Eres : Digital Library : Works

Paper eres2010_310:
THE STRUCTURE OF URBAN RESIDENTIAL HOUSING SUBMARKETS OF HONG KONG

id eres2010_310
authors Lo, Daniel Yet Fhang; Chau, Kwong Wing
year 2010
title THE STRUCTURE OF URBAN RESIDENTIAL HOUSING SUBMARKETS OF HONG KONG
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary It has been widely agreed in real estate literature that housing submarkets should be adopted as a working hypothesis. This paper revisits the housing sub-market hypothesis and seeks to spatially delineate residential market segments using Hong Kong geo-coded transaction data. Spatial correlation information inherent in the Hedonic residuals is adopted to define property clusters, with which we define sub-market segments. Chow test is performed across the clusters to examine the segmentation of the market. The results are then compared with the prevailing structure of market segments. Weighted mean square test reveals that the defined sub-market structure can improve the accuracy of price forecast significantly, which is consistent with previous research findings.
keywords Housing submarket, Hedonic model, spatial autocorrelation, Hong Kong
series ERES:conference
email daniello@hku.hk
more http://www.eres2010.org/index.asp?page=papers_download
discussion No discussions. Post discussion ...
ratings
session Housing Economics & Urban Economics
last changed 2010/08/04 20:47
HOMELOGIN (you are user _anon_863740 from group guest) Powered by SciX Open Publishing Services 1.002