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Spatio-Temporal Non-Stationarity and Its Influencing Factors of Commercial Land Price: A Case Study of Hangzhou, China

Zhuoma Garang (), Cifang Wu (), Guan Li (), Yuefei Zhuo () and Zhongguo Xu ()
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Zhuoma Garang: Land Academy for National Development, Zhejiang University, Hangzhou 310029, China
Cifang Wu: Land Academy for National Development, Zhejiang University, Hangzhou 310029, China
Guan Li: Law School, Ningbo University, Ningbo 315211, China
Yuefei Zhuo: Law School, Ningbo University, Ningbo 315211, China
Zhongguo Xu: Law School, Ningbo University, Ningbo 315211, China

Land, 2021, vol. 10, issue 3, 1-27

Abstract: Investigating the characteristics and mechanisms of the spatial and temporal variations of commercial land prices and its major subdivisions has great theoretical and practical significance in the study of urban economy and its spatial refinement management. Unlike general commodity prices, land prices are influenced by geographical location and tend to fluctuate over time. However, most scholars have not explored the influence mechanism of commercial land prices in both time and space. To help bridge this gap, this study takes the sample commercial land prices in the main urban area of Hangzhou from 2006 to 2015 as the empirical research object and investigates the spatiotemporal evolution mechanism of urban commercial land prices through a comparative analysis of the multiple regression analysis (MRA) with ordinary least squares (OLS), the geographically weighted regression (GWR), the temporally weighted regression (TWR), and the geographically and temporally weighted regression (GTWR) models. Results indicate that the land prices of land for financial facilities (Commercial Land Category 1) and commercial-business land (Commercial Land Category 2) in Hangzhou show different spatial and temporal evolutions and are influenced by the common factors of residential land price level (PL), maturity of living services (EN), and plot ratio (FRO) in the district. Meanwhile the main difference between the two influencing factors is the significant difference in sensitivity to locational centrality and industrial structure. Furthermore, we find that the spatial and temporal evolution of commercial land prices has three main mechanism: location selection, point-axis evolution, and function-promoting. Our findings will provide guidelines for scientifically guiding the coordinated development of urban land price and industrial economy and realizing the fine management and allocation of urban spatial resources.

Keywords: commercial land price; spatio-temporal evolution mechanism; GTWR; Hangzhou (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2021
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Handle: RePEc:gam:jlands:v:10:y:2021:i:3:p:317-:d:520536