Within‐development density and housing prices in Singapore

Eric Fesselmeyer, Haoming Liu and Louisa Poco

Journal of Regional Science, 2024, vol. 64, issue 2, 406-427

Abstract: This paper measures how much more households pay for less density in their immediate surroundings. Using transaction and administrative data and exploiting the introduction of a regulation that restricted the number of housing units for certain land lots, we find that households discount density: a 10% increase in within‐development density decreases the price per square meter by 5%. Further, the mean price per square meter of the average development increased by 1%–3% after the regulation was introduced, while the amount of built‐up space remained constant. The increase in total revenue suggests developers may underestimate the externality caused by density.

Date: 2024
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https://doi.org/10.1111/jors.12677

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Persistent link: https://EconPapers.repec.org/RePEc:bla:jregsc:v:64:y:2024:i:2:p:406-427

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