This is an empirical study on the vertical dimension of multi-story buildings – floor level and building height. The idea of price gradients in a monocentric city was borrowed to investigate floor-level premiums, which are the price paid for the vertical location (i.e., a higher floor level)...

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...

This study examines how heterogeneous traders on both sides of transactions behave in the housing market under information asymmetry. Two types of buyers, namely, informed and uninformed buyers, correspond to local and non-local buyers in the empirical tests. Non-local housing buyers in Hong...

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...

This paper examines the existence of excess returns in the commercial property market of Hong Kong using time series data for both valuations and transactions prices. The proposition is that if the valuation series is accurately processing transactions prices then excess returns, if they exist,...

This study examines the impact of land tenure on housing bubbles. A housing bubble is defined as the portion of housing prices not justified by market fundamentals that determine the consumption demand for housing. While there are many factors that contribute to the formation of housing bubbles,...

This study analyzes the effect of foreclosure status on residential property price using Hong Kong data. Results of previous studies on the effect of foreclosure status on property price have been mixed. Some suggested that foreclosed properties are sold at a discount, while others provided...

Under information asymmetry, lemons tend to be overpriced. Yet, how much overpricing premium the lemons can command is contingent on the underlying legal institutions. A set of transaction data from Hong Kong's housing market reveals that durable lemons are overpriced by 6.7% and 9.9% under the...

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...