Abstract
This study investigates the roles of developer’s status and competitive intensity in presale pricing in residential markets. The study examines various competitive factors in Hangzhou, China, within a spatial-temporal framework. These factors include competitive intensity and developer’s status, plus two independent variable groups: external attributes and project features. To overcome the shortcomings of traditional valuation methods, the estimation makes use of spatial and temporal data via three different approaches. They are the Geographically and Temporally Weighted Regressions (GTWR), Spatial Temporal Hedonic Model (STHM) and Spatial Temporal Autoregressive Model (STAR). The analysis reveals that there exists spatial and temporal dependence in the Hangzhou real estate market. Not only does this study provide new findings and a better understanding of the factors affecting presale pricing, but it also offers valuable implications about competitive intensity for policymakers and urban planners in the spatio-temporal context.
| Original language | English |
|---|---|
| Pages (from-to) | 1203-1224 |
| Journal | Urban Studies |
| Volume | 53 |
| Issue number | 6 |
| Early online date | 4 Mar 2015 |
| DOIs | |
| Publication status | Published - May 2016 |
| Externally published | Yes |
Bibliographical note
Acknowledgments:The authors are grateful to the editor and anonymous reviewers for their help and comments.
Funding
The research was funded by the UGC GRF’s Funding (B-Q42Q), the Hong Kong Polytechnic University’s Internal Grants (4-ZZC1&8) and the National Natural Science Foundation of China (project 71303060).
Keywords
- competitive intensity
- Hedonic Model
- presale
- residential markets
- Spatial Temporal Model