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...

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 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 nearby property transactions. Weaker...

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...

This paper attempts to study the approach of using government subsidies to mitigate negative externality, and aims to provide a system for the government to monitor the level of pollution and determine the optimal level of subsidy the level of pollution changes over time. First, literature on...

This study analyzes the lead-lag relationship between the spot and forward returns on direct real estate investments. Based on the forward price index (for which the term to maturity is zero) and the expost spot price index of residential property in Hong Kong, changes in information flow...

Sea view is almost always found to have a positive effect, whereas reclamation is believed to exert a negative effect on housing price. However, almost all the previous studies are cross sectional in nature, which cannot disentangle multicollinear factors and spillover effects; and do not...

Higher land-use intensity can be achieved by subdividing the land or by subdividing the structure built on it. The former avoids co-ownership but is subject to topographical constraints, whereas the latter (e.g. apartment units) uses each unit of land more efficiently but entails management of...