Determinants of the Housing Prices: Application of Spatial and Multilevel Analysis
Date Issued
2014
Date
2014
Author(s)
Lee, Lin-Sheng
Abstract
Housing prices have drastically risen in the last ten years, and the price difference among various urban areas rises in Taiwan. The past researches of the distribution of the housing prices are subjected to data availability and result in the incapability of throughout appraisal. Ministry of the Interior, R.O.C has hence recently carried the “Actual Selling Price Property Value Reporting System” in order to reveal correct housing prices and reduce the information asymmetry.
This study analyzes the dataset of houses trades acquired form Actual Selling Price Property Value Reporting System. The dataset includes 388,301 transactions which happened in 333 administrative districts from January 2012 to April 2014. The study consists of two parts: spatial analysis and multilevel analysis. In the spatial analysis we apply Moran’s I to test the spatial clustering of housing prices, pointing out the hot spots and cold spots of housing prices by Anselin’s LISA. Besides, in order to examine contextual effect on housing prices, multilevel analysis is adopted. In the multilevel analysis we examine individual factors, such as “parking space,” “management units,” ”land size,” “residential area,” ”age of house,” and ”partitions,” and regional factors, such as “high education,” ”population density, ”and ”local average income.”
Our empirical findings show that there exist spatial clustering of housing prices and similar distribution of hot/cold spots between housing prices and regional factors in Taiwan. Also, in the multilevel analysis it shows that both regional and individual factors exhibit contextual effect on housing prices.
Subjects
房價
空間聚集
多層次分析
脈絡效果
SDGs
Type
thesis
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