Land and real estate are intrinsically related but generally traded in two different markets. Vacant land, being a major "raw material" for development of real estate, is traded by developers who actively manage development risk for profit. Real estate, being a long lived final product, is...

Spatial dependence is often seen as a problem in econometrics rather than in economics. This study seeks to find an economic explanation for spatially correlated real estate prices. We posit spatial dependence as a process to discover price information from neighboring property transactions....

This paper (a) surveys leading works on hedonic pricing modelling of the impact of four main categories of environmental attributes (pollution and amenities) and the impact of zoning regulations on urban property values in western jurisdictions and in Hong Kong, as an example of a high-density...

A balcony is often perceived as a "green" provision in modern residential buildings, as it enhances energy efficiency (providing natural lighting and ventilation), mitigates traffic noise, improves the circulation of fresh air, and provides planting space. However, how the market values the...

Noise trading has been intensively studied in finance, but rarely in real estate. Theories of price dispersion have also been well established in retailing research, but less so in real estate. This paper is the first attempt to study the effect of noise trading on price dispersion in the real...

Providing affordable housing has become one of China’s key national policy agenda items. The shared-equity model in Hong Kong, implemented since the late 1970s, has assisted many families in owning a home in the public housing market. However, little attention has been paid to their welfare...

This paper tests empirically the relationship between real interest rate and housing return in Hong Kong. The time series date from the first quarter of 1984 to the first quarter of 2009. Employing multiple regression analysis with autoregressive and lagged independent variables, it shows that...

This paper examines the rent determinants of sub-divided units (SDUs) in Hong Kong by hedonic pricing models. The supply of low-cost housing by SDUs is achieved at the expense of tenants’ living quality and tenure security. Tenants have to make trade-offs of living space and housing facilities...

This paper aims to test the effect of real interest rate on housing return, by using the differencing model for eliminating the effects of other factors. Even though the relationship has been tested before, but it is hard to eliminate other factors when studying the effect of real interest rate...

Land resumption in Hong Kong, which involves involuntary displacement in contemporary development projects, deliberately targets nonindigenous villages, where many residents are landless farmers. In this article, we examine the risks and impacts associated with such displacement of the...