A Hedonic Price Model for Private Properties in Hong Kong

Henry M K Mok, Patrick P K Chan and Yiu-sun Cho

The Journal of Real Estate Finance and Economics, 1995, vol. 10, issue 1, 37-48

Abstract: A hedonic model is used to explore the effects of locational, structural, and neighborhood attributes on the price structure of private condominiums in Hong Kong. The regression results and the elasticities of housing attributes obtained from the Box-Cox analysis indicate that the valuation of a property is sensitive to changes in housing traits. Home buyers are rational and are willing (unwilling) to pay for desirable (undesirable) housing attributes and that the valuation of a property is market-driven in Hong Kong. Copyright 1995 by Kluwer Academic Publishers

Date: 1995
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