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Comparing the Impacts of Location Attributes on Residents’ Preferences and Residential Values in Compact Cities: A Case Study of Hong Kong

Yunxi Bai (), Jusheng Song (), Shanshan Wu (), Wei Wang (), Jacqueline T. Y. Lo () and S. M. Lo ()
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Yunxi Bai: School of Architecture, Harbin Institute of Technology, HIT Campus of University Town of Shenzhen, Shenzhen 518055, China
Jusheng Song: School of Architecture, Harbin Institute of Technology, HIT Campus of University Town of Shenzhen, Shenzhen 518055, China
Shanshan Wu: Department of Architecture, Tongji University, Shanghai 200082, China
Wei Wang: School of Architecture, Southeast University, Nanjing 211189, China
Jacqueline T. Y. Lo: Department of Civil and Environmental Engineering, Stanford University, Stanford, CA 94305-2004, USA
S. M. Lo: Department of Architecture and Civil Engineering, City University of Hong Kong, Tat Chee Avenue, Kowloon, Hong Kong

Sustainability, 2020, vol. 12, issue 12, 1-23

Abstract: 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 policy formation by understanding residents’ needs in compact urban areas, help them to optimize the match between housing attributes and residents’ expectations, and balance the relationship between residents’ needs and economic interest.

Keywords: residential preference; compact development; sustainability; reliability interval method; hedonic price model (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2020
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