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- Title
Impact of Shopping Malls on Apartment Prices: the Case of Stockholm.
- Authors
Long, Runfeng; Wilhelmsson, Mats
- Abstract
The number of shopping malls, as an important type of commercial facility, is growing dramatically. They have gradually become one of the most dominant factors that can influence people's daily lives as well as a city's economic development. The willingness to pay for dwellings is also primarily associated with the surrounding commercial layout. Hence, it is of interest to apply a quantitative perspective to further investigate the relationship between shopping malls and housing prices. This study aims to analyse how the prices of condominiums are affected by proximity to shopping malls. Two aspects are considered and examined in the empirical research, namely proximity to a shopping mall and the number of shopping malls within a one-kilometre radius. We try to determine if there is any price premium for those apartments near a shopping mall or with more shopping malls in the neighbourhood. In this empirical study, 39 shopping malls in different locations in the county of Stockholm, Sweden, are utilised. The sample of transactions consists of more than 300,000 apartments. By using the traditional hedonic expansion model, the results show that there is an inverse relationship between apartment prices and distance to a shopping mall. Moreover, the number of shopping malls is positively correlated with apartment prices. However, the impact has declined over time. The results also suggest that the impact is highly localised and is larger for small apartments.
- Subjects
STOCKHOLM (Sweden); SHOPPING malls; WILLINGNESS to pay; HOME prices; APARTMENTS; CONDOMINIUMS
- Publication
Nordic Journal of Surveying & Real Estate Research, 2020, p29
- ISSN
1459-5877
- Publication type
Article
- DOI
10.30672/njsr.95437