TAILIEUCHUNG - Application of hedonic pricing model into defining influential factors in HCMC - based realty market
In pricing a real estate or researching a housing market, the Hedonic pricing method is often employed to investigate influential factors in realty price. Through 160 observed samples collated in the HCMC realty market, the paper tailors some crucial factors affecting real estate pricing, that is, realty location, lot area, housing area, distance to city center, and distance to main streets. | ECONOMIC DEVELOPMENT No. 208, December 2011 APPLICATION OF HEDONIC PRICING MODEL INTO DEFINING INFLUENTIAL FACTORS IN HCMC-BASED REALTY MARKET by MEcon. TRAÀN THU VAÂN & NGUYEÃN THÒ GIANG* In pricing a real estate or researching a housing market, the Hedonic pricing method is often employed to investigate influential factors in realty price. Through 160 observed samples collated in the HCMC realty market, the paper tailors some crucial factors affecting real estate pricing, that is, realty location, lot area, housing area, distance to city center, and distance to main streets. Keywords: Hedonic model, realty price, HCMC main street. 1. Introduction To most households, their house means not only accommodation but also a fortune, and the most crucial asset in their investment. In fact, real estate is still the biggest item in assets owned by affluent households in developed countries. Thus, the value of their houses has a great impact on their spending and savings as well as the supply and demand mechanism. As Ustaoðlu E. (2003) put it, house price is a matter of concern to real estate developers, banks, policy-makers, actual or potential homeowners and the public in general. The realty market may be profoundly affected by macroeconomic variables, and difference in terms of space, community structure, and realty features. Real estate pricing is extremely needed in order to measure quantitatively benefits and legal responsibilities concerning real estate ownership. Normally, such pricing is often undertaken by real estate agencies, appraisers, inspectors, mortgagees, brokers, realty developers, investors, asset management * University of Economics - HCMC companies, lenders, market researchers, analysts, consultants and other experts. 2. Hedonic pricing model and empirical researches The Hedonic pricing method (HPM), one of the oldest evaluating techniques developed by Lancaster (1966), Ridker (1967), Griliches (1971), Rosen (1974) and others, is primarily .
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