A hedonic model comparison for residential land value analysis

Liu, Yanfang; Zheng, Bei; Turkstra, J.; Huang, Lina

doi:10.1016/j.jag.2009.11.009

Cited by 15 publications

(21 citation statements)

References 22 publications

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“…Table 1 shows descriptive statistics of the land-values and the predictors included in our model. Geographic accessibility metrics addressed location externalities that are assumed and empirically proven to influence residential markets in existing property-value literature (Des Rosiers et al, 2000;Du and Mulley, 2012;Liu et al, 2010). According to local experts, access to these externalities is relevant to define location quality (Morales et al, 2016).…”

Section: Data Pre-processing Variables and Descriptive Statisticsmentioning

confidence: 99%

Modelling residential land values using geographic and geometric accessibility in Guatemala City

Morales

Flacke

Zevenbergen

2017

Environment and Planning B: Urban Analytics and City Science

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Location and accessibility are core concepts for land-value research. However, the perspective is still limited in their conceptual and methodological application to cities from the Global South. The objective of this research is to bridge concepts and definitions to comprehensively operationalize accessibility indicators and uncover its relation with residential land-values in Guatemala City. We developed a multivariate regression model using the following access metrics: (1) geographic-access indices that were computed using time-based analyses per transport mode; (2) geometric-access metrics estimated via Space Syntax at various spatial scales; (3) a proposed geometric via geographic-access metric computed as potential access to network centrality. A variable selection process allowed to assess the information contribution of each variable in building a parsimonious model. We assessed the model in the context of model variations that represent common approaches used in existing literature. Geographic access to the core business district has the highest impact on the land-values, followed by proximity to urban areas with high geometric-access, measured as geometric via geographic access. Geometric accessibility at neighbourhood and city-wide scales add spatialized information that contributes to a parsimonious model and reduces spatial dependence. The model yielded the highest goodness of fit and prediction accuracy compared with the model variations. We concluded that Guatemala City land-values follow a predominant monocentric structure. Additionally, potential access to vital urban areas as identified via Space Syntax denotes the presence of economic activities, or potential for such, which were not explicitly addressed through the geographic-access metrics. The results have limitations but pose methodological possibilities relevant for research and practice in similar Latin American cities.

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Section: Data Pre-processing Variables and Descriptive Statisticsmentioning

confidence: 99%

Modelling residential land values using geographic and geometric accessibility in Guatemala City

Morales

Flacke

Zevenbergen

2017

Environment and Planning B: Urban Analytics and City Science

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“…The first model uses MR which is widely accepted to model property and land value using hedonic pricing principle (Des Rosiers et al 2000, Liu et al 2010, Law 2017. A generalized hedonic formulation is shown in Equation (2).…”

Section: Multivariate Regression (Mr)mentioning

confidence: 99%

“…Literature on predictive modelling of land value is grounded in a larger body of inferential modelling studies. The focus has been to uncover associations between the advantages of location quality with the economic value of land using hedonic regressions (Ahlfeldt 2007, Liu et al 2010, Iacono and Levinson 2011, Kuntz and Helbich 2014, Paci et al 2017. Location quality is commonly defined by means of geographic-access metrics.…”

Section: Introductionmentioning

confidence: 99%

Predictive land value modelling in Guatemala City using a geostatistical approach and Space Syntax

Morales

Stein

Flacke

et al. 2020

International Journal of Geographical Information Science

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Spatial information of land values is fundamental for planners and policy makers. Individual appraisals are costly, explaining the need for predictive modelling. Recent work has investigated using Space Syntax to analyse urban access and explain land values. However, the spatial dependence of urban land markets has not been addressed in such studies. Further, the selection of meaningful variables is commonly conducted under non-spatialized modelling conditions. The objective of this paper is to construct a land value map using a geostatistical approach using Space Syntax and a spatialized variable selection. The methodology is applied in Guatemala City. We used an existing dataset of residential land value appraisals and accessibility metrics. Regression-kriging was used to conduct variable selection and derive a model for spatial prediction. The prediction accuracy is compared with a multivariate regression. The results show that a spatialized variable selection yields a more parsimonious model with higher prediction accuracy. New insights were found on how Space Syntax explains land value variability when also modelling the spatial dependence. Space Syntax can contribute with relevant spatialized information for predictive land value modelling purposes. Finally, the spatial modelling framework facilitates the production of spatial information of land values that is relevant for planning practice.

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“…The greater the value is, the sunnier and drier the area will be (Zhang et al, 2012). Because distantial attenuation is a significant characteristic of the residential environment (Liu et al, 2010b), we selected distance to the nearest resident as a variable of anthropogenic disturbance. The distance variable, referring to the distance-cost relationship in the Von Thünen model (Von Thünen, 1826), was calculated using the nearest villages.…”

Section: Data Acquisition and Processingmentioning

confidence: 99%

Landscape pattern and transition under natural and anthropogenic disturbance in an arid region of northwestern China

Zhang

Wang

Cai

et al. 2016

International Journal of Applied Earth Observation and Geoinfor

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A hedonic model comparison for residential land value analysis

Cited by 15 publications

References 22 publications

Modelling residential land values using geographic and geometric accessibility in Guatemala City

Modelling residential land values using geographic and geometric accessibility in Guatemala City

Predictive land value modelling in Guatemala City using a geostatistical approach and Space Syntax

Landscape pattern and transition under natural and anthropogenic disturbance in an arid region of northwestern China

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