Property valuations in Hong Kong : an application of the hedonic price model in a practicable approach

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Property valuations in Hong Kong : an application of the hedonic price model in a practicable approach

 

Author: Liu, Yik-tung Yvonne
Title: Property valuations in Hong Kong : an application of the hedonic price model in a practicable approach
Degree: M.Phil.
Year: 2010
Subject: Hong Kong Polytechnic University -- Dissertations
Valuation -- China -- Hong Kong
Department: Dept. of Building and Real Estate
Pages: 118 leaves : ill. ; 30 cm.
InnoPac Record: http://library.polyu.edu.hk/record=b2393000
URI: http://theses.lib.polyu.edu.hk/handle/200/5934
Abstract: This research shows the advantages of hedonic price models and their application in the real estate industry in Hong Kong. They can be used as tools for real estate professionals and appraisers for estimating the residential apartment prices, simplifying procedures when they need to quote the prices and save time. Residential building data will be the object of data collection in this paper. These data will be collected by real estate transaction procedures through the professionals. Property prices will also be analyzed using the hedonic price regression models. These models allow the real estate agents, as well as bank professionals to estimate the property prices for their clients. A professional real estate surveying firm has put the system to practice. This study will help sellers or buyers to estimate and agree based on market price for each property. These tools may support the informational decision support system in the real estate marketing or training teams. This study will attempt to fill some of the gaps that exist between the hedonic models in theory and in practice. It is expected that the system could be used by REIT (Real Estate Investment Trusts) or real estate portfolio owners to update their capitalization of the portfolios on a constant basis. Three case studies were also used to demonstrate the applications of the hedonic price models.

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