The Pricing of ‘Luckiness’ in the Apartment Market

K. Chau, Vincent Ma and Daniel Ho

Journal of Real Estate Literature, 2001, vol. 9, issue 1, 29-40

Abstract: People are willing to pay a premium for a ‘lucky’ property. In a Cantonese prevailing society such as Hong Kong, many people regard the number ‘8’ as lucky since 8 has similar pronunciation as prosperity in Cantonese. Therefore, a lucky floor number is a valuable attribute. Although not all Cantonese are superstitious about the luckiness of the number 8, it is an added benefit that no Cantonese will reject. A hedonic price model is estimated using transaction data during the booms and slumps of the property market. The results show that flats with lucky floor numbers are sold at a significantly higher price during property booms than during property slumps.

Date: 2001
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DOI: 10.1080/10835547.2001.12090095

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