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Paper eres2009_343:
Does Comprehensive Redevelopment Change the Housing Price Gradient? A Case Study in Mongkok, Hong Kong

id eres2009_343
authors Yau, Yung
year 2009
title Does Comprehensive Redevelopment Change the Housing Price Gradient? A Case Study in Mongkok, Hong Kong
source 16th Annual European Real Estate Society Conference in Stockholm, Sweden
summary Urban decay is an inevitable result of the growth of every city, and Hong Kong is not an exception. Many buildings were found to be in dilapidation, and there is an urgency to tackle urban decay in the city. Redeveloping dilapidated buildings has long been regarded as an effective solution to this urban problem. Yet, as suggested in the literature, redevelopment may be liable for gentrifying the neighbourhood because it pushes upon the property prices and rentals in the vicinity of redeveloped sites. However, empirical studies on how comprehensive redevelopment affects housing values in the neighourhood are not common. In this light, this research investigates the impacts of Argyle Street/Shanghai Street Redevelopment Project undertaken by the Urban Renewal Authority on the sale prices of housing nearby. A panel data is employed and the change in the spatial price gradient before and after the redevelopment project is explored. The analysis results suggest that proximity to the project site had a significant positive impact with housing prices before the project. Yet, no change in the spatial-price gradient is spotted after the completion of the project. These results confirm that housing prices do not response to the change in the environmental quality brought about by the comprehensive redevelopment.
keywords Housing price, comprehensive redevelopment, gentrification, externality, hedonic price analysis
series ERES:conference
email y.yau@cityu.edu.hk
content file.ppt (2,932,224 bytes)
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session Housing
last changed 2009/09/16 16:22
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