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Attribute Price of Residential Properties
in Neihu District of Taipei City.
Hedonic Price,Housing Price,Neihu District,Residential Property,
|Publication Year :||2008|
Neihu District has become the most rapid development area in Taipei city recently. With the deregulation of land use control, Neihu Technology Park, has attracted many transnational corporations to set up their headquarters. In addition to the recent regional industrial development in Neihu, completion of MRT also pushes the growth of local real estate market, as a result, housing price in Neihu has boomed dramatically.
According to Rosen’s Hedonic Price Theory in 1974, goods possesses a myriad of attributes that combine to form bundles of utility affecting attributes that the consumer values. By applying the theory, major attributes of housing price are analyzed. Traditional applications include: housing quality, location and the surrounding environment.
In order to identify hedonic price of housing attributes in Neihu District, especially the effects of location differences upon housing price in the region, this study not only include architectural factors that are affecting housing price suggested in literature review, environmental factors that affect the development of Neihu District: Taipei Neihu Technology Park, MRT stations, and crematorium are also considered.
A two-step analysis process is adopted in this study, namely, total area analysis and sub-area Analysis. Division of sub-areas are based on the geography and land usage in Neihu. The result of total area analysis showed a significant correlation between housing price and its age, width of nearby road, distance from crematorium as well as distance from MRT. Accessibility to Neihu MRT station showed positive effect on its land price. Furthermore, significant correlation exists between housing price and the distance from Taipei Neihu Technology Park. This implies that job opportunity and living practicality provided by Neihu technology park has a significant impact on its local housing price. In addition, result of sub-area analysis shows significant effects of environmental attributes on house pricing in each sub-districts. Interestingly, sub-district 3 (Dong-Hu area) is the only area showing similar results in the whole area analysis.
Keywords: Hedonic Price, Housing Price, Neihu District, Residential Property.
|Appears in Collections:||建築與城鄉研究所|
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