Environmental Characteristics of a Residential Property on its Market Value

Abstract:

This study examines the environmental effects on residential property values in an extremely compact city of Macao Peninsula. Results showed that people would be willing to pay more for apartment with sea view and proximity to public recreational park. The availability of sea view for an apartment would increase the sale price by approximately 20%. About 5% increase in price would be observed if the apartment was located within 200m to public recreational park. Proximity to sewage treatment plant had a negative influence on the apartment price. About 9% price drop would be observed if the apartment was within 200m to sewage treatment plant. In addition, the sale price of an apartment would increase by about 5% if it is close to a trunk road with high traffic volume, which implied that people living in an extremely compact city tended to sacrifice serenity for convenience.

• Periodical: Applied Mechanics and Materials (Volumes 368-370)
• Pages: 1946-1949
• DOI: https://doi.org/10.4028/www.scientific.net/AMM.368-370.1946
• Online since: August 2013
• Authors: Ni Sheng, U Wa Tang, Cheng Kun Liu, Hai Ling Liu, Chao Xu, Jun Chang
• Keywords: Environmental Characteristics, Hedonic Pricing Method, Macao, Property Value

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