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The Impact Of Golf Court Factor To The Wuhan Real Estate Price-an Analysis Based On Hedonic Price Model

Posted on:2014-10-04Degree:MasterType:Thesis
Country:ChinaCandidate:S Y YangFull Text:PDF
GTID:2267330422464074Subject:Land Resource Management
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The blossom of real estate is the fundamental requirement of the overall development of the society. And the golf courses are the outcome of economic development. Since1984, when Huo Yingdong started China’s first golf club, the golf industry had been in China for30years, and managed to maintain its high-speed development. Meanwhile, the real estate had become one of the pillar industries of Chinese national economic development in recent years. Thanks to the top speed development of Chinese economy since the Reform and Opening-Up, golf industry and real estate collaborate, forming a significant earning point for the golf industry. The high value part of the real estate reflects residents’pursuit of high quality life. Due to the highly developed economic status, the number of the projects which are developed by golf industry and real estate combined has become more and more. The mutual influences of the two industries have raised great concerns. Among all the concerns, the research of the influencing factor of marketing price for golf real estate is one of the hot spot.In this research, the international HPM model has been utilized to analyze the26sample data of the surrounding housing market of three different golf courses in Wuhan. And a HPM model, which is suitable for Wuhan golf housing markets, has been made. Also,13characteristic variables including building area, room age, golf course area have been analyzed. The results indicate:(1) Select the golf housing market in Wuhan as the research object. By ordering and quantifying the26samples, and by regression analysis by using the model, the regression coefficients of the13characteristic variables are calculated and thus the golf housing hedonic price model of Wuhan is set up: InP=7.286+0.051*Ing.distance+0.09*Ind-0.229*Ing.area+0.104*Inarea-0.092*Inage-0.126*Inlotratto-1.077*Ingreenratio+0.312*Inschool+0.338*Inhospitat+0.008*Insupermarket+0.099*Inorietation+0.125*Infitment+0.386*InvillaUpon testing, the model meets the normal assumption and variance assumption and it has a relatively good degree of fitting and explanatory ability. Thus, the model can be used to analyze and explain the influence of housing price caused by housing characters.(2)The price of the house is influenced by numerous variables. Among those variables are several which generate greater influence, namely, the degree of the decoration, housing project type, landscape ratio, area of the golf course, the availability of schools and other educational facilities within lkm range of the house, the distance between the house and main road and the plot ratio.(3)The golf courses are not the determinant of the prices of the houses near golf courses. There is no remarkable difference in hedonic price constitution between the housing project near golf courses and other mid or high grade residence. Although consumers may consider the factor of golf course, their major concerns are still the living condition, living environment and supporting facilities, presenting an obvious living requirement satisfying consumption orientation.
Keywords/Search Tags:Golf Course, Golf Estate, Hedonic Price Model, Residential CharacteristicVariables
PDF Full Text Request
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