Price Determinants and GIS Analysis of the Housing Market in Vietnam: The Cases of Ho Chi Minh City and Hanoi

You Seok Chung, Ducksu Seo and Jaehwan Kim
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You Seok Chung: National Housing Organization, Ho Chi Minh City 700000, Vietnam
Ducksu Seo: Faculty of Civil Engineering, Ton Duc Thang University, Ho Chi Minh City 700000, Vietnam
Jaehwan Kim: Major in Real Estate Studies, Faulty of Regional Development, Kongju National University, Yesan 32439, Korea

Sustainability, 2018, vol. 10, issue 12, 1-18

Abstract: Since the introduction of the Doi Moi economic reform in 1986, the real estate market in Vietnam has witnessed a sharp increase in foreign investment inflows and a remarkable growth in the housing market, particularly for high-rise apartments in large cities. This study investigates the determinants of apartment prices in Ho Chi Minh City (HCMC) and Hanoi, the two most representative cities in Vietnam. The spatial distribution of apartments and their price determinants were addressed by the spatial analysis of Geographic Information System (GIS) and the hedonic model. The price determinants of both cities were closely associated with downtown-related factors; moreover, the externalities of urbanization affected each city. While HCMC was more related to the locational attributes of urban amenities and community density as well as programs because of unmanaged urbanization, Hanoi was more related to housing attributes, since the majority of apartment projects were developed under urban infrastructure development supported by the central government. Apartment cluster maps of each city clearly show the contrast of housing distribution. Our findings clarify the impact of government policies on housing price determinants and can be a reference for private- and public-sector stakeholders seeking to undertake economically and socially sustainable housing development projects in Vietnam.

Keywords: apartment prices; hedonic model; spatial analysis; Ho Chi Minh City; Hanoi; Vietnam (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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