Price Models Development for Architectural and Environmental Quality : For residential buildings in Hong Kong

Residential property prices are affected by property-specific properties. Despite most homebuyers spend a large amount of their incomes on residential properties; very little academic literature exists to enable an objective evaluation of the property-specific quality of a residential unit and the price for that. Architectural attributes are easy to quantify, but there is no simple tool to enable quantitative measurement of environmental quality. This book, details how simple tools for quantitative measurement of environmental quality, are developed; and based upon the developed tools, how the hedonic price analysis method is adopted to evaluate the willingness-to-pay and elasticity of substitution for each of the architectural and environmental attributes. The developed tools will help property practitioners for property-specific quality analysis. The price analysis and the price information will be useful to building developers constructing for better environmental quality; and can help homebuyers making home purchase decisions.