Hedonic Prices and House Numbers: The Influence of Feng Shui

Steven Bourassa and Vincent S. Peng
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Vincent S. Peng: Urban and Public Affairs Program, College of Business and Public Administration, University of Louisville, Louisville, http://athena.louisville.edu

International Real Estate Review, 1999, vol. 2, issue 1, 79-93

Abstract: In contemporary practice, feng shui incorporates a wide range of concepts considered to affect a person’s luck. These include traditional ideas about site selection and building design, as well as newer beliefs about the “luckiness" of certain numbers. Focusing on an area with a relatively high percentage of Chinese households in Auckland, New Zealand, this paper uses hedonic price analysis to investigate whether house values are affected by lucky and unlucky numbers. Sales transactions for 1989 to 1996 are used in this analysis. The results demonstrate that lucky house numbers are capitalised into house values.

Keywords: Feng shui; hedonic price model; lucky; New Zealand (search for similar items in EconPapers)
JEL-codes: L85 (search for similar items in EconPapers)
Date: 1999
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