Estimation of Hedonic Housing Price Function in Kerman City

Authors

1 M.A. of Economic, Shahid Bahonar University of Kerman, Kerman, Iran.

2 Assistant Professor, Shahid Bahonar University of Kerman, Kerman, Iran.

Abstract

Housing is a heterogeneous, durable, immovable, capital and commodity good which its value (price) is determined based on multiple and different characteristics such as infrastructure, the number of rooms, welfare amenities, access, security and other factors. Determination of the value of these features, which represent the share of each factor in the price of a residential unit is very important for those involved in the housing sector, even for vendors and buyers. In this regard, in the present study, the effective factors on housing prices in Kerman city have been examined by using a Hedonic pricing model. According to the subject, effective factors on housing prices have been used in the form of eight variables, including four physical features, three access properties, and an environmental feature. This model is estimated by using data from 156 questionnaires that were collected by the Statistical Center of Iran from villas in Kerman, and tested and implicit price of each characteristic (factor) is evaluated. The results show that only physical properties havesignificant and positive effect on the price of residential units which have been investigated. Among the physical properties, infrastructure has the greatest impact on the price and then respectively the area of the courtyard, the skeleton of concrete and metal, and frontage features are important.

Keywords

References

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History

  • Receive Date: 22 July 2015
  • Revise Date: 04 October 2015
  • Accept Date: 25 January 2016

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