The purpose of the study is to econometrically estimate the effect of the direction of window exposure on the unit price of housing. The research hypothesis according to which the exposure of windows to the east increases the unit price of apartments is verified, and is based on observations of the market for units in buildings with exposure to two sides of the world (east and west). Research into the various characteristics that affect real estate prices is being conducted around the world. The main focus is on the impact of features which we are certain about, i.e. date, area, number of rooms, etc., i.e. non-contentious and reasonably easy to identify as to the condition of the feature. The results of the study are to capture certain regularities that will give a glimpse of how the exposure of the apartment’s windows to a given direction of the world affected prices. Through the implementation of the survey, it can be determined whether a particular side of the world is better perceived by buyers. The study was conducted on data 2015-2023 in one of Poland’s largest cities - Szczecin, where the exposure of the windows of the apartments was to the east or west.
{"title":"Impact of the Apartment’s Window Exposure to World Directions on Transaction Price","authors":"Marcin Bas","doi":"10.2478/remav-2024-0034","DOIUrl":"https://doi.org/10.2478/remav-2024-0034","url":null,"abstract":"\u0000 The purpose of the study is to econometrically estimate the effect of the direction of window exposure on the unit price of housing. The research hypothesis according to which the exposure of windows to the east increases the unit price of apartments is verified, and is based on observations of the market for units in buildings with exposure to two sides of the world (east and west). Research into the various characteristics that affect real estate prices is being conducted around the world. The main focus is on the impact of features which we are certain about, i.e. date, area, number of rooms, etc., i.e. non-contentious and reasonably easy to identify as to the condition of the feature. The results of the study are to capture certain regularities that will give a glimpse of how the exposure of the apartment’s windows to a given direction of the world affected prices. Through the implementation of the survey, it can be determined whether a particular side of the world is better perceived by buyers. The study was conducted on data 2015-2023 in one of Poland’s largest cities - Szczecin, where the exposure of the windows of the apartments was to the east or west.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":" 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141828497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the anchoring bias in the real estate market, focusing on the impact of uninformative random values on price estimations. Through a randomized controlled trial, the study examines whether selective accessibility contributes to the anchoring effect and to what extent the bias is transmitted from estimated asking prices to transaction prices on the primary housing market. The study was conducted in 2023 among Krakow University of Economics students on the example of the Krakow housing market in Poland. A multiple regression model indicates that randomly assigned numbers serve as cues affecting price estimations, with potential differences of up to 10.5% of the asking price offered by a developer. Additionally, gender and decision-making competencies influence estimation patterns, suggesting varying attitudes towards price-setting strategies that can be implemented by developers. These findings contribute to understanding the complexities of decision-making in real estate markets and highlight avenues for further research.
{"title":"The Effect of Anchoring Bias on the Estimation of Asking and Transaction Prices in the Housing Market","authors":"Joanna Węgrzyn, Julita Kuta","doi":"10.2478/remav-2024-0031","DOIUrl":"https://doi.org/10.2478/remav-2024-0031","url":null,"abstract":"\u0000 This paper investigates the anchoring bias in the real estate market, focusing on the impact of uninformative random values on price estimations. Through a randomized controlled trial, the study examines whether selective accessibility contributes to the anchoring effect and to what extent the bias is transmitted from estimated asking prices to transaction prices on the primary housing market. The study was conducted in 2023 among Krakow University of Economics students on the example of the Krakow housing market in Poland. A multiple regression model indicates that randomly assigned numbers serve as cues affecting price estimations, with potential differences of up to 10.5% of the asking price offered by a developer. Additionally, gender and decision-making competencies influence estimation patterns, suggesting varying attitudes towards price-setting strategies that can be implemented by developers. These findings contribute to understanding the complexities of decision-making in real estate markets and highlight avenues for further research.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":"61 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141110369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The issues of “real estate management” (REM) and “real estate valuation” (REV) are very important from the perspective of the economic development of any country. This is because they refer to one of the most important factors of production, which is real estate. The article assumes that REV is all the processes that allow for valuation, while REM is all the processes that allow for the management and administration of real estate. Both of these processes were referred to the “real estate market cycle” (REMC) and the “real estate lifecycle” (REL). The article analyzed 365 articles published in the Journal of Real Estate Management and Valuation (REMV) (eISSN: 2300-5289). The article is a review paper and has been prepared as part of a summary of scientific research carried out between 2013 and 2022.
{"title":"Management and Valuation in Real Estate Cyclea Decade of Experience","authors":"Radoslaw Wisniewski, Dawid Wiśniewski","doi":"10.2478/remav-2024-0023","DOIUrl":"https://doi.org/10.2478/remav-2024-0023","url":null,"abstract":"\u0000 The issues of “real estate management” (REM) and “real estate valuation” (REV) are very important from the perspective of the economic development of any country. This is because they refer to one of the most important factors of production, which is real estate. The article assumes that REV is all the processes that allow for valuation, while REM is all the processes that allow for the management and administration of real estate. Both of these processes were referred to the “real estate market cycle” (REMC) and the “real estate lifecycle” (REL). The article analyzed 365 articles published in the Journal of Real Estate Management and Valuation (REMV) (eISSN: 2300-5289). The article is a review paper and has been prepared as part of a summary of scientific research carried out between 2013 and 2022.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141110237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The assessment of income-producing properties - considered as the bulk of the existing assets - has rapidly increased. An efficient assessment of the market value of this kind of properties requires an adequate involvement of the main risk factors of the local real estate market for the determination of the capitalization rate for the income approach application. The aim of the work is to identify the most significant local real estate risk factors related to the market, the tenant and the context on the residential capitalization rate. The development of a regressive methodological approach applied to the residential sector of the city of Rome (Italy) is proposed. The obtained results show the susceptibility of the analyzed capitalization rate to the variation of the local real estate risk factors, in particular the per capita income and the variation of the rental values, by also considering the influences of the exogenous shocks and the expectation of the investors. The practical implications of the work consist in the possibility for evaluators to assess the likely changes in the capitalization rate in different residential contexts if variations occur in the most influential local risk factors identified by the proposed model.
{"title":"Capitalization Rate and Real Estate Risk Factors: An Analysis of the Relationships for the Residential Market in the City of Rome (Italy)","authors":"B. Manganelli, D. Anelli, F. Tajani, P. Morano","doi":"10.2478/remav-2024-0028","DOIUrl":"https://doi.org/10.2478/remav-2024-0028","url":null,"abstract":"\u0000 The assessment of income-producing properties - considered as the bulk of the existing assets - has rapidly increased. An efficient assessment of the market value of this kind of properties requires an adequate involvement of the main risk factors of the local real estate market for the determination of the capitalization rate for the income approach application. The aim of the work is to identify the most significant local real estate risk factors related to the market, the tenant and the context on the residential capitalization rate. The development of a regressive methodological approach applied to the residential sector of the city of Rome (Italy) is proposed. The obtained results show the susceptibility of the analyzed capitalization rate to the variation of the local real estate risk factors, in particular the per capita income and the variation of the rental values, by also considering the influences of the exogenous shocks and the expectation of the investors. The practical implications of the work consist in the possibility for evaluators to assess the likely changes in the capitalization rate in different residential contexts if variations occur in the most influential local risk factors identified by the proposed model.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":"61 23","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141113119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper employs the econometric models of relationships over time to evaluate the change in the unit prices of apartments on the local secondary markets in Warsaw and Szczecin, depending on various socioeconomic factors. Indicators reflecting the influence of socioeconomic aspects in these cities and the lagged values of housing prices, acting as so-called anchors in this model, were used as the independent variables. The results obtained from this analysis indicate that it is the lagged prices of housing that have the strongest influence on the formation of price levels in the market. The study confirms the presence of the so-called price anchoring effect, which can be understood as the tendency of market participants to accept prices at levels that can be justified not only by socio-economic factors, but also by the price levels established in their minds. The main purpose of the research presented here is to show that there is no close relationship between quoted housing prices and their objective factors. The quality of models reflecting these relationships clearly improves when lagged housing prices are introduced as the explanatory variables, which may confirm the price anchoring effect derived from behavioral economics, meaning that the heuristics of anchoring and adjustment can be applied to the analysis of the behavior of a collective of individuals - many market participants.
{"title":"Econometric Modelling of Average Housing Prices in Local Markets and the Price Anchoring Effect","authors":"M. Doszyń, S. Kokot","doi":"10.2478/remav-2024-0029","DOIUrl":"https://doi.org/10.2478/remav-2024-0029","url":null,"abstract":"\u0000 This paper employs the econometric models of relationships over time to evaluate the change in the unit prices of apartments on the local secondary markets in Warsaw and Szczecin, depending on various socioeconomic factors. Indicators reflecting the influence of socioeconomic aspects in these cities and the lagged values of housing prices, acting as so-called anchors in this model, were used as the independent variables.\u0000 The results obtained from this analysis indicate that it is the lagged prices of housing that have the strongest influence on the formation of price levels in the market. The study confirms the presence of the so-called price anchoring effect, which can be understood as the tendency of market participants to accept prices at levels that can be justified not only by socio-economic factors, but also by the price levels established in their minds.\u0000 The main purpose of the research presented here is to show that there is no close relationship between quoted housing prices and their objective factors. The quality of models reflecting these relationships clearly improves when lagged housing prices are introduced as the explanatory variables, which may confirm the price anchoring effect derived from behavioral economics, meaning that the heuristics of anchoring and adjustment can be applied to the analysis of the behavior of a collective of individuals - many market participants.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":"1 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141110065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper aims to promote a model for determining residential land prices within a suburb of Hue city, Vietnam to improve the efficiency of land price determination and management. The study conducted surveys of 27 variables of 200 residential land plots in order to run the hedonic model using SPSS 26.0 software. The result developed a model that explained 78% of the change in land prices by incorporating five factors: area of land, width of road attached to the land plot, distance to hospital, ability to generate cash flow and planning information. Meanwhile, the writers also produced a map of residential land prices in the 2022 suburban areas of Hue city, Vietnam. This is a helpful tool in land market consulting and land valuation procedures.
{"title":"Application of Hedonic Model to Determine Residential Land Valuation in Suburban Areas: The Case of Hue City, Vietnam","authors":"Thanh Huu Ngoc Le, Ngu Huu Nguyen","doi":"10.2478/remav-2024-0016","DOIUrl":"https://doi.org/10.2478/remav-2024-0016","url":null,"abstract":"\u0000 The paper aims to promote a model for determining residential land prices within a suburb of Hue city, Vietnam to improve the efficiency of land price determination and management. The study conducted surveys of 27 variables of 200 residential land plots in order to run the hedonic model using SPSS 26.0 software. The result developed a model that explained 78% of the change in land prices by incorporating five factors: area of land, width of road attached to the land plot, distance to hospital, ability to generate cash flow and planning information. Meanwhile, the writers also produced a map of residential land prices in the 2022 suburban areas of Hue city, Vietnam. This is a helpful tool in land market consulting and land valuation procedures.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":" 17","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140685489","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The housing situation changes with the household formation cycle. Age, marital status and having children are key to explaining the tenure status of households. However, the question of what factors differentiate owners and tenants if they are at the same stage of household formation arises. Using the logit model method, the determinants of tenure status of Polish households in the same life cycle stages were compared. The study used EU-SILC data for 2018. It showed that both the determinants of housing choices and the strength of their impact differ. At the household formation stage, income and the size of the city are important determinants. At this stage, housing choice is limited due to the availability of the rental market and the need for young people, who migrate to larger cities, to become independent. At the stabilization stage, the source of inequality was the gender of the household head, education, health and marital status. It has been observed that entering into an informal relationship by divorced persons does not equalize their chances of homeownership.
{"title":"Inequalities in Transition to Homeownership in Household Life Cycle","authors":"A. Matel","doi":"10.2478/remav-2024-0017","DOIUrl":"https://doi.org/10.2478/remav-2024-0017","url":null,"abstract":"\u0000 The housing situation changes with the household formation cycle. Age, marital status and having children are key to explaining the tenure status of households. However, the question of what factors differentiate owners and tenants if they are at the same stage of household formation arises. Using the logit model method, the determinants of tenure status of Polish households in the same life cycle stages were compared. The study used EU-SILC data for 2018. It showed that both the determinants of housing choices and the strength of their impact differ. At the household formation stage, income and the size of the city are important determinants. At this stage, housing choice is limited due to the availability of the rental market and the need for young people, who migrate to larger cities, to become independent. At the stabilization stage, the source of inequality was the gender of the household head, education, health and marital status. It has been observed that entering into an informal relationship by divorced persons does not equalize their chances of homeownership.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":" 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140682902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This research article explores the valuation of mixed-use developments and their impact on urban planning and city regeneration. The study introduces a Multi-Criteria Decision Making (MCDM) methodology to analyze complex buildings developed in Shanghai from 2009 to 2019. Two MCDM appraisals are offered in different developments using three groups of key indicators that served as benchmarks for other Chinese clusters and global megacities. The article addresses two primary research questions: how mixed-use assets can be assessed using MCDM, and what the key performance indicators and factors contributing to the success of mixed-use developments are. The findings highlight the importance of connectivity, previous real estate experience, ESG strategies, international branding, architectural design, financial metrics, and adaptability of the real estate industry in evaluating mixed-use assets. The study provides insight to stakeholders involved in real estate development, including urban planners, developers, and investors, enabling them to make informed decisions and improve sustainable practices. The research also highlights the importance of considering ESG principles, community benefits, and long-term strategies when assessing mixed-use developments to drive social change and contribute to urban regeneration.
{"title":"Transforming Megacities: Value and Impacts of Mixed-Use Developments with Multi-Criteria Decision-Making","authors":"Alfonso Valero","doi":"10.2478/remav-2024-0020","DOIUrl":"https://doi.org/10.2478/remav-2024-0020","url":null,"abstract":"\u0000 This research article explores the valuation of mixed-use developments and their impact on urban planning and city regeneration. The study introduces a Multi-Criteria Decision Making (MCDM) methodology to analyze complex buildings developed in Shanghai from 2009 to 2019. Two MCDM appraisals are offered in different developments using three groups of key indicators that served as benchmarks for other Chinese clusters and global megacities. The article addresses two primary research questions: how mixed-use assets can be assessed using MCDM, and what the key performance indicators and factors contributing to the success of mixed-use developments are. The findings highlight the importance of connectivity, previous real estate experience, ESG strategies, international branding, architectural design, financial metrics, and adaptability of the real estate industry in evaluating mixed-use assets. The study provides insight to stakeholders involved in real estate development, including urban planners, developers, and investors, enabling them to make informed decisions and improve sustainable practices. The research also highlights the importance of considering ESG principles, community benefits, and long-term strategies when assessing mixed-use developments to drive social change and contribute to urban regeneration.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":" 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140210156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article evaluates online social behavior regarding the establishment of limited-use areas (LUAs) around the airports in Warsaw and Gdansk. The study relied mainly on an analysis of Google Trends statistics, in particular the dynamics of keyword searches. The article suggests that assessments of online behavior can provide a deeper understanding of social behavior. The study involved an OLS regression analysis and a causal impact analysis of the intervention based on a Bayesian structural time-series model. This article analyses different phases of an information society's activity, from the introduction of LUAs around airports to the deadline for submitting compensation claims. The results indicate that the number of searches for the keyword "compensation" increased significantly after the introduction of LUAs and that RSV decreased after the end of the compensation process, which confirms that the intervention significantly influenced the analyzed time series.
本文评估了有关在华沙和格但斯克机场周围设立限制使用区 (LUAs) 的网络社交行为。研究主要依赖于对谷歌趋势统计数据的分析，特别是关键词搜索的动态分析。文章认为，对在线行为的评估可以更深入地了解社会行为。该研究包括 OLS 回归分析和基于贝叶斯结构时间序列模型的干预因果影响分析。这篇文章分析了信息社会活动的不同阶段，从在机场周围引入本地用户协议到提交赔偿要求的截止日期。结果表明，在引入 LUAs 后，关键词 "赔偿 "的搜索次数显著增加，而在赔偿程序结束后，RSV 有所下降，这证实了干预措施对所分析的时间序列产生了显著影响。
{"title":"Exploring Public Interest in Limited-Use Areas and Compensation from Airports in Poland: A Google Trends Analysis","authors":"M. Bełej","doi":"10.2478/remav-2024-0025","DOIUrl":"https://doi.org/10.2478/remav-2024-0025","url":null,"abstract":"\u0000 This article evaluates online social behavior regarding the establishment of limited-use areas (LUAs) around the airports in Warsaw and Gdansk. The study relied mainly on an analysis of Google Trends statistics, in particular the dynamics of keyword searches. The article suggests that assessments of online behavior can provide a deeper understanding of social behavior. The study involved an OLS regression analysis and a causal impact analysis of the intervention based on a Bayesian structural time-series model. This article analyses different phases of an information society's activity, from the introduction of LUAs around airports to the deadline for submitting compensation claims. The results indicate that the number of searches for the keyword \"compensation\" increased significantly after the introduction of LUAs and that RSV decreased after the end of the compensation process, which confirms that the intervention significantly influenced the analyzed time series.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":" 41","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140211064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abdulazeez Adam Muhammad, B. Burhan, Edie Ezwan Mohd Safian
The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station.
{"title":"Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia","authors":"Abdulazeez Adam Muhammad, B. Burhan, Edie Ezwan Mohd Safian","doi":"10.2478/remav-2024-0022","DOIUrl":"https://doi.org/10.2478/remav-2024-0022","url":null,"abstract":"\u0000 The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station.","PeriodicalId":510834,"journal":{"name":"Real Estate Management and Valuation","volume":" 89","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140211116","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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