The Empirical Study On Housing Hedonic Price Of Sanya

Discrepancies in the location, residential environment, floor, orientation, and style of each house determine the heterogeneity in commodity housing. At present, the hedonic method is mainly used for the study of housing features by scholars. The domestic research on the Hedonic Price Model was started in 1990s, mainly focused on House Prices Index, the development of the Hedonic Price Model and the pricing of real estate. Due to vast amounts of transaction data which was lacking in third or fourth tier cities were needed, the empirical study of real estate Hedonic Price Model on first or second-tier cities was emerged even in the beginning of 21st Century, with the listing data from intermediary market which can not reflect the actual transaction of new houses.In this study, we have built the Sanya Hedonic Price Model based on the hedonic price theory with location, building structure, and neighborhood as characteristic variable. Half logarithm function model was finally chosen to analyze the characteristics of Sanya commercial housing prices through the test and Comparative analysis of three kinds of function models with 4611 series of housing web-signing data in 44 newly-built commericial housing districts. The results showed that 8 variables affect Sanya commercial housing prices which are degree of decoration, plot ratio, property management, parking lots, housing floor, housing area, housing types and living facilities. In addition to the plot rate of commercial housing prices with a reverse effect, the 7 remaining variables have positive effects on commercial housing price. In a declining sequence, the influences can be arranged by living facilities, the degree of decoration, plot ratio, house types, property management, parking lots, house floor and house area.