樓層特徵對不動產價格與報酬的影響

Abstract

本研究目的為探討樓層特徵對不動產價格與報酬率之影響，並關注特定樓層 (如 1 樓、4 樓與頂樓) 是否對價格或報酬造成顯著的影響。由於不動產非同質性商品，價格易受物件特徵影響，故本研究採用特徵價格模型 (Hedonic Pricing Model) 進行實證分析，以控制建物面積、屋齡、地段等其他變數，純粹觀察樓層特性對價格與報酬之影響。 研究樣本為臺北市 2012 年至 2024 年間之住宅交易資料，依建物型態分為公寓、華廈及住宅大樓三類樣本，並分別對每類樣本建構特徵價格模型，近一步觀察不同樓層在各年度之相對價格與報酬率。本研究也透過樓層與交易年度的交叉相乘項，捕捉價格在不同年份間的變動趨勢，並以 F 檢定篩選最適合的估計模型。 實證結果顯示，1 樓可能因其具備出入便利性或商業用途潛力，在三類建物中普遍具有較高單價，但年平均報酬率卻相對偏低；相對地，4 樓與頂樓的單價雖較低，然其報酬率表現反而更穩定或略高。此外，與先前相關研究結果不同，華人文化中對數字「4」的忌諱並未在全部的樣本中皆達統計顯著，亦無其他數字偏好造成的消費結果。 本研究結果反映樓層特徵為影響不動產價格與報酬率的重要因素。未來若能進一步納入鄰里環境特徵、總體經濟變數或其他估計方法，將有助於更全面理解不動產市場中各項特徵的價格機制。

This paper aims to investigate the impact of floor characteristics on real estate prices and returns, with a focus on whether certain floor levels—such as the 1st floor, 4th floor, and top floor—have a significant influence on housing prices or returns. Given the heterogeneity of real estate assets, where prices are often shaped by idiosyncratic characteristics, this study employs hedonic pricing models to control for variables such as area, building age, and location, thereby isolating the effect of floor level on prices and returns. The empirical analysis is based on residential transaction data from Taipei City between 2012 and 2024. The sample is categorized into three housing types: walk-up apartments, mid-rise residential buildings (hua-xia), and high-rise residential buildings. Floor-level effects on prices and returns are examined over time by applying separate hedonic pricing models to each of the three housing types. The hedonic pricing models further include interaction terms between floor level and transaction year, and F-tests are used to select the most appropriate models. The results show that the 1st floor generally commands higher unit prices across all three housing types, possibly due to its accessibility and commercial use potential. However, its average return is consistently lower. In contrast, although the 4th floor and top floor typically have lower prices, their returns are more stable or even slightly higher. Overall, the findings suggest that floor characteristics are an important determinant of both real estate prices and returns.