The Impact of Feng Shui on Residential Property Prices in the West
||The Impact of Feng Shui on Residential Property Prices in the West
||14th Annual European Real Estate Society Conference in London, UK
||Ancient Chinese traditions are becoming increasingly evident in the West with the adoption of practices such as acupuncture and Feng Shui. This paper focuses on the practice most closely associated with real estate: Feng Shui. Feng Shui, meaning “wind” and “water”, makes up one of the ‘Eight Rays of Traditional Chinese Medicine’. Just as in the practice of acupuncture, where work is done to bring about harmony and balance in the free flow of Qi (pronounced “chee”) through our bodies, so in Feng Shui the practitioner works to attain the same harmony and balance in the free flow of Qi through our man-made and physical environments. The Chinese believe that the shape and orientation of a site and building, the building’s construction materials, layout, colours, and the numbers that make up the street address can all influence the health, happiness and prosperity of the occupants. As such, the Chinese are willing to pay a premium for auspicious features (see for example, Bourassa and Peng, 1999 and Chau, Ma, and Ho, 2001). This paper outlines the results of a case study to determine if the ancient Chinese art-form of Feng Shui affects residential property prices in a Western setting. A case study approach was adopted that involved an analysis of sales transaction data in Sarasota, Florida, where a condominium high-rise building designed completely with Feng Shui principles was recently constructed. The results are insightful and provide evidence that Feng Shui impacts positively on property prices in the West.
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||Session C4: Comparative Housing I
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