274d0b842bd80b4fe6e8026e,10.31181/ijes1512026240,Spatial Autocorrelation in Housing Prices: Analysis of the Brno Metropolitan Area,2026.0,International Journal of Economic Sciences,Filip Emmer; Jindra Lacko; Martin Slaný,"This study examines the persistence of spatial autocorrelation in housing prices within the Brno metropolitan area, focusing on the dynamics between the core city and its peripheral municipalities. The aim of the study is to test whether spatial autocorrelation exists and the extent to which it can be explained by traditional variables. Using a log-linear specification, the analysis employs a hedonic price model estimated separately for the city’s central and peripheral areas. The dataset comprises 19,286 residential transactions from the period 2020–2023. Explanatory variables include structural characteristics, land use, crime rates, and accessibility to services. Spatial autocorrelation is measured using Moran’s I and Local Indicators of Spatial Association, both on raw data and model residuals. The results reveal that price clustering is substantially stronger in peripheral areas, where lower market liquidity and limited substitutability of dwellings amplify the transmission of price signals across municipal boundaries. The findings suggest that localized factors such as planning agreements and limited market liquidity affect price transmission across municipal borders. The stu",1.0,https://ijes-journal.org/journal/article/download/240/207
1875ca8aab68a2c7b35c261b2ddc96a2fb2dbca3,10.1109/iciteics64870.2025.11341176,Cross-Sector Insights for Robust Stock Market Prediction: Merging Deep Learning with Multi-Modal Data Streams,2025.0,"2025 IEEE 2nd International Conference on Information Technology, Electronics and Intelligent Communication Systems (ICITEICS)",Sukhbir Singh; Vijay Dhir,"The behavior of the stock market has been one of the most difficult and most important research questions as far as investors, financial institutions, and policymakers are concerned. The present study attempts at an in-depth survey and conceptual integration of classical statistical, machine learning (ML), and deep learning (DL) prediction models in stock markets with references to hedonic price modeling widely applied in the housing market sector and urban analytics. Critical comparison takes place, comparing the strengths, weaknesses and performance metrics of the established methods of time series analysis including ARIMA and GARCH to more sophisticated hybrid deep-learning models including CNN-LSTM and Transformers. Comparative evidence indicates that as classical models record moderate predictive accuracy values of RMSE above 11.0 and R 2 which is below 0.80, models that use ML techniques such as Support Vector Machines and Random Forests reduce RMSE to less than 9.0 and increase R 2 to 0.88. The best improvements are seen in the hybrid ensemble/DL models, where the RMSE decreased to 6.2 and R 2 rose to above 0.93 indicating that, indeed, nonlinear learning and feature extract",1.0,
8bb4ddff0211265df69d2a1be904aa6fb91203a2,10.15396/eres2011_97,Does it matter how far you live from the city centre? A study of apartment values in Vienna,2011.0,,S. Herath,"The explanations provided in the literature for community-level variations in constant-quality house prices vary from urban economics (e.g., distance from the Central Business District) to local public economics (e.g., property tax rate) to urban-amenities theory (e.g., crime rate). This paper examines the impact of distance from the city centre on values of residential apartment units in Vienna. Data on individual owner assessments of apartment value along with other hedonic determinants of housing value is obtained from a popular online database of apartment units available for sale. The three candidates for the location variable include the district in which the apartment units are located, a categorical variable classifying location into three groups -the centre, neighbouring districts and outskirts in addition to estimates of distance from a predefined point in the city centre to the apartment units. The control variables of the analysis include number of rooms, living area, number of the floor, number of bathrooms and toilets, availability of balcony / terrace / elevator / basement and type of flooring in addition to the information if the unit is furnished. The first part of",1.0,https://eres.architexturez.net/system/files/pdf/eres2011_97.content.pdf
9c8d6587b557b39593aa827976492c22b0c47be9,10.37134/geografi.vol13.2.1.2025,"Is There a Premium for Proximity? Assessing the Impact of MRT on Residential Property Prices in Greater Kuala Lumpur, Malaysia",2025.0,Geografi,,"Urban rail transit systems such as the Mass Rapid Transit (MRT) and Light Rail Transit (LRT) can produce a mix of beneficial and adverse effects on nearby communities, particularly for properties in close proximity to the infrastructure. This study focuses on the Sungai Buloh-Kajang (SBK) MRT Line in Greater Kuala Lumpur, Malaysia, and evaluates its influence on residential property values, taking into account both the favourable and unfavourable externalities associated with the transit system. To analyse these effects, a hedonic pricing model was applied to a dataset of residential transactions spanning from 2013 to 2019, encompassing properties situated within a 2-kilometer buffer of the SBK MRT corridor. The analysis accounts for comparable market conditions, income distribution, and housing types. The findings show that while properties near MRT stations generally experienced price increases, especially in middle- and lower-income areas, homes located extremely close to the MRT track in affluent neighbourhoods saw a decline in value. These results suggest that MRT systems can enhance residential property prices, but the benefits vary by location and socio-economic context. The",1.0,https://ejournal.upsi.edu.my/index.php/GEOG/article/download/11594/6278
2a51c09a56a4d199e7429f4cd6c598ae6b00b268,10.1057/s41599-025-05758-z,Reputation matters: residents’ sentiment and housing price,2025.0,Humanities and Social Sciences Communications,Gahyun Choi; S. An; Yena Song; Kwangwon Ahn,"This study examines the potential of using residents’ sentiments as an explanatory variable for housing price appraisal. We construct a text-based sentiment index using a dictionary-based approach and apply it along with a rating score as two proxies for obtaining residents’ sentiment toward their dwellings. To analyze the association between residents’ sentiments (text-based sentiment and rating score) and housing price, we employ hedonic pricing models and machine learning algorithms. Results indicate that the rating score is not a sufficient statistic, and combined use of text-based sentiment and rating score can explain housing prices more effectively. Methodologically, machine learning algorithms (i.e., random forest and extreme gradient boosting) exhibit superior performance over traditional hedonic pricing models in terms of accuracy. We also calculate SHapley Additive exPlanation values to identify the relative importance of each variable and confirm that text-based sentiment and rating score are significant when controlled with hedonic variables. Policymakers can employ the proposed text-based sentiment framework as an additional tool to monitor residents’ sentiment and ad",1.0,https://www.nature.com/articles/s41599-025-05758-z.pdf
b9c20c4429e1d016b294316bc39a3ed11f2625c3,10.70675/a99bdb73zb92fz4fbbz82f6z448ebf2f2c8f,Densités urbaines et analyse économique des choix résidentiels,2016.0,,Marion Girard,"La thèse s’intéresse aux enjeux de maîtrise de la croissance urbaine au travers du modèle de Ville Compacte et de sa caractéristique spatiale clé : la densité. Ce travail de doctorat s’inscrit dans une démarche théorique, méthodologique et empirique. Premièrement, la thèse replace la densité dans les modèles de microéconomie urbaine relatifs aux choix de localisation des agents. Nous identifions ainsi les différents déterminants de la localisation résidentielle (centre d’emploi, aménités, service résidentiel) et analysons l’organisation spatiale – dense ou dispersée – qui en découle. De plus, la thèse ne considère pas uniquement une densité mais des densités urbaines telles des densités de contenu (population, emploi) et de contenant (bâti). Elle met ainsi en évidence divers enjeux méthodologiques associés au traitement et à l’analyse des densités urbaines et propose une mesure plus juste de l’intensité de l’occupation de l’espace, le ratio de densité net. Pour illustrer ces résultats, deux études empiriques portant sur le Grand Dijon sont réalisées. La première consiste en une typologie des quartiers dijonnais qui met en relation les déterminants théoriques de choix de localisatio",1.0,https://theses.hal.science/tel-01557974v1/document
9c0115ba3342b817b4d3a761c6ff652074a31094,10.20944/preprints201910.0160.v1,Green Affordable Housing: Implications of Costs and Benefits for Municipal Incentives,2019.0,,Armin Yeganeh; A. P. McCoy; S. Hankey,"In the year 2017, about 89 percent of the total energy consumed in the US was produced using non-renewable energy sources, and about 43 percent of tenant households were cost-burdened. Local governments are in a unique position to facilitate green affordable housing that could reduce cost burdens, environmental degradation, and environmental injustice. Nonetheless, limited studies have made progress on costs and benefits of green affordable housing to guide decision-making, particularly in small communities. This study investigates density bonus options for green affordable housing by analyzing construction costs, sale prices, and spillover effects for green certifications and affordable housing units. The authors employ construction costs and sale data from 422 Low-Income Housing Tax Credit (LIHTC) projects and 11,418 Multiple Listing Service (MLS) transactions in Virginia. Using hedonic regression analyses controlling for mediating factors, we find that the new construction of market-rate green certified houses is associated with small upfront costs but large and statistically significant price premiums. The construction of market-rate green certified houses has large and statist",1.0,https://www.mdpi.com/2071-1050/11/22/6269/pdf?version=1573193244
fb704039a7cb48f523fc8649b0477ed96bedc7f7,10.1007/s10640-016-0076-5,Improved Methods for Predicting Property Prices in Hazard Prone Dynamic Markets,2016.0,Environmental and Resource Economics,K. de Koning; T. Filatova; Okmyung Bin,"Property prices are affected by changing market conditions, incomes and preferences of people. Price trends in natural hazard zones may shift significantly and abruptly after a disaster signalling structural systemic changes in property markets. It challenges accurate market assessments of property prices and capital at risk after major disasters. A rigorous prediction of property prices in this case should ideally be done based only on the most recent sales, which are likely to form a rather small dataset. Hedonic analysis has been long used to understand how various factors contribute to the housing price formation. Yet, the robustness of its assessment is undermined when the analysis needs to be performed on relatively small samples. The purpose of this study is to suggest a model that can be widely applicable and quickly calibrated in a changing environment. We systematically study four statistical models: starting from a typical standard hedonic function and gradually changing its functional specification by reducing the hedonic analysis to some basic property characteristics and applying kriging to control for neighbourhood effects. Across different sample sizes we find that ",1.0,https://link.springer.com/content/pdf/10.1007%2Fs10640-016-0076-5.pdf
ed1a3097456f6aef513c029e3fd332c82d1401e8,10.4995/carma2020.2020.11410,Investigating the impacts of street environment on pre-owned housing price in Shanghai using street-level images,2020.0,CARMA 2020 - 3rd International Conference on Advanced Research Methods and Analytics,Waishan Qiu; Xiao-Kai Huang; Xiao-Jiang Li; Wen-Jing Li; Zi-Ye Zhang,"Studies considering street environment quality’s impact on housing value were limited to top-down variables such as the green ratio measured from satellite maps. In contrast, this study quantified street views’ impacts on the value of second-hand commodity residential properties in Shanghai based on analysis of street view imagery. (1) It applied computer vision to objectively measure street features from largely accessible street view imagery. (2) Based on the classical urban design measures frameworks, it applied machine learning to evaluate human perceived street quality as street scores systematically, in contrast to the common practice of doing so in a more intuition-based fashion. (3) It further identified important indicators from both human-centered street scores as well as the more objective street feature measures with positive or adverse effects on property values based on a hedonic modeling method. The estimation suggested both street scores and features are significant and non-negligible. For the perceived street scores (from 0-10 scale), neighborhoods with a unit increase in their “enclosure” or “safety” score enjoy price premium of 0.3% to 0.6%. Meanwhile, streets wi",1.0,http://ocs.editorial.upv.es/index.php/CARMA/CARMA2020/paper/download/11410/5731
5f6e2eb7f9f342cbeb5980a0ac894d2a929b99c9,10.3844/ajebasp.2012.172.179,THE IMPACT OF A LETTER OF MAP AMENDMENT ON FLOODPLAIN PROPERTY VALUE,2012.0,,J. E. Larsen,"Substantial empirical evidence indicates properties across the United States that are located within a Special Flood Hazard Area (SFHA) sell at a discount compared to similar properties otherwise located. This result is also true in our sample. Researchers have suggested the price discount equals a combination of the present value of the required flood insurance premiums and the value of uninsurable costs. To identify the portion of the discount applicable to each component, analysts have been required to estimate applicable insurance premiums and to assume a discount rate. The present paper presents a methodology that does not require these prerequisites, but still enables separation of the discount into the two components. in the united states, the federal emergency management agency sometimes issues a Letter of Map Amendment (LOMA), which exempts a property from the requirement that it be insured against flood damage as a prerequisite to the owner obtaining a federally-related mortgage loan. Therefore, any price difference between non-LOMA SFHA properties and similar properties outside the SFHA should continue to equal the sum of the two components and any significant price diff",1.0,https://doi.org/10.3844/ajebasp.2012.172.179
c98a43acf9eb55645cbcf1d65650ddce2b8ab2c6,10.1007/s00181-022-02310-9,The social value of a ridesharing platform: a hedonic pricing approach,2022.0,Empirical Economics,Yongwook Paik; C. Makridis,"Governments around the world have been facing the challenges of regulating the ever-increasing prevalence of ridesharing platforms, leading to a proliferation of academic and policy debates about the social value of such platforms. However, the overall social value is still unclear because when analyzing the net benefit provided by ridesharing platforms, prior studies have focused on either supply side (i.e., drivers) or demand side (i.e., passengers) users without considering nonusers. Conversely, some studies that have considered the spillover effect of a ridesharing platform on nonusers have not simultaneously considered the net benefit for users. In this study, we propose that a hedonic pricing model can be used as a reasonably straightforward approach to collectively quantify the social value of a ridesharing platform for both users and nonusers. Using this approach, we exploit plausibly exogenous variation in the staggered entry of Uber into different metropolitan areas between 2010 and 2016 and find that the entry of Uber leads to, on average, a 2.8% increase in median housing prices per square foot within a metropolitan area. We also find that there is substantial spatial h",1.0,https://link.springer.com/content/pdf/10.1007/s00181-022-02310-9.pdf
2be4006f0b302e4ebcd8d8b1375eae052efe586d,10.1007/s43621-026-02714-y,Place oriented human settlement value assessment in the world heritage Trang An landscape complex,2026.0,Discover Sustainability,Duyen Nhat Lam Tran; Han Thuc Tran; A. Hoang; H. V. Nguyen; Chi Cam Nguyen; T. Nguyễn; Trinh Thi Tuyet Nguyen,"This study evaluates and explores the impact of heritage designation on human settlement values within the Trang An Landscape Complex, a UNESCO World Heritage site in Ninh Binh province, Vietnam. Employing a place-oriented hedonic price model alongside spatially sensitive methods such as Geographically Weighted Regression and Monte Carlo simulation, the study evaluates how heritage status influences property values across core, buffer, and surrounding zones of the complex. Through a comprehensive survey of 307 households, the analysis incorporates structural attributes, locational factors, human perceptions, and mobility-related variables, reflecting both tangible and intangible influences on settlement value. The total human settlement value of the Trang An landscape complex is approximately 95.04 billion USD. Findings indicate that properties in proximity to cultural and natural landmarks exhibit higher values, emphasizing the economic importance of heritage preservation in supporting local economies. Furthermore, perception variables related to community cohesion, education quality, and environmental health demonstrate significant impacts, highlighting residents' appreciation fo",1.0,https://doi.org/10.1007/s43621-026-02714-y
e4c2026ce7cfcd85400e73fbb18cd675b84074b2,10.1057/s41599-025-06153-4,Asymmetric impacts of artificial intelligence on housing price valuation across education levels,2025.0,Humanities and Social Sciences Communications,S. An; Yena Song; H. Jang; Kwangwon Ahn,"This study examines the scenarios under which asymmetric estimations can arise from employing artificial intelligence (AI) models to assess housing prices. Advances in the pricing instrument effectively tackle the inherent nonlinearity issue in relevant datasets, and AI technologies have demonstrated superior predictive power compared with traditional approaches. However, AI models may penalize minority groups against the majority in a social manner. We empirically explore the potential negative externalities, specifically the asymmetric estimations that can arise across social groups when using machine learning technology to assess housing prices. Our findings highlight three notable observations. First, education levels are significantly and positively associated with housing prices. Second, AI models can appraise housing prices more precisely compared with conventional hedonic models. Finally, AI models tend to overestimate the housing prices of well-educated groups and underestimate those of less-educated groups. These results indicate that AI models improve the predictive power of price assessments; however, indiscriminate adoption and application of AI-based predictions may a",1.0,https://www.nature.com/articles/s41599-025-06153-4.pdf
cd76ab2433f7053a4f62722b0b2d4747c865e092,10.1080/12265934.2019.1592696,Impact of one-person households on detached housing sales prices,2020.0,International Journal of Urban Sciences,Y. Oh; Hyun Seok Lee,"ABSTRACT A considerable number of single-person households in Korea belong to the vulnerable social group, and as of 2015, more than 50% of them are showing a characteristic of being concentrated in a dilapidated detached dwelling which was subdivided into a small unit; in this context, the movements of the detached house market, and its development potential are directly connected to the residential stability problem of a single-person household. The purpose of this study is to diagnose the residential problem of a single-person household trough the empirical analysis of the relationship between detached housings sales prices in housing sales market and one-person households. After analysing the detached housing sales data in Seoul, it was verified that the SPAR (Sales Price Appraisal Ratio) of the area heavily resided by one-person households was statistically significantly high compared to other areas. In order to verify whether this positive correlation is established in case of total age groups of one-person households, or even in case of a transactions motive for reconstruction, the multiple regression analysis by using the hedonic model was implemented. As a result, the posi",1.0,
1701df10993c1e9490bcb78cb4cfe10dadd78def,10.3390/buildings16071428,Responsible Property Investing in Emerging Cities: A Hedonic Price Study of Thailand’s Condominium Market,2026.0,Buildings,Kongkoon Tochaiwat; Thidarat Kridakorn Na Ayutthaya; Than Dendoung; N. Phichetkunbodee; D. Rinchumphu,"This study investigates whether Responsible Property Investing (RPI) attributes are capitalized into condominium prices in the Bangkok Metropolitan Region. An integrated analytical framework combining Exploratory Factor Analysis (EFA) and a log–log Hedonic Price Model (HPM) was applied to a dataset of 187 condominium units derived from Environmental Impact Assessment (EIA) reports and market data. The results indicate that traditional determinants remain dominant. Unit characteristics, particularly spatial quality (β = 0.530) and interior decoration (β = 0.244), exhibit the strongest positive effects, while building amenities also contribute positively (β = 0.260). In contrast, building density (β = −0.168) and location-related distances, including transport accessibility (β = −0.323), negatively affect prices. Most RPI-related attributes are not statistically significant. Only sustainable technology (R4) shows a significant but negative effect (β = −0.206), reflecting heterogeneous valuation. These findings suggest that sustainability features are valued primarily when their benefits are directly observable, while other attributes remain weakly perceived due to information asymmet",1.0,https://www.mdpi.com/2075-5309/16/7/1428/pdf?version=1775223571
5b1474c696f92c70b9414b7debe7fbb6f89215b2,10.31357/icremv.v5.5638,DOES PROXIMITY TO WATER BODIES IMPACTS MARKET VALUES OF RESIDENTIAL PROPERTIES? CASE STUDY OF DIYAWANNAWA LAKE AREA,2022.0,Proceedings of International Conference on Real Estate Management and Valuation,J. G. L. D. Pathmasiri; T. Perera,"This study examined the impact of water bodies with a scenic view on residential property values around Diyawannawa lake located within Sri Jayewardenepura Kotte Municipal council (a suburban area of Colombo district). The study employed both primary (structural and environmental data related to properties, different types of benefits generated from waterbodies) and secondary data (market evidence) whilst the data analysis included content analysis and a regression analysis (hedonic pricing model). Water bodies with scenic views generate multiple utilities for residents such as observing nature, relaxation, and playing, pleasant views, appreciation of colour and sounds, relationships with family members and neighbors, a place to exercise and cycling, stress relief likewise. According to the study, between 2019-2020, a residential property with a scenic view of 600 or more to Diyawannawa Lake had a premium market value of Rs. 803,433.05 compared to other properties. Furthermore, the residential properties one meter away from such water body showed a decrease in market value of Rs. 23049.65. These findings will raise awareness on the benefits of water bodies with scenic views and it ",1.0,http://journals.sjp.ac.lk/index.php/icremv/article/download/5638/4191
d7f18fd1f46552a0d1f067383d835e1eb8e954bb,10.3846/ijspm.2019.8050,HEDONIC ANALYSIS OF FACTORS AFFECTING SALES PRICE OF FLATTED FACTORY UNITS: EVIDENCE FROM KOREA,2019.0,International Journal of Strategic Property Management,Sae-joon Oh,"Recently flatted factories have drawn attention as investment goods from developers and investors. The strengths and merits of these investments are that they are low priced and less strictly regulated. The purpose of this study is to empirically analyse the factors affecting the price of flatted factories by using the real transacted sales prices of 785 flatted factory units in Seoul and Gyeong-gi Province, Korea. A Hedonic Price Model (HPM) is employed for the study. The result finds that the price of flatted factories is affected by various factors: Location, Property, and Unit characteristics. In addition, the result outlines that flatted factories have commercial and industrial characteristics of both office buildings and factories. The result confirms that flatted factory price is affected by both industrial transportation accessibility and local transportation convenience. It also finds that property characteristics, such as gross area, age of the building, ratio of amenity facilities, core location, and parking space count are significant factors affecting the value. Moreover, the availability of floor level and two balcony unit types significantly relates to the price. Bas",1.0,https://doi.org/10.3846/ijspm.2019.8050
ccd54fa359a4327155cb94498d8f75de881dea42,10.29244/medkon.26.2.139-146,THE ECONOMIC VALUE OF GREEN OPEN SPACE AREA IN MEDAN BASED ON TYPE OF LAND USE,2021.0,Media Konservasi,Mona Fhitri Srena; R. Hermawan; Bahruni,"Medan City which is the capital of North Sumatra Province has many environmental problems, so it requires the existence of green open space could ameliorate microclimate. Air temperature and humidity as part of the microclimate element affect the level of comfort that will ultimately affect quality the of society. It is necessary to quantitatively calculate the economic value of the urban forests so that their existence is considered a need for the city. This study aims to estimate the economic value of green open space based on biotic, physical, and social factors in residential areas, business and office areas, and industrial areas in Medan City. The research was conducted in Cadika, Beringin, and Maharani green open spaces. The research data was collected during December 2020-February 2021. The data analysis method is using multiple linear regression analysis. The result showed quantitatively through the green open space temperature humidity index value it falls into the uncomfortable category (THI>26) but qualitatively by perception visitors and communities that urban forests are comfortable. Total WTPs from green open space visitors with a visiting period which is valued at Rp",1.0,https://journal.ipb.ac.id/index.php/konservasi/article/download/36943/22381
f3054a792fbb03955b20058da2051edf010842ce,10.26438/ijcse.v14i4.7363,Statistical Analysis of Residential Property Valuation: A Data-Driven Study of Housing Market Determinants,2026.0,International Journal of Computer Science and Engineering,R. Kamathe; Akshata Lembhe; Seema Dokrimare; V. Dubey; Arati Dange,"This study presents a comprehensive statistical analysis of residential property valuation using a dataset of 1,00,040 housing records from the Pune metropolitan region. The research investigates relationships between property characteristics and market prices through descriptive statistics, correlation analysis, regression modeling, and inferential testing, following frameworks established in prior hedonic and econometric studies. Key variables examined include property size (square footage), structural features (bedrooms, bathrooms), construction year, garage availability, and geographical location across five major areas. Statistical analysis employed multiple linear regression, ANOVA, and t-tests to identify significant price determinants.Results reveal weak correlations between individual property features and prices, with the multiple regression model achieving an R² of -0.0001, indicating that traditional structural characteristics poorly predict housing values in this dataset. ANOVA analysis shows no significant price differences across geographical areas (p=0.40), while t-tests indicate no significant price premium for garage availability (p=0.47). The study challenges con",1.0,https://ijcseonline.org/index.php/j/article/download/7363/7319
4abb83f3b58c0956a69e2e2f0a0217ba33aa3eac,10.1371/journal.pone.0336375,Property attributes influencing profitability before and after conversion of vacant long-term rentals to short-term rentals,2025.0,PLoS ONE,Kentaro Murota; Yangcheng Gu; Xiaorui Wang; Daisuke Matsushita,"In Japan, the growing number of vacant housing units has become a pressing issue, and an increase in inbound tourism has led to accommodation shortages and rising lodging prices. Converting long-term rentals (LTRs) into short-term rentals (STRs) has emerged as a practical solution; however, empirical evidence on which property attributes are best suited for such conversions remains limited. This study identified the physical and locational attributes of vacant LTRs in Tokyo’s 23 wards, which contributed to improved profitability following conversion. Using an open dataset of 7,772 Airbnb listings from 2024, we developed a hedonic pricing model to estimate rates based on floor area, distance to the nearest station, station ridership, nearby tourist attractions, and administrative districts. The model was applied to 20 930 LTR properties to estimate the profit ratio before and after conversion and identify favorable attributes. Higher STR profitability was linked to lower pre-conversion rent, proximity to high-ridership stations, and locations near many tourist attractions within 10 km, especially in wards near transport hubs (e.g., Setagaya, Shibuya, Meguro, Shinagawa, and Shinjuku)",1.0,https://doi.org/10.1371/journal.pone.0336375
f0cc9b2effae1ea7c95822379df21e9f9ef26336,10.20448/journal.501.2020.72.115.125,Effects of High-Voltage Overhead Power Lines (HVOPLs) on Residential Property Prices,2020.0,Asian Journal of Economics and Empirical Research,W. M. Jayantha; L. Abeydeera,"Research findings on the effects of high-voltage overhead power lines on values of neighborhood properties remain inconclusive and inadequately explored. This study aims to investigate the effects of HVOPLs on market values and sale-prices of residential properties in the vicinity. The empirical results based on a hedonic price model show that HVOTLs impart a significant negative effect on nearby residential properties. Results show that affected properties are selling at a discount price compared to properties without the influence of HVOPLs. The market value of a residential unit located within physical distance of 300-meters of power-lines, and pylon, are on average, 34.2% and 18% lower than comparable properties, respectively. Furthermore, results suggest that it is the physical distance to HVOPL structures that accounts more for the value diminution compared to the visual impact of the structure. The results imply that the market value of properties adjacent to HVOPL corridors is reduced significantly. This discourages potential property buyers. The study contributes to the knowledge in two-ways: (i) it shows the greater impact of HVOPLs on property prices with a larger reduct",1.0,http://www.asianonlinejournals.com/index.php/AJEER/article/download/1633/1504
a91dae120a602a96b6eee24365e149533ab40908,10.1108/pm-09-2025-0130,Determinants of apartment rental prices in Nairobi metropolitan area: a hedonic pricing analysis of an emerging urban market,2026.0,Property Management,E. K. Museleku,"
 
 This study aims to identify the key factors affecting apartment rental prices in emerging urban markets such as the Nairobi metropolitan area (NMA), to facilitate improved investment, portfolio management decisions and policy development.
 
 
 
 The paper uses a case study approach to analyse recent apartment lettings and apartment features in the NMA. A sample of 262 transactions was analysed using the hedonic pricing model. The data were collected between April and July 2025.
 
 
 
 The study identified apartment size, location, provision of a gymnasium, availability of an electricity backup generator, number of bedrooms and the age of the apartment as key determinants of apartment market rent in the emerging urban housing market of the Nairobi metropolis.
 
 
 
 The findings of this paper can be utilised by property investors, developers, valuers, managers, architects, urban planners and policymakers to inform their decisions. This information supports investment decisions by developers and landlords, guides rent-setting and valuation practices for property managers and informs planning and infrastructure decisions by policymakers. However, the results are specific and based",1.0,
a3febafea673778a98dc36f7ff2a1b3c41afce40,10.3390/su16041498,"The Economic Effects of Stormwater Best Management Practices (BMPs) on Housing Sale Prices in Washington, D.C",2024.0,Sustainability,Boyoung Park; B. Kweon,"This study aims to investigate the economic effects of stormwater best management practices (BMPs) on housing sale prices in Washington, D.C., BMPs play a significant role in mitigating multiple threats, such as water pollution, soil erosion, and property damage. While studies on the economic value of BMPs were limited, literature addresses that housing sale prices can be affected by nearby stormwater BMPs. This study addresses the following research questions: Do stormwater BMPs positively impact housing sale prices? How do proximity and number of structural BMPs affect the housing sale prices? We used the hedonic pricing method by applying multiple linear regression models to determine whether a set of independent variables significantly improved the models. Our primary findings indicate that BMPs have positive, negative, or no effects on housing sale prices. The proximity of BMPs inside of parks increased housing sale prices in all buffers. In contrast, the proximity of BMPs outside of parks and impervious roads decreased housing sale prices in all buffers. Percent tree canopy coverage negatively linked to a 50 m buffer and had no relationship with other buffers on housing sale ",1.0,https://www.mdpi.com/2071-1050/16/4/1498/pdf?version=1707488429
752ee566c7ead58aaf214b6b2c181a7ccf44b8a9,10.48550/arxiv.2512.24834,GenZ: Foundational models as latent variable generators within traditional statistical models,2025.0,arXiv.org,Marko Jojic; Nebojsa Jojic,"We present GenZ, a hybrid model that bridges foundational models and statistical modeling through interpretable semantic features. While large language models possess broad domain knowledge, they often fail to capture dataset-specific patterns critical for prediction tasks. Our approach addresses this by discovering semantic feature descriptions through an iterative process that contrasts groups of items identified via statistical modeling errors, rather than relying solely on the foundational model's domain understanding. We formulate this as a generalized EM algorithm that jointly optimizes semantic feature descriptors and statistical model parameters. The method prompts a frozen foundational model to classify items based on discovered features, treating these judgments as noisy observations of latent binary features that predict real-valued targets through learned statistical relationships. We demonstrate the approach on two domains: house price prediction (hedonic regression) and cold-start collaborative filtering for movie recommendations. On house prices, our model achieves 12\% median relative error using discovered semantic features from multimodal listing data, substantial",1.0,
b1d2685cc79cef4b4b838a23d675db1328d61ee4,10.2478/remav-2024-0014,Are Hedonic Models Really Quality-Adjusted? The Role of Apartment Quality in Hedonic Models of Housing Rental Market,2024.0,Real Estate Management and Valuation,Michał Hebdzyński,"Abstract In micro-level data concerning the housing market, the apartment quality may be signaled via textual statements or the attached descriptions/photos. It may be done using hard information related to the easier-to-measure structural characteristics or soft information related to the apartment condition and design - soft quality. This paper checks whether the choice of the approach to handling the issue of soft quality of apartments influences the properties of hedonic models and the course of hedonic rent indices. The study shows that hedonic models that account for soft quality have better statistical properties than those without soft-quality-related variables. Among them, the models that include the information on quality extracted from descriptions of apartments prove to be the best. Still, considerable differences in the indicated course of hedonic rent indices have not been detected. However, the paper concludes that utilizing information on apartments’ soft quality may be crucial to understanding the market adjustment process to economic shocks. It has been proven that the price reaction of the Poznań (Poland) rental market to the COVID-19 pandemic and the Russian agg",1.0,https://doi.org/10.2478/remav-2024-0014
c62b767b279fcecc2db8dbd75bd87d923bd01b26,10.1177/0361198119857954,Local Influences on Zonal Rents in Alberta: Implications for Integrated Modeling,2019.0,Transportation Research Record,J. Hunt; A. Silva; J. Abraham,"A hedonic price model was estimated for residential developments in the province of Alberta in Canada. The model is designed to be used with the Production, Exchange and Consumption Allocation System (PECAS) land use modeling framework, which forecasts future development patterns on each parcel based on developer return-on-investment functions, allocates households and jobs, and calculates economic benefit measures. In PECAS, base year rents by land use zone (LUZ) are a calibration target, while future rents by LUZ are calculated in a bid-rent allocation, so the estimation separates out local effects from neighbourhood (LUZ) effects. Local effects include proximity to busy collectors, light rail transit (LRT) stations, schools, and amenities such as parks, as well as local road and off-road access to the nearest network link. A non-linear treatment was required to separate out the value of land from the value of space, especially on large parcels at low intensities of development. A Bayesian approach was used to 1) incorporate prior knowledge from previous PECAS work in the U.S., and 2) to provide a model that can forecast future prices on any parcel in Alberta, even in areas where",1.0,
9bc03621995f587a66cc1c9d17f23d3b4c116999,10.1177/03611981251393236,Capitalization Effects of Transport Infrastructure on Public Housing Prices during the Recession: Evidence from Hong Kong,2025.0,Transportation Research Record,Lin Deng,"This study aims to examine the capitalization effects of transportation infrastructure on public housing prices during economic downturns through a case study of Hong Kong’s 2017–2019 recession. The transaction records of public housing before and after the recession are collected and comparatively analyzed. Transportation accessibility is measured in two ways: continuous variables (distance) and dummy variables (whether within a distance threshold or not). The hedonic pricing models are estimated using both ordinary least squares (OLS) for initial estimation and two spatial econometric models, that is, the spatial error model (SEM) and the spatial lag model (SLM), for addressing spatial dependencies. Results show that proximity to transportation infrastructure significantly increases public housing prices. (Public housing, unlike private housing, is typically designed for low-income homebuyers.) Metro stations, bus terminals, and high-speed rail stations are preferred, while airports have a negative impact on prices because of noise and remoteness. The positive capitalization effect of metro stations decreases during the recession, while the positive impact of bus terminuses incre",1.0,
e1b44941a0d59a0ba33dc85660a7305568feae7f,10.3846/ijspm.2024.22606,"Assessing the economic premium of additional elevator: PSM hedonic analysis in Beijing, China",2024.0,International Journal of Strategic Property Management,Zhao-Wen Zhang; Yihua Mao; Yueyao Shui; Ru-Yun Deng,"Although many Chinese cities have made remarkable progress in promoting age-friendly housings, few empirical studies related to the premium price of housings with additional elevators installed have been reported. In this study, we constructed propensity score matching–hedonic price models as well as quantile–hedonic models to assess the impact of adding elevators on housing prices. This study concludes: (1) The impact of additional elevators on housing prices varies depending on the floor level. (2) Single-facing and older housings are more likely to be negatively affected by the addition of elevators, and this interaction increases with floor level. (3) Adding an elevator reduces the price of low-priced housings on low floors and raises the price of high-priced housings on low floors, while for middle-floor and high-floor housings, the premium increases with the price of the housing. (4) Compared with the commercial community housings, the elevator premium of the affordable community housings is higher. Our findings provide an important reference for local governments to formulate appropriate charging and compensation mechanisms for adding elevators to multistory housings to prom",1.0,https://journals.vilniustech.lt/index.php/IJSPM/article/download/22606/12580
26dcb8068acfb3de3bfbaa369d249b0cd3e98d18,10.1111/jors.70044,Housing Prices and Segregation: The Case of Social Frontiers,2025.0,Journal of Regional Science,Alexander J. W. Myatt; Urban Lindgren; Liv Osland,"
 
 Residential segregation has become an increasingly prevalent feature of many European cities. This paper studies a special type of residential segregation—known as a
 social frontier
 —which arises from abrupt spatial divisions between the population composition of different neighboring groups. Although related “borders models” have been previously studied, both theoretically and empirically, the current work presents the first attempt to quantify the capitalization of social frontiers into housing prices by using the hedonic approach. While prior studies have used arbitrary measures and limits to distinguish between neighborhoods, the current study combines a Bayesian spatial conditional autoregressive model with Norwegian register data to identify ethnic social frontiers in the Oslo travel‐to‐work area, before applying hedonic modeling to individual house sale transaction data in the region. In this way, social frontiers have been identified in the study area, and results show that these frontiers are locally capitalized in housing prices. The paper's main result comes in the identification of price gradients that manifest themselves asymmetrically as one moves towards (or aw",1.0,
547fe59254c85332e56bb8e50dcc7e2da194a53c,10.1111/1540-6229.70046,The effect of nearby listings on house sale prices in Sydney: A spatio‐temporal regularization approach,2026.0,Real Estate Economics,Willem P Sijp; Meng-Heng Li,"
 We estimate the price impact of very nearby concurrently listed properties in the Sydney housing market and assess their competition effects. We apply a hedonic model with spatiotemporal effects regularized via a graph Laplacian prior at the month‐by‐SA2 regional level to seven SA4 subregions of metropolitan Sydney. The model structure enables localized identification of the effect of nearby active listings, while controlling for local trends in a data sparse environment. We find that an additional active listing within 250 m reduces the sale price by 0.5%–1.3%, of which 0.3%–0.9% reflects the estimated competition effect when compared to the impact of listings further away. In contrast, nearby listings that have been settled show no consistent effect, highlighting that the price discount arises from buyer perceptions of competing alternatives during the active sale window, rather than supply conditions. The effect is strongest in middle‐tier regions such as Parramatta and Blacktown, and weaker in the inner core and outer fringe. These findings are relevant to sellers and agents, as very nearby competing listings that are active at the time of sale arise in 10%–25% of cases in Sy",1.0,https://doi.org/10.1111/1540-6229.70046
a91b2c8c0e5c5265397ac8daae2eefd62128eaa4,10.1080/00036846.2025.2547105,The spatial effect of airport proximity on house prices: a quantile regression analysis for the New Zealand market,2025.0,Applied Economics,Graham Squires; T. Ngo; Michael McCord; Daniel Lo; Xue-Qi Wang,"ABSTRACT This study contributes to understanding the link between the housing market and airport location proximity, whilst examining the entirety of the house price distribution. The research investigates this association across four key urban areas within New Zealand proximal to an international airport – Auckland, Wellington, Christchurch, and Queenstown. Applying hedonic and quantile regression, the analysis reveals that proximity to airports on house prices has a heterogeneous pricing effect. Results show that distance comprises a positive pricing effect within Auckland and Christchurch, whereas in Wellington and Queenstown the pricing effect is negative. The quantile regression findings further revealed differences between lower and higher priced properties value, given distance and proximity to airports within each city region. The Christchurch region reveals contrasting findings, showing there to be a higher positive pricing effect for higher-priced housing, which gradually decreases when moving down the quantiles. It is argued that this higher positive pricing for higher priced properties is due to particularities in the housing market close to Christchurch Airport.",1.0,https://doi.org/10.1080/00036846.2025.2547105
bdeeb38caedfbc61fda17c8d3855915b36fcb46e,10.30541/v17i4pp.479-494,A Note on Hedonic Price Estimation of Urban Residential Services. A Case Study of Rawalpindi City,1978.0,,Jahan Zeb Manan,"A prerequisite for planning in the housing sector, be it urban renewal in slum areas or public provision of housing for the urban poor, is the availability of some indices of consumer preferences regarding the various housing services consumed by them. Such information facilitates decision-making as regards the size, and quality of dwellings which 'best' meet the needs of the urban poor. This study estimates the market prices (marginal valuations) of the various housing services consumed by urban households in Rawalpindi City. This is done by regressing rent/imputed rent of the residential units on the different characteristics embodied in the various units. The analysis indicates that the quantitative variable (number of rooms) explains a significant proportion of the variance in the dependent variable (rent/imputed rent). The qualitative variables (electricity, drinking water, garbage disposal and sanitary facilities, type of structure of house); when included in the model contribute significantly to the explained variance in the dependent variable. The analysis reveals (and 'quantities') consumer preference for housing services.",1.0,https://doi.org/10.30541/v17i4pp.479-494
28fd8140cfc928298ce0dcc59bc4a1264ace9c6c,10.1007/s00181-026-02894-6,Exploring the quantitative impact of medical marijuana dispensaries on residential sale prices in Oklahoma,2026.0,Empirical Economics,Joshua Clark; Michael S. Delgado,"
 Medical marijuana was legalized in Oklahoma as recently as 2018, and since then Oklahoma has rapidly grown to have the largest number of medical marijuana dispensaries of any states in the USA. What have been the impacts of this rapid proliferation of legalized medical marijuana? We use a hedonic pricing model to assess how legalized marijuana dispensary activity (both distance to the nearest dispensary and the number of nearby dispensaries) has impacted residential property values. The dataset spans six different counties from across the State of Oklahoma, and we explore a variety of different regression specifications to rigorously explore the effects of dispensary activity on local residents. While we find evidence of some heterogeneity in the dispensary effects, one broad finding is that residents prefer not to live in immediate proximity to a dispensary but prefer access to dispensaries moderately distanced from their home. Understanding these broad trends and the localized heterogeneity in effects are important for residents and policymakers alike in Oklahoma and in other states that may be considering similar legislation.",1.0,https://link.springer.com/content/pdf/10.1007/s00181-026-02894-6.pdf
d7a86192c4d3bb372d11eb3caf7dcb8ffd932549,10.1201/9781003027379-32,The effect of Movida on residential property prices: An example from Turin,2020.0,"Pedestrians, Urban Spaces and Health",E. Ottoz; P. Pavese; L. Sella,"Hedonic regression technique has often been used to study the effect of road, railway and airport noise on property prices. However European cities are experiencing a particular type of noise pollution originated by nighttime recreational activities mainly located in the city centers, the so called “Movida”, which hasn’t been properly investigated yet. The aim of the paper is to examine the effect of recreational noise on residential property prices. We used an original highly detailed housing transactions dataset from the City of Turin covering the period 2017 to 2018 and built an indicator of recreational noise based on the proximity of dwellings to the night recreational activities. The results obtained employing hedonic modelling show that the adverse environment for an apartment located in a “Movida” district will result in a lower market value as compared to an apartment with similar characteristics, except for recreational noise. This occurs because potential buyers reduce their demand, as they discount present value of the costs of annoyance, loss of tranquility and health effects due to sleep deprivation.",1.0,https://api.taylorfrancis.com/content/chapters/edit/download?identifierName=doi&identifierValue=10.1201/9781003027379-32&type=chapterpdf
d7b6854d623475c6c44af1cc66a293a66f99c4d7,10.21837/pm.v19i17.1020,A REVIEW OF SPATIAL ECONOMETRICS IN EXPLICIT LOCATION MODELLING OF COMMERCIAL PROPERTY MARKET,2021.0,PLANNING MALAYSIA,Hamza Usman; Mohd Lizam; B. Burhan,"‘Location, location, location’ is a real property parlance mostly used to describe the influence of location in the property market. Location is mainly considered as the most significant influencer of commercial property prices. Location is modelled traditionally using hedonic pricing model by either proxy location dummies or distances relative to other neighbourhood features. This was shown to be inadequate due to spatial autocorrelation and heterogeneity inherent in spatial data, which jeopardises the estimates' consistency. Consequently, spatial econometrics is used to explicitly model location into property pricing by controlling spatial effects of autocorrelation and heterogeneity. Housing studies dominate the use of this approach with limited application in the commercial property market. This paper reviewed spatial econometrics and found that the commercial property market exhibits significant spatial dependence and heterogeneity. Accounting for such effects improves model accuracy significantly. It, therefore, recommends increase use of spatial econometrics in commercial property market modelling.",1.0,https://doi.org/10.21837/pm.v19i17.1020
94ac6b90bde1be98448bce61dfdec2880ca916ed,10.1111/grow.70043,"Can the Disclosure of Enrollment Warning Information Really Reduce the Price of School District Housing? Evidence From a Natural Experiment in Hangzhou, China",2025.0,Growth and Change,Yue Xiao; Yun-Qin He; Haizhen Wen,"In the context of the nearby enrollment policy in China, parents’ pursuit of good educational resources has driven up the prices of school district housing. Concerning this situation, the Education Department of Zhejiang Province released the enrollment warning information for primary schools in October 2018. This information disclosure aims to guide parents to purchase housing rationally by publishing the lists of schools exceeding their enrollment capacity. Despite the policy’s practical meaning, its impact remains underexplored. Using Hangzhou, China as the study area, the current study quantitatively analyzes the effectiveness of enrollment warning disclosure through the housing market. With housing transaction data from 2018 to 2019, the study constructs the hedonic price model, difference‐in‐differences model, and quantile regression model to identify both average and heterogeneous effects. The results indicate that school quality is significantly capitalized into housing prices and the disclosure of enrollment warning information intensifies price differentiation between warning and non‐warning primary school districts. In particular, the high‐priced housing market is more s",1.0,
df5b3f6705a5c71db2adbcc4aa83368f34a942dd,10.2139/ssrn.3520600,The MARS Algorithm in the Spatial Framework: Non-Linearities and Spatial Effects in Hedonic Models,2020.0,Social Science Research Network,F. López; Konstantin A. Kholodilin,"Multivariate Adaptive Regression Spline (MARS) is a simple and powerful non-parametric technique that automatizes the selection of non-linear terms in regression models. Non-linearities and spatial effects are natural characteristics in numerous spatial hedonic pricing models. In this paper, we propose using the MARS data-driven methodology combined with the Instrumental Variables method in order to account for potential non-linearities and spatial effects in hedonic models. Using a large data set of more than 6,000 dwellings in Hamburg and about 17,000 in St. Petersburg, we confirm the presence of both effects (non-linearities and spatial autocorrelation). The results also show that there is a non-linear effect of the prices of neighboring houses on the price of each house. High prices for neighboring houses have a lower impact on the house price than low prices of neighboring houses. Finally, an extensive Monte Carlo exercise evaluates the ability of MARS to incorporate the correct spatial spillover terms in spatial regression models simultaneously including at same time non-linear effects.",1.0,https://doi.org/10.2139/ssrn.3520600
6ae7a44769e1c434ed0b69f49a62bca7496a80ac,10.1007/s00181-020-01862-y,Higher frequency hedonic property price indices: a state-space approach,2020.0,Empirical Economics,R. Hill; A. Rambaldi; Michael Scholz,"The hedonic imputation method allows characteristic shadow prices to evolve over time. These shadow prices are used to construct matched samples of predicted prices, which are inserted into standard price index formulas. We use a spatio-temporal model to improve the method’s effectiveness on housing data at higher frequencies. The problem is that at higher frequencies, there may not be enough observations per period to reliably estimate the characteristic shadow prices. In such cases, the reliability of the hedonic imputation method is improved by using a state-space formulation which yields estimates of the shadow prices that are weighted sums of previous periods’ information. In addition, the state-space representation of the model includes a geospatial spline surface which significantly reduces the number of parameters to be estimated when compared to the standard practice of including postcode dummies in the model. Empirically, using a novel criterion, we show that in higher frequency comparisons, our hedonic method outperforms competing alternatives.",1.0,https://link.springer.com/content/pdf/10.1007/s00181-020-01862-y.pdf
2c84ae6b9d74bcd1242ba41f41311a6bcb2f214f,10.21837/pmjournal.v17.i9.580,Volume 17 : 2019 Issue 1,2019.0,PLANNING MALAYSIA JOURNAL,Mip Malaysia,"The Hedonic Model, a traditional method for forecasting house prices has been criticised due to nonlinearity, multicollinearity and heteroskedasticity problems, which were argued to affect estimation accuracy. Unlike the Hedonic Model, the Artificial Neural Network Model (ANN), permits nonlinear relationships and thus avoids the problems plaguing the Hedonic Model resulting in superior forecasting performance. Despite these advantages, attempts to model house prices using ANN are limited in geography and data thus besetting the usefulness of the results. To address the research gap, this paper aims to establish such a new model using ANN in forecasting house prices. A sample of double-storey terraced houses transacted in Johor Bahru are analysed using ANN. The findings illustrate a superior forecasting performance for ANN through high values of goodness of fit and low values of errors. This paper adds to the house price modelling literature and provides new knowledge to both academics and practitioners.",1.0,https://www.planningmalaysia.org/index.php/pmj/article/download/580/448
7bcc3c2e716090b48dbe3b66ff962a1595e957f8,10.15793/kspr.2008.58..012,The Estimation of Spatial Effects of the Office Rent in Seoul,2008.0,,윤경 허; 성진 김,"This study analyzed the spatial effects on office rent in three representative regions in Seoul (CBD, Gangnam, and Mapo/Ysouido) using three autocorrelation models (SEM, SLM, and SAC) as well as the hedonic model (traditional OLS). The results of this study show that SEM is more suitable than the typical regression model (OLS) for office market analysis. Moran's I coefficient which can presume the spatial effects represented the spatial dependence. The strongest spatial dependence was observed in CBD, followed by Mapo/Yeouido and Gangnam. It is caused by the difference between the rent level and the spatial density rate. But this spatial effects of office market in Seoul were weak as compared with that of housing market because of supplier's market that the rent is decided by suppliers of office, so far. Despite the drawback that the analysis is unable to control the effects of omitted-variables completely, it is a meaningful study dealing with the spatial effects of office market in Seoul.",1.0,https://doi.org/10.15793/kspr.2008.58..012
7c972a13fbe9c709b98ba3cbbe47815485eabe8e,10.3390/su141811683,"Endogenous, Regime-Switching Hedonic Estimation of Commercial Waterway Water Quality Impact on Home Values in the Alabama Black Belt",2022.0,Sustainability,Ermanno Affuso; J. R. Cummings; D. A. Beebe; S. Schultze,We are the first researchers to investigate the impact of the water quality of a commercial marine waterway on the housing market. We use housing data for properties in proximity to the major waterways and minor tributaries of the Gulf Intracoastal Waterway in the Alabama Black Belt. Research shows a positive relationship between water quality and the value of waterfront properties. We use waterway impairment as a proxy to measure water quality to conduct a counterfactual analysis based on a unique endogenous regime-switching hedonic price model. We find significant empirical evidence that properties in proximity to the Black Belt’s major waterways could depreciate by approximately 22% compared to the counterfactual case of properties located on or near minor tributaries. A possible implication might be that homeowners prefer properties on or near minor tributaries of the Alabama Black Belt because of perceptions that the water quality is better than on major commercial waterways.,1.0,https://www.mdpi.com/2071-1050/14/18/11683/pdf?version=1663407542
dad0de4c11bf8d8fedf0f44c724061d649352002,10.1111/jors.70065,The Cost of Convenience: A Hedonic Approach to Travel Time Valuation and Cost‐Benefit Analysis,2026.0,Journal of Regional Science,Isaac Mann; D. Levinson,"
 This paper presents a novel revealed‐preference approach to estimating the value of travel time (VTT) and calculating consumer surplus for the economic evaluation of transport infrastructure. Departing from traditional stated‐preference models, we derive time valuations by linking residential rental transactions in Greater Sydney to employment accessibility. We estimate a hedonic price function that controls for unobserved amenities and spatial sorting, recovering VTT estimates consistent with current cost‐benefit analysis practice. Furthermore, we leverage the non‐linearity of the price gradient, as well as cross‐market variation in the price gradient, to perform a second‐stage regression without instrumental variables, recovering the structural demand function for accessibility. This allows us to quantify welfare changes from non‐marginal accessibility shocks, demonstrated on the Sydney Metro West project, grounding project appraisal in revealed spatial behavior.",1.0,https://doi.org/10.1111/jors.70065
cc8efd15018d45a844f6eaa3384dc9161878cea1,10.7202/1115222ar,"Landslide Hazards, Public Intervention and Property Values – The Case of Saguenay, Quebec, Canada",2024.0,Canadian Journal of Regional Science,François Des Rosiers; Bienvenu Tossou,"Since the beginning of the 21st century, over 100 major landslides have been reported worldwide, which resulted in both human casualties and massive damages to property. While the academic and technical literature on landslide hazard risk assessment is quite abundant, relatively few studies address the issue of the impact of landslide exposure on property values. In this research, we look at the impact that public intervention aimed at compensating homeowners affected by landslide hazard constraint zones had on residential values in La Baie, an arrondissement of the City of Saguenay (formerly Chicoutimi), in the province of Quebec, Canada. The area was most affected by the Saguenay flood that hit the region on July 19 and 20, 1996 and which was followed by a series of landslides. A difference-in-differences (DiD) spatial hedonic price model is estimated using a representative sample of 813 single-family sales transacted in La Baie between 2009 and 2016. Findings suggest that, caeteris paribus, and nearly two decades after the 1996 events, the compensation scheme implemented at the local level in December 2012 did not manage to completely offset the disadvantages of building constra",1.0,
579de02eb394b4140b2711b0446ce8b281d823f3,10.4467/2353737xct.18.097.8792,Is the Energy Price Premium Spatially Aggregated? A Listing Price Analysis of the Residential Market in Barcelona,2018.0,,Ai Chen; Carlos Marmolejo-Duarte,"Abstract Building energy efficiency has aroused much discussion around the world. Energy Performance Certificates (EPCs) and relevant regulations and legislation have been established and enforced in the past 15 years due to the extreme 40% consumption of total energy and 38% of total CO2 emissions caused by residential buildings in Europe. This paper aims to confirm the energy premium in the Metropolitan Area of Barcelona (AMB) and the presence of spatial homogeneity of this energy premium with OLS hedonic prices and the GWR model. The results suggest that the energy premium causes a 12.2% housing price increase from Class G to Class A, or an implicit housing price rise of 1.9% with every ranking of EPC ordinal scale improvement. Furthermore, the areas with a higher incidence of energy labelling are situated in the middle and north-eastern parts of AMB that are inhabited by skilled professionals who more commonly have a higher university education.",1.0,http://www.ejournals.eu/pliki/art/12139/
e92ca11cd7d5494f6349a910dede8c7f464d241c,10.2139/ssrn.3486801,Accuracy and Determinants of Self-Assessed Euro Area House Prices,2019.0,Social Science Research Network,J. Le Roux; M. Roma,"Using microdata from the second wave of the Household Finance and Consumption Survey, we investigate the accuracy of property values estimated by homeowners - so called “self-assessed” house prices - and explore the drivers of possible deviations of these prices from official hedonic house price indices. We find evidence that euro area homeowners overestimate the value of their properties by around 9%. Across the largest euro area countries, the overestimation lies in a range between 3.2% in Germany and 22% in Italy. Household characteristics, including the level of indebtedness, appear to explain significant discrepancies between hedonic and self-assessed house price indices, while the limited available data related to property characteristics are generally not affecting this gap. For the euro area, we find that higher self-assessed house prices are associated with a mild increase in consumption expenditures. JEL Classification: E31, C21, O18",1.0,https://doi.org/10.2139/ssrn.3486801
44faa5393feb468ea743c4b7347f92bd4011dcee,10.21597/jist.551319,Valuation of House Prices in the Central District of Rize Province Using an Hedonic Price Model,2019.0,Journal of Institute of Science and Technology,İsmet Güler; Uğur Başer; M. Bozoğlu,": The aim of the study was to determine the factors affecting the housing price in the central district of Rize province by using the physical and spatial features of the house. The data of the study was obtained from the surveys conducted by 100 households who bought a house in the central district of Rize province in 2016. Hedonic Price Model was used to determine the factors affecting the housing price. The research model explained 62.1% of the variance in the housing prices. According to the model results, net area of the house, housing material quality, heating system, socio-economic level of the district and sea view positively affected the housing prices while the age of the house negatively affected the housing prices. There was an average of 11.1% differences between the actual housing prices and estimated housing prices. These results indicate that the model can be used to determine the prices of housing in the research area.",1.0,https://dergipark.org.tr/tr/download/article-file/849448
4cbbd7513b5d9f96a1294af2590183623a009e3d,10.59490/abe.2017.4.3651,Accounting for spatial variation of land prices in hedonic imputation house price indexes,2018.0,Architecture and the Built Environment,Yun-Long Gong; J. de Haan,"Location is capitalized into the price of the land the structure of a property is built on, and land prices can be expected to vary significantly across space. We account for spatial variation of land prices in hedonic house price models using geospatial data and a semi-parametric method known as mixed geographically weighted regression. To measure the impact on aggregate price change, quality-adjusted (hedonic imputation) house price indexes are constructed for a small city in the Netherlands and compared to price indexes based on more restrictive models, using postcode dummy variables or no location information at all. We find that, although taking spatial variation of land prices into account improves the model performance, the Fisher house price indexes based on the different hedonic models are almost identical. The land and structures price indexes, on the other hand, are sensitive to the treatment of location.",1.0,https://journals.open.tudelft.nl/abe/article/download/3651/3770
c48a29f280518ee9adc5e973f5410bbac3ecbc42,10.1108/jerer-07-2024-0054,A clustering methodology for constructing local housing price indexes in France,2025.0,Journal of European Real Estate Research,Carmelo Micciche; Michel Baroni; Pierre Vidal,"
 
 This paper introduces a novel methodology for computing local housing price indices at a national scale. The proposed approach addresses the limitations of traditional aggregated indices by capturing geographic heterogeneity in housing price dynamics.
 
 
 
 The methodology relies on the application of a heuristic for the max-p-regions problem, a regionalization process that stratifies a country’s housing market into geographically consistent clusters, followed by the application of hedonic regressions made robust to noisy and sparse data. Applied to French housing data from 2010 to 2019, this method produces 876 consistent submarkets and their corresponding indices.
 
 
 
 Our findings demonstrate the method's ability to reveal spatial patterns often obscured by national indices. While it captures trends at an aggregated level similar to official statistics, it also uncovers a much more contrasted trajectory of price changes across markets.
 
 
 
 The methodology developed in this paper enables the construction of the most precise index database in France. A highly accurate index is created for each part of the country. This database allows for an analysis of housing price evo",1.0,
61571b403ee0b92394b214f7249ffc6c6a95a4dc,10.1007/s10797-025-09928-2,Improving housing valuation for taxation: the Norwegian case,2025.0,International Tax and Public Finance,E. E. Bø; O. E. Nygård; Thor O. Thoresen,"
 Several forms of taxation incorporate the market value of housing into their tax base, making accurate and up-to-date property valuations important. However, due to limitations in available information, assessing residential property values poses a significant challenge for tax authorities. This paper presents and examines the simple, inexpensive and transparent methodology currently used in Norway to assign market values to individual dwellings for wealth taxation purposes. The method uses predictions generated through hedonic regression models based on housing transaction data. We present two versions of the method: the current model, introduced in 2010, and a refined version that substantially improves prediction accuracy, through the use of data from smaller geographical units. This latter enhancement incorporates machine learning techniques for geographical clustering.",1.0,https://link.springer.com/content/pdf/10.1007/s10797-025-09928-2.pdf
dd07a32cbeab3028a20080e721c14cb3c0aef1a5,10.59091/2460-9196.1746,Earthquakes and Housing Rental Prices in Urban Indonesia: A Hedonic Price Analysis,2024.0,Bulletin of Monetary Economics and Banking,A. G. Brata; Y. Patnasari,"This paper examines the influence of earthquakes on housing rental prices in the urban areas of Indonesia. We employ the household and community data from the Indonesian Family Life Surveys (IFLS) 4 and 5 and estimate a hedonic price model of housing rental prices. We also add a set of variables representing housing attributes and a set of variables related to the community attributes. We find that current earthquakes have had a statistically significant impact on the housing rental prices, confirming the short-term impact of the earthquakes. There is no evidence that earthquakes have long-term impacts on housing rental prices. We find that earthquakes have a short-term effect on the housing rental prices for self-owned houses only. This finding confirms that different statuses of houses respond differently to earthquake disasters",1.0,https://doi.org/10.59091/2460-9196.1746
5a90945c016152e66bebd16cd224f6064e08fba7,10.1109/compsac61105.2024.00382,Explicable Machine Learning Models Using Rich Geospatial Data,2024.0,Annual International Computer Software and Applications Conference,A. Bramson; Masayoshi Mita,"Machine learning includes a variety of analysis tools with improved predictive performance compared to traditional statistical approaches. However, that performance comes at a cost of transparency and explainability because much of the models' details are not accessible or interpretable by humans. This problem is compounded by the ability of AI to make use of any correlated data to improve predictions, and practitioners' willingness to sacrifice insight for accuracy. However, there is growing push for “explainable AI”, especially in applications where people's lives, safety, or well-being are affected. Here we explore an intermediate solution suited to policy decision making: leverage the power of tree-based machine learning methods (such as LightGBM) but restrict oneself to variables with plausible causal influence on the target feature. We explore this “explicable AI” approach with an application to housing price prediction and show that using rich geospatial data can replace implicitly spatial variables (such as coordinates and neighborhood names) and achieve similar or better accuracy. And because the explanatory features are naturally interpretable, feature importance analyses",1.0,
7d74147f51c1a546b6e95b966d0c47644d825a0a,10.1177/10780874261442184,Evaluating the Housing Market Effects of a Large Anchor Institution: The Case of the Obama Presidential Center,2026.0,Urban Affairs Review,Matthew D. Wilson; Elham Pilegar; A. El-Khattabi; Sofia Dermisi,"This study examines the housing market impacts of the Obama Presidential Center (OPC) on Chicago's South Side during the pre-opening period (2013–2024). Using spatial hedonic difference-in-differences models, we analyze property sale prices across distance buffers surrounding Jackson Park to assess whether proximity to this high-profile anchor institution generated anticipatory price effects. Despite conditions typically associated with speculative appreciation, including extensive media coverage, documented investor activity, and expectations of neighborhood transformation, we find no statistically significant price increases in areas closest to the OPC (within 0–1.5 miles). Instead, significant appreciation emerges only at 1.5–2 miles from the site, where prices rose approximately 12 percent above market trends in 2023–2024. This counterintuitive spatial pattern challenges conventional proximity-based models of anchor institution effects. We explore potential explanations, including construction-related disruption, uneven policy coverage, forward-looking investor behavior, and pandemic-era market dynamics. Overall, the findings demonstrate that anticipatory price effects are cond",1.0,
5414750679bef3fcbaf446be0f3f65b5dd3c82f2,10.4108/eai.2-12-2022.2328005,Research on Spatial Differentiation of housing Price and Its Influencing Factors from the Perspective of Aging ——A Hedonic Analysis in Guangzhou,2023.0,"Proceedings of the 2nd International Conference on Information, Control and Automation, ICICA 2022, December 2-4, 2022, Chongqing, China",Yihua Mao; Qingwen Chen; Zhao-Wen Zhang; Yu-Chen Hu,"-The architectural characteristics of the house itself determine the basic value of the house, and the house price is also often tied to resources such as education, medical care, transportation, and environment, etc. Under the trend of population aging, the aging transformation of living environment has become the focus of social attention. Using Hedonic Model, the paper built an Overall Housing Price Model and two Sub Models in order to examine the impact of the characteristics related to aging suitability on housing price. Then the paper compared the Sub models to the Overall Model to explore the spatial heterogeneity of housing price. Based on the statistical results, some suggestions were finally put forward for the construction of suitable old living environment.",1.0,http://eudl.eu/pdf/10.4108/eai.2-12-2022.2328005
cef5316462488d3f8259a549a0d28cbf30a4338c,10.12794/metadc3948,Measuring the value of transit access for Dallas County: A hedonic approach.,2007.0,,C. Leonard,"Advocates of urban light rail transit argue that positive developments around station area(s) should offset the costs of implementing a transit system by creating more livable communities and enhance surrounding residential property values. In some cases, decreased urban landscape aesthetics have been reported. The purpose of this study is to contribute to this debate via an analysis of the impact of the Dallas Area Rapid Transit system on residential property values in Dallas County. By examining the impact of distance on property values of two features of the DART system: the transit station and the rail line, and by holding a series of structural variables constant, a net change in value can be calculated using a multi-regression model.",1.0,https://digital.library.unt.edu/ark:/67531/metadc3948/m2/1/high_res_d/thesis.pdf
fabba6f20de86a26e6c31e37c5548413f94ee784,10.33423/jabe.v20i9.223,Specification of a Hedonic Model for Rental Apartment Buildings in Berlin,2018.0,Journal of Applied Business and Economics,Anne Sanftenberg,"This paper focuses on the estimation of a multiple-regression model (hedonic model) for pricingapartment buildings. With the hedonic model, the price of a residential property can be segmented into its various properties in order to subsequently assign individual prices to these properties. In addition to selecting the target size, the specification of a hedonic model also requires ascertaining the price determining independent variables, choosing the correct functional form and defining the sub-market to be examined. This paper provides various approaches to identify the relevant contributing factors for the target size, and analogously, finds the most optimal functional form (inter alia) via an iterative path of model estimation.",1.0,https://articlegateway.com/index.php/JABE/article/download/223/193
fc923f75a19df80d6b540aac44da12602ce6592f,10.1080/10402381.2025.2546885,Valuing shoreland development and environmental disturbances: a hedonic analysis of lakefront properties in Wisconsin,2025.0,Lake and reservoir management,S. Borchardt; T. Boyer; James I. Price,"Abstract Borchardt S, Boyer TA, Price JI. 2025. Valuing shoreland development and environmental disturbances: a hedonic analysis of lakefront properties in Wisconsin. Lake Reserv Manage. 41:297–312. Shoreland development, including boat lifts, manicured lawns, artificial beaches, and shoreline armoring, can offer considerable benefits to lakefront property owners. Drawing on data from the Wisconsin Department of Natural Resources, this study uses a hedonic property model to estimate the value of specific shoreland features on Wisconsin’s inland lakes. Results indicate that certain features—such as seawalls, riprap, and littoral zone structures—are positively associated with property sale price after controlling for housing characteristics and lake-specific factors. By estimating homeowners’ willingness to pay for these features, the analysis quantifies the economic benefits associated with shoreland development. These findings offer insight to guide shoreland management policies, which must weigh the private benefits to homeowners against the environmental costs of disrupting natural landscapes and increasing sediment and pollutant loading that degrade aesthetics, recreational use,",1.0,
c8acd4a142f8c89ba5c53a61a81bfd91957160a6,10.1017/age.2024.1,Do people value farmers markets: A spatial hedonic pricing model approach,2024.0,Agricultural and Resource Economics Review,Yanan Zheng; Meng Yang; Henry An; Feng Qiu,"
 Farmers markets can generate positive externalities by improving food access and negative externalities through pollution. The presence of both may influence people’s willingness to pay (WTP) for living nearby. This study employs spatial hedonic pricing models to estimate the WTP for living near farmers markets in Edmonton, Canada. We find an inverted U-shaped relationship between proximity to a farmers market and property values. Our results suggest that local governments might consider the economic impact of building new or relocating existing farmers markets on residential housing values, alongside the benefits of improved access to high-quality food sources.",1.0,https://www.cambridge.org/core/services/aop-cambridge-core/content/view/1068A76DFE1D4C4B96DF0510A5EAC264/S1068280524000017a.pdf/div-class-title-do-people-value-farmers-markets-a-spatial-hedonic-pricing-model-approach-div.pdf
f10a19a070c940716f3a47b886439abe1b23187d,10.1515/bejeap-2025-0297,Crafting Lucky Prices in the Housing Market,2026.0,The B.E. Journal of Economic Analysis &amp; Policy,Fang-Chang Kuo; C. Hsieh,"Abstract While superstitious beliefs are known to influence property values through fixed attributes such as floor levels and address numbers, their role in price formation has received little attention. We provide novel evidence that housing prices bunch not only at round numbers but also at culturally “lucky” endings, particularly those ending in the digit 8. A hedonic price model reveals a 2.4 % premium for these “lucky-priced” homes. Our findings show that superstition functions as a behavioral heuristic in high-stakes bargaining, creating a new class of non-round focal points that systematically shape market outcomes.",1.0,https://doi.org/10.1515/bejeap-2025-0297
977446bbb49b4d764e634547886ae927f75e8e35,10.3368/le.101.1.011224-0003,Costs of Exposure to Industrial Livestock Operations,2024.0,Land Economics,Kay Jowers; Yu Ma; Christopher Timmins,"Abstract Concentrated animal feeding operations, particularly hog and poultry farms, have expanded rapidly in North Carolina in recent decades. The air pollution and water contamination they generate cause many environmental and health problems for local communities. Using the universe of farm characteristics and housing transaction data in North Carolina, we recover hedonic estimates of property value impacts from exposure to these industrial livestock operations. Our results show large and significant negative impacts on nearby home values, particularly when those properties depend on private wells.",1.0,https://le.uwpress.org/content/wple/early/2024/07/15/le.101.1.011224-0003.full.pdf
8130eea96a036800ec13c5126c33993cdef2c27d,10.1145/3460824.3460828,Hedonic Modeling for Predicting House Prices during CoVid19 Pandemic in the Philippines,2021.0,MSIE,Janice A. Abellana; M. Devaraj,"House projects kept changing in the Philippines, because of the changing needs and demands of the market valuation. Predicting the housing prices will be the focus of the study especially during the CoVid-19 pandemic. As the Consumer Price Index (CPI in the Philippines increased to 123.40 points in September from 123.30 points in August of 2020 [8]. The researcher will use Hedonic Regression Model techniques for analyzing its statistical technique for investigating and modeling the relationship between variables that will be applied in the study. In the data collection, the regression analysis will be the basis for collecting the data such as its historical data, observational study, and design experiment of housing prices before the CoVid19 pandemic came in the Philippines. The results and conclusion of the different machine algorithms will be used showing that regression analysis is the best technique for prediction of prices for housing in the Philippines during the Pandemic. The study will apply parameters that can calculate house valuations within Metro Manila.",1.0,
288ccd7e6b94d5a64902298ba37985b0f21d77d1,10.1177/00420980251410866,The valuation of energy efficiency labels in the French housing market,2026.0,Urban studies,Sylvain Chareyron,"This study assesses the effect of energy efficiency labels on the private housing market using information on energy efficiency assessments of housing and property transactions in France between 2016 and 2021. We take into consideration two energy labels assigned to dwellings, one that calculates energy efficiency based on energy consumption and the other on greenhouse gas emissions. The results of the hedonic regressions show that having a higher efficiency rating has a significantly positive effect on housing prices. We also show that this effect increases with the number of annual heating degree days of the locality of the dwelling, indicating the importance of the energy-saving aspect in the market valuation of energy-efficient housing. Finally, using regression discontinuity estimates, we differentiate between the effect of the cognitive perception of labels and of the real energy efficiency gain on housing prices. Our findings reveal that the cognitive effect is predominantly observed in the least efficient dwellings.",1.0,
2cfe9982c37f888ca8ffdb5c783b7d6cc430dd23,10.24957/hsr.2025.33.4.117,The Impact of Urban Rail Station Characteristics on Apartment Prices,2025.0,Korean Association for Housing Policy Studies,Yuri-Jung Lee; Seunghoon Park,"This study analyzes the impact of urban rail station characteristics on apartment price formation in Seoul using 273,883 actual transactions from 2018 to 2022. A semi-log hedonic price model and a random forest ensemble were estimated, and SHAP (Shapley Additive Explanations) was applied to interpret variable contributions. Results show that structural and accessibility factors—such as distance to the Han River and CBD, number of units, building age, and floor area—mainly drive price variation, while station-related features including exits, nearby commercial land ratio, distance to universities, and daily ridership act as secondary but meaningful influences. Station characteristics are highly policy-relevant as they can be improved in the short term through public intervention, and the random forest model demonstrated superior predictive accuracy over the hedonic model. The findings emphasize the need for precise housing and transit-oriented policies and provide empirical evidence for land-use and transportation planning.",1.0,
f19cd3fc0b31c535f962ac625c17f78fb1bd6d00,10.5814/j.issn.1674-764x.2024.02.008,"The Spatial Impact of the Accessibility of Urban Green Infrastructure on Housing Prices in Nanjing, China",2024.0,Journal of Resources and Ecology,Zhoubing Gao; Junjun Zhu; Ligang Lv; Yong-Le Li; Junxiao Wang,"Abstract: The reasonable allocation of green infrastructure (GI) can improve the environmental quality of human settlements and urban residents' happiness. We used hedonic price and quantile regression models to quantitatively examine the impact of GI accessibility on housing prices, and the heterogeneity of this impact across different housing prices. The results showed that: (1) GI accessibility significantly affected housing prices. In addition, every 1% increase in GI area increased housing prices by approximately 0.3%. (2) GI accessibility had different effects on different housing prices; that is, different housing prices had different sensitivities to GI accessibility. This was especially true in the 25%–75% range of housing prices, where housing prices were negatively correlated with the time to the nearest GI. During urban development, reasonable planning and construction of urban GI should be undertaken to meet urban residents' needs for GI and promote sustainable urban development.",1.0,
99e1fae40792423eaeee4cdcf0e3e315e66576bc,10.1088/1742-6596/2287/1/012019,"Deep Neural Network As a Tool for Appraising Housing Prices: A Case Study of Busan, South Korea",2022.0,"Journal of Physics, Conference Series",S. An; Y. Song; H. Jang; K. Ahn,"This study examines whether the number of hidden layers in a deep neural network significantly influences the model accuracy and efficiency for appraising housing prices. We provide empirical evidence that the deep neural network can achieve high accuracy with a small number of hidden layers on our dataset, which contains various hedonic variables. Furthermore, we show that adding layers does not necessarily guarantee the model’s accuracy and effectiveness of the computing time.",1.0,https://iopscience.iop.org/article/10.1088/1742-6596/2287/1/012019/pdf
721a07f055fdf8f7cd8969977253a43c77d88923,10.1080/13504851.2018.1486971,Floor-level premiums in private housing: the case of condominiums in Singapore,2018.0,Applied Economics Letters,Danny Nam Chien Khiew; Chew-Ging Lee,"ABSTRACT Using a sample consists of 3367 actual condominium sales transacted in resale market from May 2012 to April 2015 from the Singapore Urban and Redevelopment Authority, a hedonic pricing model is used to investigate for the presence of floor-level premiums in the private housing market, condominium, in District 23 of Singapore. Unit size, types of land tenure and the distance to the nearest mass rapid transit (MRT) station are also used as other independent variables. The estimated coefficient of each of these independent variables is statistically significant. Each of these independent variables also has positive estimated coefficient, suggesting that they have positive effects on condominium resale prices. Main findings are (a) there is a presence of floor-level premium; (b) the condominiums with a distance more than 400 m to the MRT station get higher resale prices; and (c) there is an increasing effect of floor level on condominium price.",1.0,
9f81693cc104896adddac5b634fb375eb3612b5c,10.24957/hsr.2023.31.2.133,Exploring the Nonlinear Relationship between Development Density and Housing Price: Focusing on eXplainable AI (XAI),2023.0,Korean Association for Housing Policy Studies,J. Seo; Mihwa Lim; Sanguk Han; S. U. Purwaningati; Jeongseob Kim,"This study aimed to investigate the association between development density and housing prices in Seoul, utilizing a machine learning driven hedonic price model. The model employed actual transaction data of high-rise condominiums (apartments) spanning from January 2019 to December 2021. The study employed CatBoost algorithm and eXplainable AI techniques (SHAP) to explore the non-linear relationships between floor area ratio(FAR) and housing prices. The findings revealed that overall FAR had a negative relationship with housing prices for both general apartments and mixed-use development. However, the negative impact of FAR was relatively small in large-scale development. Furthermore, the negative impact of FAR may not be significant in some high-end mixed-use development. These findings imply the importance of proposing appropriate site plans to ensure a desirable residential environment when high-density development is necessary.",1.0,
a6b86d514a6b47e859ca3e882ad916fa36ffd168,10.1504/ijewm.2019.10025338,An optimal solid waste collection fee based on area characteristics using hedonic pricing approach,2019.0,International Journal of Environment and Waste Management,Komwit Siritorn; C. K. Permpoonwiwat,"To extract an optimal willingness to pay for a waste collection service from an expected house price was the goal of this paper. The data were collected from households in Songkhla and Hatyai cities representing cultural and commercial characteristic areas, respectively. They were analysed by hedonic pricing method (HPM) in a form of Box-Cox model framework based on area characteristics. The findings indicated that the marginal willingness to pay (MWTP) for a waste collection service is about 45 baht/month for Songkhla and is about 55 baht/month for Hatyai. Moreover, an inverse demand for the service showed that people living in commercial area would tend to pay less than those in the cultural area even though they gain more benefits from a higher house price in the commercial area. This could reflect an important role of area characteristics on determining willingness to pay of residents.",1.0,
ece5e30d4b2224a261f47e5a8f795539d534576b,10.1177/0739456x19844814,The Value of Proximity to a Vacation Home Rental in a Resort Community,2018.0,Journal of planning education and research,Robert W. Wassmer,"Based upon a hedonic regression analysis of home sales in the City of South Lake Tahoe (CA), a vacation home rental (VHR) sells for more than a similar non-VHR. In addition, the presence of VHRs within a quarter-mile radius of a home sale also raises its value. However, the overall effect on the value of all home sale values from the presence of VHRs in South Lake Tahoe is negative. VHRs benefit owners and neighbors near them, but overall reduce the city’s residential property values. These findings offer a logical basis for the heated discussions often observed over planning activities that restrict the presence of VHRs and/or attempt to mitigate their neighborhood effects. The paper concludes with implications for planning policy directed at VHRs.",1.0,
dc74f1b4275e385e5aa3626f19f26a825ebcc1b3,10.3828/jtep.2025.59.1.40,"The Spatio-temporal Variations in the Impact of Rail Transit on Residential Property Value: Evidence from Tianjin, China",2025.0,Journal of Transport Economics and Policy,Yu-Ning Wang; Duanfang Lu; Shen-Nan Wang; Zhi-Qing Fan,"The hedonic price model and the quantile regression method are employed to estimate the capitalisation influence of rail transit on residential property in relation to the proximity of stations and different phases. The value lift effect occurred after the formal planning was announced and increased gradually, with the highest premium found during the operation phase. A rail transit proximity premium is lowest in high-priced segments, and highest in low-priced segments where public transportation matters most for residents. The study contributes an enhanced understanding of the spatio-temporal variations in the proximity premium of rail transit in a developing country setting.",1.0,
73b8fd06d670b527402041baeb57afad39bedf42,10.1080/13504851.2020.1782330,Do home sellers know their market? Evidence from neighbourhood sober-living houses,2020.0,Applied Economics Letters,Velma Zahirovic-Herbert; G. Turnbull; B. Waller,ABSTRACT We use a listing price hedonic model coupled with a standard selling price model to identify seller beliefs about how the housing market responds to refurbished formerly substandard properties serving as group homes. Occupied houses benefit the most and vacant houses the least in the long run from a nearby group home. The listing price model indicates that sellers of owner-occupied and rental houses anticipate these price effects whereas sellers of vacant properties appear to systematically underestimate the discount associated with vacant houses per se but correctly anticipate the smaller long run group home premia for their properties.,1.0,
807cdb738d7fb3e33309f284b6229d19f21879f3,10.1007/s10901-022-09972-y,Housing rental submarkets in hedonic regression: econometric arguments and practical application,2022.0,Journal of Housing and the Built Environment,Marko Kryvobokov,,1.0,https://doi.org/10.15396/eres2019_141
3e2f420e36b96c93f3636cc35296dc7c69414687,10.2457/srs.43.163,Effect of Air Quality Improvements on Apartment Prices in Seoul: Application of Spatial Hedonic Price Model and Interpolation Method,2013.0,,K. Nam; Jiao Son; Brian H. S. Kim,,1.0,https://www.jstage.jst.go.jp/article/srs/43/2/43_163/_pdf
3ae2d9345d3558afca587dabf9f19d5851404d31,10.14716/ijtech.v12i6.5216,An Analysis of Implicit Value of Property Characteristics in Residential Property Prices using a Hedonic Value Approach,2021.0,International Journal of Technology,Zulkarnain Zulkarnain; Tania Arvianti,,1.0,https://ijtech.eng.ui.ac.id/download/article/5216
5eb13b547af81db3dd5fd5d40cb646738e3467f3,10.15396/eres2023_315,The Impact of the Application of GIS Spatial Statistics to Hedonic Price Estimation Model for House Price Determination,2023.0,29th Annual European Real Estate Society Conference,O. Olanrele; Angela Maye-Banbury; R. Sharpe,,1.0,https://eres.architexturez.net/system/files/P_20230331165053_3432.pdf
e3c715ec04729686c6afec38bccc0052a3463b62,10.1061/9780784413135.132,Discovering the Urban Structure Using a Spatial Hedonic House Price Model,2013.0,,S. Herath,,1.0,
4cdf517974e16a3874631db050ea4829304b5f1b,10.63544/ijss.v5i1.256,Examining the Relationship between Emotional Intelligence and Psychological Wellbeing among University Students,2026.0,Inverge Journal of Social Sciences,Laiba Shoukat; Narima Abbasi; A. Khalil; M. Imtiaz; Syeda Munazza Gillani; Haseena Ashfaq,"The purpose of the present research was to analyse emotional intelligence and psychological well-being in university students and to estimate the relationship between the given variables. The type of research was a correlational research design; 120 university students were sampled. Emotional intelligence was taken with ratter scale which was called the Trait Meta-Mood Scale (TMMS) whilst psychological well-being was taken with Warwick-Edinburgh Mental Well Being Scale (WEMWBS). The hypothesis put forward in the study was that the emotional intelligence and psychological well-being would be distributed in low, moderate, and high in students in the university and that emotional intelligence will positively relate to psychological well-being. The first hypothesis was approved due to the descriptive analyses which revealed that various levels of emotional intelligence of students were low (31.5%), moderate (35.8%), and high (30.0%), as well as psychological well-being levels were low (34.2%), moderate (35.8%), and high (30.0%). The second hypothesis (reliability analysis) supported the claim that both TMMS and WEMWBS had acceptable internal consistency (a =.81 and a =.80, respectively",0.0,https://invergejournals.com/index.php/ijss/article/download/256/464
aa68a60d562ad28ce94ac3c6c75b63657a44f202,10.33915/etd.7424,Three Essays on Water Economics,2019.0,,Fahad Alzahrani,"Three Essays on Water Economics Fahad Alzahrani The reliable provision of safe drinking water is one of the most important health-related programs in the United States. Since enactment of the Safe Drinking Water Act in 1974, great progress has been made in drinking water quality and regulation in the United States. Despite this progress, drinking water outbreaks continue to occur nationwide and negatively affecting the welfare of the people. In particular, rural residents suffer from drinking water quality and reliability issues due to the aging water infrastructure and the lack of funding to the small water systems serving such areas. This dissertation consists of three essays that explore how changes in water supply quality and/or reliability affect health care expenditures, residential property prices, and residential water charges. The first essay explores the relationship between episodes of contaminated drinking water and health care expenditures in the United States. The analysis relies on panel data from the 48 contiguous states from 2000 to 2011. Using the population served by public water systems that violate health-based standards of the Safe Drinking Water Act as a prox",0.0,https://researchrepository.wvu.edu/cgi/viewcontent.cgi?article=8471&context=etd
bb77f5aca99326a7ee86cdf70f4ac704a82661dc,10.1108/ijhma-05-2026-0151,"Spatio-temporal local price dependence in a metropolitan housing market: evidence from 64,529 apartment transactions in Busan, Korea",2026.0,International Journal of Housing Markets and Analysis,Kyoun-Sup Chung; Moon-bo Sim; Jung-Hwan Bae; Jong-Guk Kim,"
 
 This study aims to examine spatio-temporal local-price dependence in a metropolitan apartment market. It investigates whether focal transaction prices are conditionally associated with nearby prices observed in past, same-quarter and subsequent temporal positions, while avoiding causal claims about market memory, peer influence or forward-looking anchoring.
 
 
 
 The analysis uses 64,529 geocoded apartment transactions in Busan, Korea. Sparse spatio-temporal weight matrices are constructed from projected coordinates and 14 quarterly periods. The empirical strategy compares a baseline hedonic model, a hedonic model with quarter and GU district fixed effects and a spatio-temporal SLX specification that includes past, same-quarter and subsequent local-price variables. Robustness checks examine zero-neighbour cases, influential observations, alternative spatial thresholds, residual Moran’s I and stronger inference procedures for the small number of quarter clusters.
 
 
 
 The spatio-temporal SLX model substantially improves model fit relative to the baseline and GU fixed-effects hedonic specifications. The past, same-quarter and subsequent local-price variables are all positive a",0.0,
320346ceaf21f1acc03a3fe607bc25d003f17386,10.1108/ijhma-05-2026-0171,"Amenities, premium services, and rental premiums in Melbourne’s build-to-rent sector: a hedonic analysis",2026.0,International Journal of Housing Markets and Analysis,Jui-Chi Hung; Hassan F. Gholipour; Ali Soltani,"
 
 This paper aims to examine the sources of rental premiums in Melbourne’s Build-to-Rent (BTR) sector and assess whether higher rents are associated mainly with observable amenities or with residual BTR status.
 
 
 
 A hedonic regression framework is applied to a cross-sectional data set of 251 two-bedroom, two-bathroom apartments listed on Realestate.com.au in April 2026, comprising 86 BTR apartments and 165 private rental sector (PRS) apartments. Weekly asking rents are analysed rather than contracted lease prices. This study estimates the BTR rental premium after controlling for structural, locational and amenity characteristics. Given the cross-sectional design, the findings of this study are interpreted as associative rather than causal.
 
 
 
 The full model achieves an adjusted R² of 0.65. BTR apartments are associated with a raw rent premium of $158.80 per week or 19.4%. After full controls and amenity adjustments, the premium remains statistically significant at +6.3% with a 95% confidence interval of +3.8% to +8.9%. The BTR ownership dummy, which may capture institutional management, brand value, lease security and other unobserved quality attributes, explains a larger",0.0,https://doi.org/10.1108/ijhma-05-2026-0171
24fff3f7359aa31dfe7b937770c5f02dfff128a0,10.26710/jbsee.v11i2.3348,Effect of Foreign Direct Investment on Affordable Housing in Kenya: The Role of Inflation as a Moderating Variable,2025.0,Journal of Business and Social Review in Emerging Economies,Chamwoma Katu Aggrey; Ngala Consolata; Umulkher Ali,"Purpose: Housing is a natural human necessity that affects health, community, economy, education, and social justice. Currently, Kenya is among countries that are faced with housing challenge both in rural and urban areas. The purpose of this academic paper is to demonstrate the role of Foreign Direct Investment (FDI) on Affordable Housing in Kenya. The study is anchored on Hedonic Price theory and based on the inferential analysis of 22 years (2010 to 2022) time series data obtained from Kenya National Bureau of Statistics, the Central Bank of Kenya, and the World Bank. The paper intends to add value to the knowledge on affordable housing as influenced by FDI inflow in Kenya. 
Design/Methodology/Approach: This paper applied a causal research design coupled with econometric models. In order to establish the relationships between FDI and affordable housing in Kenya, quantitative data was analyzed both descriptively and by use of inferential analysis. 
Findings: Test for Unit root using Augmented Dicky fuller revealed the presence of non-stationarity which was removed only after first and second differencing. The variance inflation factor indicated no multicollinearity and data were ",0.0,https://publishing.globalcsrc.org/ojs/index.php/jbsee/article/download/3348/1855
3ee1da4b0c5ce257bb322f867b747febd363cedd,10.26710/jbsee.v11i2.3319,Effects of Foreign Direct Investment on Affordable Housing in Kenya: The Role of Inflation as a Moderating Variable,2025.0,Journal of Business and Social Review in Emerging Economies,Chamwoma Katu Aggrey; Ngala Consolata; Umulkher Ali,"Purpose: Housing is a natural human necessity that affects health, community, economy, education, and social justice. Currently, Kenya is among countries that are faced with housing challenge both in rural and urban areas. The purpose of this academic paper is to demonstrate the role of Foreign Direct Investment (FDI) on Affordable Housing in Kenya. The study is anchored on Hedonic Price theory and based on the inferential analysis of 22 years (2010 to 2022) time series data obtained from Kenya National Bureau of Statistics, the Central Bank of Kenya, and the World Bank. The paper intends add on to the knowledge on affordable housing as influenced by FDI inflow in Kenya.  
Design/Methodology/Approach: This paper applied a causal research design coupled with econometric models. To establish the relationships between FDI and affordable housing in Kenya. Quantitative data was analyzed both descriptively and by use of inferential analysis. 
Findings: Test for Unit root using Augmented Dicky fuller revealed the presence of non-stationarity which was removed only after first and second differencing. The variance inflation factor indicated no multicollinearity and data were normally distr",0.0,https://doi.org/10.26710/jbsee.v11i2.3319
e7d567fcbd1a2d25e8fe060df3608464c8f621f7,10.46298/cst.12146,"Subcenters, mode choice and transport policies: evidence form Nantes",2015.0,Les Cahiers scientifiques du transport,Rémy Le Boennec; F. Sari,"To cite this paper: Le Boennec, R. & Sari, F. (2015). Nouvelles centralités, choix modal et politiques de déplacements : le cas nantais. Les Cahiers Scientifiques du Transport, 67, 55–86.
 National audience
 In this paper based on empirical microeconomic choices of households, we use the hedonic pricing method to define the urban form of Nantes Métropole. The number of Central Business Districts (CBDs) should guide the second generation of transport policies in agglomerations subject to the LAURE law (law on air and the rational use of energy). Thus, if improved accessibility is capitalized into residential property values close to public transport, then strengthening the current incentive policy in favor of public transport networks and active modes seems appropriate to continue to limit the negative externalities generated by car trips in urban areas. Conversely, if improved accessibility is capitalized close to major roads, then a more coercive policy can take over in the form of an urban toll: this will generate revenue to subsequently improving the public transport network. In fact, the Spatial Durbin Model (SDM) reveals that Nantes situation matches neither the one nor the ot",0.0,http://cst.episciences.org/12146/pdf
6edd1ccf2791c69eb6ab0393c5323dfff21ae620,10.5296/ber.v16i4.24024,The Impact of the Youth Housing Loan Subsidy Policy on Housing Prices: Evidence from New Taipei City,2026.0,Business and Economic Research,Ching-Hsing Chang; Yi Lin; Wen-Tsung Wu; Chun-Hsien Wang,"In August 2023, the Taiwanese government launched the New Youth Housing Loan Subsidy Policy (hereafter the New Youth Policy), which lowers the threshold for young people to buy homes through interest subsidies, higher loan ceilings, longer maturities, and extended grace periods. However, when housing supply is difficult to increase in the short run, such a demand-side subsidy may push up housing prices through a price capitalization mechanism. Taking New Taipei City as the study area, this paper uses more than one hundred thousand transaction records from the Ministry of the Interior’s actual price registration system between January 2021 and September 2024, and applies a hedonic price model to construct a multiple regression. After controlling for building characteristics, location, and annual trends, the study examines the effect of the policy on the unit price of housing. The pooled specification shows that the unit price of housing was about 4.4% higher in the post-implementation period, a differential equivalent to roughly one-fifth of the conditional appreciation of the market over the same window. To test whether this differential can be attributed to the policy rather than ",0.0,https://www.macrothink.org/journal/index.php/ber/article/download/24024/18382
df92af5d7cf86c9b8af0286814f5ed9fd7262436,10.33915/etd.4133,Three essays on the impacts of land -use regulations and land development,2020.0,,Gi-Don An,"Three Essays on the Impacts of Land-Use Regulations and Land Development Gi-Don An This dissertation is a collection of essays examining the effects of land-use regulations and redevelopment. The first chapter describes an overview of the Korean housing market. Chapter 2 employs the stock-flow model in order to incorporate land-use regulation into the analysis. Future land supply can not only constrain housing construction but also affect the people’s expectation. Land-use regulations can be incorporated into demand for housing as well as housing construction. Chapter 3 investigates the impact of land-use regulations on housing market in the case of South Korea. The South Korean rapid income and population growth have produced a sharp increase in housing demand. On the supply side, however, the government has played a crucial role in controlling the housing supply with various regulations in housing and land markets. Much of literature has argued that a shortage of land supply increases housing prices. This paper analyzes the mechanism by which landuse regulations affect housing prices and housing construction. The empirical examination provides that land-use regulations have no bi",0.0,https://researchrepository.wvu.edu/cgi/viewcontent.cgi?article=5170&context=etd
b01d4098f11b25f2cdb64c308f46a073f4082e0f,10.1108/ijhma-10-2025-0231,Buyer behavior under ambiguous price signals: socioeconomic segmentation in a transitional housing market,2025.0,International Journal of Housing Markets and Analysis,H. Nguyen; H. Truong,"
 
 This paper explores how ambiguous price signals – specifically, suspiciously low asking prices – shape buyer behavior in an opaque housing market. This paper aims to explain how such signals influence transaction timing and how these effects differ by buyers’ income and experience, offering insight into how market opacity redistributes both value and liquidity across social groups.
 
 
 
 Using 430 transactions of self-built houses in Ho Chi Minh City (HCMC), Vietnam, the study applies a three-step empirical design. A hedonic regression first establishes market-consistent values to identify suspiciously underpriced listings. OLS models then estimate their static effects on final price and time-on-market. Finally, a sequence of monthly Cox proportional hazards models captures how sale likelihood evolves through the listing life-cycle, revealing time-varying stigma patterns and heterogeneous behavioral responses.
 
 
 
 The results show a clear three-phase dynamic: an early penalty for suspicious listings, a mid-cycle pause as buyers reassess risk and a later reactivation of stigma as unsold listings become publicly visible. The penalty is strongest for low-income and first-time ",0.0,
4c9c43c418d6b1cc4d112d18aa4962b10948b800,10.5455/ey.24001,Determination of Factors Affecting Housing Prices by Hedonic Price Model: The Case of Aydın City Center,2022.0,Ekonomik Yaklasim,Mehmet mu; H. Kaya,"The aim of this study is determining the meaningful variables and unlike the hedonic price model work will be established using actual sales prices Hedonic Price Model is to determine which would be the variable of meaningful will emerge and parameters magnitude at what level. unlike studies which were previously conducted on house prices y using hedonic price model in Turkey
The aim of this study is the determination of the variables affecting the house prices by using the Hedonic Price Model on the houses where 759 numbers real purchase-sale data have been collected from seller or purchaser in Aydın city center in the last year. All the houses that were subject to sale in 2018 regarding the residences in eighteen neighborhoods in the city center of Aydın were taken into consideration and the transactions (real purchases and sales) of the parties in the deed by agreement. In this study, hedonic price model is used, lin-lin, log-lin and log-log model forms are analyzed and log-lin form is found to give better results. Ten dummy variables and thirteen continious variables totaly twenty three independent variables included in the model, and 13 of them are found statistically importan",0.0,
d361575ea5a438c53a6f1c509711a238d00716a5,10.56261/jars.v23.278838,"Spatial Analysis of Economic and Transit-Driven Land Value in a District-Level City in Thailand: A Case Study of Ban Pong Municipality, Ratchaburi, Thailand",2026.0,Journal of Architectural/Planning Research and Studies (JARS),Parattakorn Kemthong; Chakarin Bejrananda; Asst. Prof. Dr. Kittawit Autchariyapanitkul; Thanchanok Bejrananda,"Despite extensive Transit-Oriented Development (TOD) research in major metropolitan areas, criticalknowledge gaps persist regarding how rail infrastructure impacts vary spatially across different land valuesegments in non-metropolitan district-level urban centers. This gap severely constrains the formulation ofevidence-based policies for optimizing rail infrastructure investments and managing transit-induced spatialtransformation in emerging urban contexts. Our study investigated the spatially heterogeneous impacts of heavyrail infrastructure on land values across property types and value segments in Ban Pong Municipality, RatchaburiProvince, Thailand, while examining spatial spillover effects to inform context-appropriate TOD strategies fordistrict-level urban centers. Applying Hedonic Pricing Model (HPM) and TOD principles, this research employedSpatial Lag Quantile Regression (SLQR) to analyze 6,506 land parcels consisting of commercial (1,727),residential (3,705), and vacant (1,074) properties. It examined accessibility impacts across low-value <77.06USD/sq.m. (<2,500 THB/sq.m.), mid-value 77.06-154.11 USD/sq.m. (2,500-5,000 THB/sq.m.), and high-value>154.11 USD/sq.m. (>5,000 T",0.0,https://so02.tci-thaijo.org/index.php/jars/article/download/278838/189052
ba4200677d197675547886c46d1f3e1566f8268f,10.1108/jerer-03-2020-0013,Buyer behaviour and price expectations: a spatial analysis of the Athens residential market,2022.0,Journal of European Real Estate Research,M. White; D. Papastamos,"PurposeThis paper examines the price setting behaviour over time and space in the Athens residential market. In periods of house price inflation asking prices are often based upon the last observed highest selling price achieved for a similar property in the same micro-location. However, in a falling market, prices may be rigid downwards and less sensitive to the most recent transaction prices, weakening spatial effects. Furthermore, the paper considers whether future price expectations affect price setting behaviour.Design/methodology/approachThe paper employs a dataset of approximately 24,500 property values from 2007 until 2014 in Athens incorporating characteristics and locational variables. The authors begin by estimating a baseline hedonic price model using property characteristics, neighbourhood amenities and location effects. Following this, a spatio-temporal autoregressive (STAR) model is estimated. Running separate models, the authors account for spatial dependence from historic valuations, contemporaneous peer effects and expectations effects.FindingsThe initial STAR model shows significant spatial and temporal effects, the former remaining important in a falling market ",0.0,https://irep.ntu.ac.uk/id/eprint/47296/1/1607066_White.pdf
200e23a5c3d3d901306f800431fa396fce6d7954,10.66884/kesj.2026.m1vdz55t,"FLOOD VULNERABILITY AND HOUSING MARKET DYNAMICS IN PERI-URBAN IBADAN, NIGERIA",2026.0,Kaduna State University Environmental Sciences Journal,G. Morenikeji; Kehinde Olamiju,"<p>
 <strong>Purpose:</strong> Peri-urban Ibadan in Nigeria Flood prone on the dynamics of housing rentals in peri-urban areas through using an integrated geospatial and housing market analysis. It was carried out in Akinyele, Ido and Egbeda Local Government Areas (LGAs) which have undergone a rapid peri-urban growth and frequent flooding.
 </p>

 <p>
 <strong>Design/methodology/approach:</strong> Flood vulnerability was analysed based on a Flood Vulnerability Index (FVI) based on Digital Elevation Model (DEM)-based elevation and slope parameters, whereas housing market performance was analysed on the basis of longitudinal rental data over the period 2012–2024.
 </p>

 <p>
 <strong>Findings:</strong> The findings showed that 20-25 percent of land area in the LGAs is very prone to floods with the Ido LGA having the largest low-lying landmass. The spatial variation in housing rental values is quite high, with Akinyele having the highest rents and the highest growth rate, followed by Egbeda with average performance, and Ido with the lowest values throughout. A semi-logarithmic OLS hedonic regression (R<sup>2</sup> = 0.932, F (4,19) = 64.93, p < 0.001) established that the risk of floo",0.0,
b9ee1789a3b52642f616049763a1a6dd68bb38ca,10.3390/urbansci10080440,More than Black Boxes: Machine Learning Models’ Capacity to Capture Housing Submarket Patterns,2026.0,Urban Science,José Rojas-Quiroz; Carlos Marmolejo-Duarte,"Machine learning (ML) models like XGBoost have gained traction in housing valuation as they outperform classical hedonic models in predictive accuracy. However, their black box nature has limited their interpretability, until recent advances like SHAP values enabled deeper insights into variable contributions. This study explores whether XGBoost not only predicts housing prices more accurately but can also help identify latent submarket structures, without imposing predefined spatial or socioeconomic boundaries. Using a raw dataset of 7092 housing listings from Barcelona (reduced to 6527 unique listings and finally to 6112 observations after outlier removal), we employ a sequential methodological framework: first, OLS and Spatial Durbin Models identify statistically significant predictors while accounting for spatial dependence; second, an XGBoost model is trained with these validated variables to extract SHAP values quantifying each attribute’s model-attributed contribution to individual predicted prices; third, clustering these SHAP values reveals three distinct submarkets with systematic differences in model-attributed valuation patterns. We validate the resulting segments throu",0.0,https://www.mdpi.com/2413-8851/10/8/440/pdf?version=1785637806
f627d628b7910dacc11837349fd85b6733216d94,10.1108/ijhma-01-2026-0009,Heterogeneous buyers and relative negotiation advantage: how ambiguous price signals reshape transaction outcomes in opaque markets,2026.0,International Journal of Housing Markets and Analysis,H. Truong; H. Nguyen,"
 
 This study aims to examine how buyer income and prior market experience shape relative negotiation advantage in an opaque housing market, and whether these advantages persist or shift when pricing signals become ambiguous.
 
 
 
 Using 430 completed home purchases in Ho Chi Minh City collected through direct post-closing buyer interviews, the authors estimate a hedonic benchmark of market-implied value and construct PriceGap – the logarithmic deviation between predicted value and the final transaction price – as a proxy for relative negotiation advantage (not bargaining surplus). Ambiguous listings are identified via a Flagged indicator based on asking-price thresholds relative to predicted value, with 0.95 selected by AIC/BIC as the baseline operational definition; robustness to alternative thresholds is assessed in sensitivity checks.
 
 
 
 Experience is the stronger correlate of relative negotiation advantage when pricing signals are more interpretable, operating primarily as a comparative premium over first-time buyers. Under suspicious pricing, income-based advantages intensify while experience-based gains do not amplify. Ambiguity does not compress heterogeneity; it real",0.0,
3c26c595e8f857f713a6c084a9756e673e5478a1,10.62051/ijgem.v6n1.20,Effect of Geographical Location on the Spatial Differences of Housing Price in Xi'an: Based on the Second-hand Housing Data of Family Scale from 2019 to 2021,2025.0,International Journal of Global Economics and Management,Jie-Chao Liu,"The price of housing has always been concerned by all people in the society, and it is closely related to the basic life of residents and the stable development of society. In cities, housing prices have many influencing factors, and there are obvious differences among different cities or within the same city. This paper takes Xi 'an as the research object, and the specific research areas are six main urban areas of Xi 'an. Based on the household-scale second-hand housing data from 2019 to 2021, it discusses the influence of geographical location on the spatial difference of housing prices in Xi 'an. In this paper, using Kriging interpolation method and bidding rent theory, firstly, the spatial structure characteristics of housing prices in Xi 'an are summarized. Because Kriging interpolation method is selected, the research data should conform to the normal distribution. Therefore, before Kriging interpolation method is used, the data should be analyzed and converted in spss software to make it conform to the conditions. Then, select appropriate influencing factors to construct Hedonic characteristic price model to study the influencing factors of housing prices, and the results a",0.0,https://wepub.org/index.php/IJGEM/article/download/5198/5740
8efa8820cde88663ceca972f0a07bb12be64d216,10.33915/etd.4570,Three essays on gay and lesbian rights legislation,2019.0,,David Christafore,"THREE ESSAYS ON GAY AND LESBIAN RIGHTS LEGISLATION David R. Christafore This dissertation consists of three essays that provide empirical evidence that informs the ongoing debate over the passage of gay and lesbian rights legislation. In Chapter 2 the difference-in-difference-in-difference methodology is used to examine the effect that the passage of a private employment anti-discrimination law has on the relative earnings and employment of gays and lesbians. The results of this analysis indicate that the passage of this law does not have an impact on either relative earnings or employment for lesbians, but it does have an impact on these labor market outcomes for gays. In particular, the passage of this anti-discrimination law increases the relative earnings for gays by 7.5% and reduces their relative probability of being employed by 2.4%. In Chapter 3 a gravity model of stateto-state gay and lesbian migration flows over the period 1995-2000 is estimated in order to analyze the revealed preferences of gays and lesbians for private and public employment anti-discrimination, hate crime, and domestic partnership laws. The results of this examination indicate that private employment a",0.0,https://researchrepository.wvu.edu/cgi/viewcontent.cgi?article=5607&context=etd
291ca9688b933cfaf7d01e6f6552e428bb2432b5,10.36934/wecon2019-023,Occupant Well-Being and House Values,2018.0,,R. Rijnks; S. Sheppard,"A difficulty in identifying the contribution of structure and neighborhood attributes to the market value of residential property is the lack of data on subjective characteristics of the neighborhood (friendliness of neighbors, proximity to friends and acquaintances) or difficult-to-observe subjective attributes of the structure itself (such as ""curb appeal"" or the presence of unpleasant odors). Concern may also arise from the understanding that the observed market price of most residential property is the result of a process of bargaining. A buyer who is optimistic by nature may assume that the quality of the neighborhood will be wonderful, or that the unusual odor will eventually go away, and therefore be willing to bid a higher price for the structure than a prospective buyer who is more nervous about all the ways that a house purchase can generate disappointment. Estimates of the value of structure or neighborhood attributes may tell us as much about the emotional affect of the buyer as they do about the actual costs or benefits of the attributes (or of cleaning or mitigating them). These observations suggest that incorporating data on the levels of subjective well being (SWB) ",0.0,https://web.williams.edu/Economics/wp/Occupant_Well_Being_and_House_ValuesAug292020.pdf
76de9c2ebc2c0a29a066a5acfc12325865527a9e,10.3389/frevc.2026.1886656,Green location and green neighborhood attributes: a comparative sectoral perspective,2026.0,Frontiers in Environmental Economics,Nursyuhaida Aziz; Shazmin Shareena Ab. Azis; Nur Hannani Ab Rahman; Shastitharran Baskaran,"Property valuation is defined as the process of estimating the value of a property for various purposes, including buying, selling, leasing, taxation, and investment decision-making. Among various valuation methods, green valuation has emerged as a contemporary method that incorporates the influence of green attributes into property valuation. Previous studies have highlighted that green location and green neighborhood attributes should be considered in green valuation, as they contribute significantly to property value. However, specific green location and neighborhood attributes remain unclear at this stage. Accordingly, this research aims to identify specific attributes for green location and green neighborhood using criteria provided by several green rating tools. The primary objective of this study is to identify green attributes for location and neighborhood across both the residential and commercial sectors. To establish a comprehensive set of green location and green neighbourhood, a systematic literature review was conducted following the PRISMA 2020 guidelines using Scopus, Web of Science, ScienceDirect, and Google Scholar. From initial 185 records, a total of 28 relevant",0.0,https://www.frontiersin.org/journals/environmental-economics/articles/10.3389/frevc.2026.1886656/pdf
46f43171e160ef579a436581c00137c0b9dc3d07,10.1108/pm-08-2024-0085,Considerations for a hedonic model in the valuation of church property: an exploratory study of emerging parish churches in Nigeria,2025.0,Property Management,I. R. Egbenta; P. C. Ogbuefi; Francis O. Anaeme,"
 
 The purpose of the study was to explore whether a hedonic model could be used to enhance the estimation of church properties’ value in the place of traditional methods of valuation.
 
 
 
 The study adopted survey research design. Data were collected through physical inspections/observations and measurement of the church properties and extracts from published church documents. A total of 74 church properties including old and modern churches in Enugu, Nigeria were analysed by testing 14 separate independent variables (property attributes) and ancillary facilities of the church using a hedonic model. The data were analysed using descriptive and inferential statistics at p < 0.05.
 
 
 
 The study showed that 61.3% of the variations in the value of church building is explained by 14 independent variables and 58.6% were explained by five variables: designed door and windows, seating capacity, parking arrangement, availability of priest/clergy house and availability shops; and were statistically significance at p < 0.05. These results revealed that the hedonic model could be used to determine the value of church properties in place of traditional approaches (cost methods and market",0.0,
c3e313fff9b1aa2f19eaddeef85f7e2b055f9543,10.3390/land15071138,"Objective Risk or Subjective Fear? A Probit–Hedonic–Welfare Analysis of NIMBY Externalities from Sanitation Facilities in Urban Suzhou, China",2026.0,Land,Chenfeng Xu; Zibo Zhu; Yan Cheng; Ziruo Feng; Haolan Huang; Yi-Han Li; Lu Hou; Yi-Ke Hu,"With increasing urban solid waste generation and the advancement of Zero Waste City initiatives, sanitation-facility siting has become central to urban waste governance but continues to trigger Not-In-My-Backyard (NIMBY) conflicts related to perceived environmental risk, spatial equity, and asset-value concerns. Existing studies often explain NIMBY effects through objective exposure or facility distance, while less attention has been paid to the mismatch between objective risk and residents’ subjective fear and its cost implications. Taking Suzhou, China, as a case study, we develop an integrated framework to assess NIMBY effects associated with current and planned sanitation facilities. An objective risk index is constructed based on facility hazard, exposure, and vulnerability. Resident questionnaires are used to measure subjective fear, and the bias between objective risk and subjective fear is quantified. Probit, hedonic price, and welfare models are then combined to evaluate the effects of this bias on facility support, housing prices, and marginal social welfare losses. The results show that (1) sanitation facilities in Suzhou present clear type differentiation and spatial cl",0.0,https://doi.org/10.3390/land15071138
a4da5f4b418391a23a20de10b5b3b86b59742e39,10.3390/f17060650,Decoding the “Green Premium”: A Systematic Review of Multidimensional Economic Value Drivers from Urban Forests and Green Spaces,2026.0,Forests,Ying Zhou; Qingqing Zhou; Wuyao Li; Hui-Lin Liang,"This study deciphers the impacts of urban forests and green spaces (UFGSs) on housing prices through a systematic review of 180 peer-reviewed articles (440 empirical cases) to delineate how various UFGS attributes drive housing price changes, focusing on the direction, intensity, and contextual dependency of these impacts. We identified specific UFGS attributes (e.g., proximity, size, type, quality, accessibility, landscape patterns) and the methodologies assessing their price impacts, primarily hedonic pricing models. Our findings confirm a consistent, albeit highly variable, positive premium from urban forests and related green infrastructure on housing prices. Key drivers include not only proximity and size, but also crucial qualitative attributes like perceived UFGS quality (e.g., tree canopy coverage, wooded park maintenance), which often show stronger or more consistent effects than simple quantitative measures. The analysis also highlights that negative impacts can arise from poorly managed urban forests or certain disamenity-prone green typologies. Significant spatio-temporal heterogeneity is evident, with price effects varying by urban context (e.g., density, development s",0.0,https://doi.org/10.3390/f17060650
90a607088ae86bd68262b1b04abb70684edacc96,10.66033/japr2022-302,Pricing the Daylight Comfort Frontier in Urban Housing: A Nonlinear Hedonic Reanalysis Framework for Turin Apartments,2023.0,Journal of Architectural and Planning Research,Adnan Asghar,"Daylight is widely valued in residential decision-making, yet the economic literature still tends to treat its contribution
to housing value as a linear attribute or to proxy it with legacy compliance metrics. This article develops a benchmarkgrounded nonlinear hedonic framework to investigate whether the market rewards daylight quantity alone or, more
plausibly, a daylight comfort balance that combines useful illuminance, sunlight access, and manageable exposure. The
study is anchored in the Turin condominium sample reported by Loro et al., which includes 100 apartments modeled
through ClimateStudio and characterized by contextual, architectural, energy, and daylight variables. The empirical
motivation is specific and bounded: in the published ordinary least squares benchmark, estimated on 90 units and
checked on a 10-unit control sample, useful daylight illuminance achieved (UDI.A) and annual sunlight exposure (ASE)
were significant, whereas average daylight factor (DFm) and spatial daylight autonomy (sDA) were not, and the model
explained about 59% of variation in listing price per square meter. Building on that published pattern, the manuscript
strengthens the theoretical motiv",0.0,https://lockescience.press/articles/japr/2023/issue%203/202332.pdf
08f08f6725b0a13c22a30e36ecbdb2411e99d8fd,10.1108/ijhma-07-2026-0273,Capitalizing consumer school ratings into residential listing prices: evidence from Greater Houston,2026.0,International Journal of Housing Markets and Analysis,Arun Narayanasamy; Humnath Panta; M. Devkota,"
 
 This paper aims to estimate how much of a consumer-facing school rating is capitalized into the price at which a home is offered for sale and to test whether that rating displaces the official state accountability score in a large metropolitan market that has received little direct attention in the capitalization literature and is unusual in having no conventional zoning.
 
 
 
 Log-linear hedonic price regressions are estimated on 2,332 active detached single-family listings collected from Realtor.com in November 2025 and matched to assigned public high schools. Because the GreatSchools rating is invariant within each school-assignment group, the identifying variation is across 27 groups. Standard errors are clustered by school-assignment group; significance is verified by wild-cluster bootstrap, and a 27-group aggregated regression is reported as a conservative benchmark.
 
 
 
 A one-point increase in the GreatSchools rating is associated with a 4.57% higher listing price, about US$15,733 at the sample median of US$344,082, rising to 4.65% with school-district fixed effects. The aggregated 27-group estimate is 3.59% per point. Entered jointly, the rating retains its full ass",0.0,
3458b9af86f05d847fef47a983987204e36f5ce2,10.1108/ijhma-03-2026-0065,Comparing hedonic and machine learning models in residential property valuation: evidence from sub-market analysis in Italy,2026.0,International Journal of Housing Markets and Analysis,G. Maselli; Laura Gabrielli; Antonio Nesticò,"
 
 This study aims to compare the predictive performance, robustness and interpretability of traditional hedonic regression and machine learning (ML) models in residential property valuation. While regression-based approaches estimate marginal prices directly, they may be limited in capturing non-linearities and multicollinearity. Conversely, artificial intelligence (AI) models provide greater flexibility but are more prone to overfitting and often lack transparency. Explainable AI (XAI) is integrated to improve the interpretation of price-formation mechanisms.
 
 
 
 An exploratory case study compares multiple linear regression (MLR), artificial neural networks (ANN), random forest (RF) and a hybrid stacking model combining ANN and RF. The analysis includes variable definition, data collection and preprocessing, model specification and implementation and validation through training and k-fold cross-validation. To enhance interpretability, permutation feature importance and SHapley Additive exPlanations values are applied.
 
 
 
 The empirical application focuses on two Osservatorio del Mercato Immobiliare zones (B1 and B2) of Padua (Italy). Model performance is strongly influence",0.0,
2bbc1c2253a09a65b2eaae32ddc16acc1eba0b33,10.61112/jiens.1937855,Analysis of factors affecting housing sale prices in Trabzon using the hedonic price model and quantile regression,2026.0,Journal of Innovative Engineering and Natural Science,B. Temel,"This study aims to identify the structural, amenity-related, and locational factors affecting housing sale prices in Ortahisar, Trabzon. The research was conducted using 1,476 observations obtained from online housing listings for February 2026. First, a hedonic price model was developed to determine the main variables affecting housing prices. Then, quantile regression analysis was applied to examine whether these effects varied across different price segments. A Random Forest-based SHAP analysis was also used to support the findings within a more flexible modelling framework. The findings show that net area (m²), building age, floor level, elevator availability, being located within a residential complex, heating system, parking type, and neighborhood effects play significant roles in housing prices. In particular, net area (m²) was found to be one of the strongest determinants of price, whereas building age had a negative effect. The quantile regression results revealed that price determinants do not operate with the same strength across all market segments; variables such as net area (m²) and elevator availability produced stronger effects in upper price segments, while the neg",0.0,https://dergipark.org.tr/en/download/article-file/5949021
568782a2bf2877b3eb5fd02c4f88fafa3f8d9664,10.1108/jfm-10-2024-0133,The relationship between land consolidation and neighboring housing prices – application of quantile regression,2026.0,Journal of Facilities Management,Chun-Chang Lee; Zhong-Liang Lee; Pei-Syuan Lin; Chun-Chao Chen,"
 
 This study aims to use the hedonic price method to explore the relationship between land consolidation and neighboring housing prices.
 
 
 
 Beginning in the 1980s, with the goal of expediting the city’s development, the Kaohsiung City Government began the expropriation of two zones covering the Kaohsiung Museum of Fine Arts and the Aozihdi Park areas in the Gushan District, which are termed the 44th (KMFA) Redevelopment Zone and the Nong-16 Zone, respectively. Land consolidation and zone expropriation are both, in essence, policy measures to promote appropriate land use. Both measures provide for land-use zoning and planning of parks and green spaces and are key determinants of housing prices within these zones. This study uses the hedonic price method to explore the relationship between land consolidation and neighboring housing prices.
 
 
 
 The ordinary least squares estimation results indicate that housing prices decrease by 0.1% for every additional meter in the distance to the KMFA or Nong-16 zones. The mean housing price in the KMFA zone is 0.2% higher than that in the Nong-16 zone. The quantile regression results show no significant differences in the relationship be",0.0,
90ff419cf61e5d46ed4fb69755fc794850ebf439,10.7176/jesd/12-9-03,Quality Effects of Investment Projects and Their Effect on Current House Prices: Application of Hedonic Pricing Approach,2021.0,Journal of Economics and Sustainable Development,Lamessa Addisu Gosa; Assosa,"By virtue of their nature, all sorts of investment projects pose environmental disamenities like disfiguration of the natural scene, congestion, noise and pollution of different types. The study is framed to examine environmental impacts of investment projects (Hansom Glass Factory) and their effects on houses transaction values in Adama town (Picock area). Estimation of such negative impacts on current house values, which is reflected as a proxy estimation of distance from the project, was measured using a Hedonic Pricing Approach. Data on current values of residential houses in Adama town (Picock) were taken considering residences residing up to 2300 meters away from the factory for the year 2015. Data were generated for 170 houses at random that reside to the West and South-West directions of Hansom Glass Factory. A Hedonic Price Function was employed for analyzing the data using STATA(11). The study came up with that many of the hypothesized variables significantly affected house transaction prices at different levels of probability (P<0.001 and P<0.05). The result revealed that residential houses that reside bordering the factory were valued less significantly than their equiv",0.0,https://iiste.org/Journals/index.php/JEDS/article/download/56356/58197
d8941587e0ea17530b8486a47a4da824ad437bf0,10.54254/2754-1169/2025.cau28492,Rail Accessibility and Residential Unit Prices: Evidence from Melbournes Cranbourne Line,2025.0,"Advances in Economics, Management and Political Sciences",Guanyu Pan,"The paper assesses the capitalization of residential unit values along Melbourne's Cranbourne Line route. Beyond station proximity, this paper jointly assesses transportation accessibility, everyday service availability, dwelling attributes, and neighborhood socio-demographics as determinants of price. To enhance cross-sectional comparability in a market characterized by varied lot sizes and layouts, outcomes are assessed based on per-square-meter prices instead of total selling valuesan approach that remains underutilized in Australian studies but is immediately beneficial for planners and investors. Utilizing a hedonic pricing framework, this paper estimates a global ordinary least squares (OLS) model and a geographically weighted regression (GWR) to differentiate corridor-wide connections from regionally variable effects. Findings demonstrate that an increase in the number of bedrooms and the availability of on-site parking correlates with elevated unit costs, whereas increased distance from both the nearest rail station and the central business district relates to diminished unit prices. The GWR exhibits significant geographic variation, with the distance-to-station gradient di",0.0,https://www.ewadirect.com/proceedings/aemps/article/view/28492/pdf
ebed07861a98ce403044b0f977c281182b7be044,10.1108/ijhma-03-2025-0068,Are residential crimes the same? Evidence from the link between house prices and crime levels in South Africa,2025.0,International Journal of Housing Markets and Analysis,O. Akinsomi; Kola Ijasan; P. Owusu,"
 
 One main result of residential crimes is the sub-optimal allocation of homeownership, as demand and price of residential property respond accordingly. Since crime is a neighbourhood phenomenon, this study aims to examine how different residential crime levels are associated with price of property in a densely populated municipality in South Africa.
 
 
 
 The semi-log hedonic pricing model estimated with the least squares method was employed to test the difference between non-violent (burglary) and violent (robbery) crimes in their relationship with residential property prices. A combined total of 89,573 yearly property sales transactions and burglary and robbery at residential premises for five towns in the city of Johannesburg between 2010 and 2020 were used.
 
 
 
 Burglary is strongly associated with house price compared to robbery. It is inversely related at about 0.85% in Randburg, 0.63% in Roodeport, 0.62% in Johannesburg, 0.61% in Soweto and 0.3% in Midrand. But robbery is positively associated with house prices. Despite differences in sample size and neighbourhood characteristics, the results do not corroborate for distinguishing among the towns as townships, urban and",0.0,https://www.emerald.com/ijhma/article-pdf/18/7/46/10203498/ijhma-03-2025-0068en.pdf
b630a24df11bc2ab9b11147c3db79bbf1b8b5f1c,10.3390/su18168029,The Impact of Road Traffic Noise on Apartment Prices in Kraków: A Hedonic Analysis of the Primary and Secondary Markets,2026.0,Sustainability,E. Jasińska; Edward Preweda,"This study examines the effect of road traffic noise on apartment prices in Kraków, treated on an equal footing with the other price-forming attributes. The analysis draws on 6244 transactions from the primary and secondary markets concluded between January 2021 and June 2022. Multiple regression in linear and semi-logarithmic form was applied, and outliers were removed iteratively on the basis of standardised residuals; the sensitivity of the estimates to the adopted elimination threshold was examined and the results were compared with robust regression. The effect of road noise differs between market segments. In the primary market, in the sample after outlier elimination, the noise attribute is statistically significant and the NSDI equals 0.17% of the price per 1 dB (95% CI: 0.13–0.21%). In the secondary market, the estimate is close to zero, and the difference between the segments is significant (z = 6.0; p < 0.001). In the full samples, where prices are strongly differentiated by dwelling standard not recorded in the register, the noise effect does not reach significance, which points to the conditional character of the estimates. The influence of noise also depends on the po",0.0,https://doi.org/10.3390/su18168029
427216fb06cbb8281ea2a94bd3e02e343c4e1d72,10.3897/brics-econ.7.e190992,School proximity and housing price capitalization in China’s secondary market: hedonic and quantile regression evidence from Xi’an and Zhengzhou,2026.0,BRICS Journal of Economics,Janina Roshchina; Chen-Hong Wu,"This paper examines how proximity to key middle schools is capitalized into housing prices in urban China and whether the magnitude of this effect is associated with differences in the broader educational environment of the city. The study addresses the question of whether school-related housing premiums differ between otherwise comparable cities with distinct higher education ecosystems. Using micro-level data on secondary housing sale listings from the Lianjia platform (February 2022), we estimate hedonic price models separately for Xi’an and Zhengzhou, two second-tier Chinese cities similar in economic scale but differing substantially in higher education resources. Ordinary least squares models with heteroskedasticity-robust standard errors are complemented by quantile regressions to assess heterogeneity across price segments. Distance to the nearest key middle school is negatively and statistically significantly associated with housing prices in both cities. However, the magnitude of capitalization differs markedly: a one-kilometer increase in distance reduces prices by approximately 3.5% in Xi’an compared to 1.2% in Zhengzhou. Quantile regressions reveal moderate heterogeneit",0.0,https://brics-econ.arphahub.com/article/190992/download/pdf/
9cc0d35d46396cc9fde4a99ed654bc934ad641af,10.30880/jtmb.2018.05.03.005,THE INFLUENCE OF SPATIAL DESIGN MODIFICATION ON BATU PAHAT LOW-COST PROPERTY INVESTMENT VALUE,2018.0,,A. U. Raji,"Spatial modification of terrace house in Malaysia is initiated by homeowners to satisfy their needs. Modification is more prevalent within the low income group occupying low-cost housing units due to their nature of their family size. The aim of this research is to develop a valuation model for low-cost terrace house spatial modification. This study explores the effects of post-occupancy changes and spatial modification in low-cost terrace housing. Additionally, it is to establish whether spatial modification being carried-out by homeowners has any price premium associated with their property value. The data was analyzed quantitatively using regression analysis. Each sample unit (homeowner) was provided with a questionnaire to obtain information on spatial modifications and key building related characteristics. The regression was done using both enter and stepwise methods. The findings indicate that the critical factors influencing residential property value of spatially modified low-cost terrace housing are Sale year (age), Number of bedrooms, Plot area, Gross floor area, Modified area, Extra-kitchen, Extra-bedroom, Extra-storage. Whilst, a price (value) premium on their current i",0.0,https://doi.org/10.30880/jtmb.2018.05.03.005