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- Title
BUYER’S WILLINGNESS TO PAY FOR DWELLINGS WITH DIFFERENT ORIENTATIONS.
- Authors
Han-Suck SONG; WILHELMSSON, Mats; Mo ZHENG
- Abstract
This paper applies spatial hedonic econometric models to estimate the willingness of buyers to pay for dwellings with different orientations based on a data set comprising 63 306 transactions of secondhand apartment sales in 10 districts in Beijing from October 2011 to September 2014. Our results indicate that apartments with South orientation are sold at a 7.8% premium compared with those with West orientation, and that apartments in ancient city areas are more sensitive to orientation. The obtained results can help architects and developers to maximize the value of development projects by optimizing the layout of apartment units on each floor.
- Subjects
BEIJING (China); ECONOMETRIC models; ARCHITECTS; RURAL development projects; ARCHITECTURAL history
- Publication
International Journal of Strategic Property Management, 2019, Vol 23, Issue 6, p450
- ISSN
1648-715X
- Publication type
Article
- DOI
10.3846/ijspm.2019.10430