Universiti Teknologi Malaysia Institutional Repository

Price-contour-based spatial dummy variables for segmenting market in the geographic information system assisted hedonic modelling of residential property prices

Mar Iman, Abdul Hamid (2006) Price-contour-based spatial dummy variables for segmenting market in the geographic information system assisted hedonic modelling of residential property prices. Malaysian Journal of Real Estate, 1 (1). pp. 39-57. ISSN 1823-8505

[img]
Preview
PDF
2811Kb

Abstract

Dummy variable has been traditionally used to discriminate one sub-market against the other in the property market analysis. It is basically used to analyse various phenomena that have spatial influencesonthesesub-markets.Thispaperdiscusses the use of price-contour based spatial dummy variables for delineating urban residential sub-markets in the prediction of residential property values. Geographic Information System (GIS) is used to create price contours and these contours are used as a basis for creating spatial dummy variables representing sub-markets. These sub-markets are then included in the hedonic regressions to predict the prices of residential units in various urban sub-markets in the study area. The attribute and spatial data for the analysis are analysed using ArcView 3.1. The results show that GIS integrative capability to analyse the physical, locational, socio-demographic, economic, and market factors helps to demarcate the residential sub-markets within a particular urban area and this has improved price predictions.

Item Type:Article
Uncontrolled Keywords:Residential market; price-contour; spatial dummy; neighbourhood characteristics; GIS-hedonic
Subjects:H Social Sciences > H Social Sciences (General)
Divisions:Geoinformation Science And Engineering (Formerly known)
ID Code:531
Deposited By: Dr Suriatini Ismail
Deposited On:16 Feb 2007 07:43
Last Modified:09 Feb 2012 01:17

Repository Staff Only: item control page