Study on the Influence of Central Business District on House Market Price: a Case Study of Nanchang City, China

Abstract

It is significant to make clear the influence of the city's central business district (CBD) on the surrounding house market price (HMP), which is reflected by the following indicators: rental and purchase price. Thus, taking Nanchang of China as a case, we choose two CBDs (Bayi Square and Honggutan) to further study this issue in this paper by using the linear regression model. The results showed: with the growth of the distance between the studied community and the CBD, the community's HMP appeared a diminishing trend. Particularly, for Bayi Square, 1 km growth of the distance between the community and the CBD, indicated that the rental and purchase prices of the community's house decreased by 167 RMB and 430 RMB/m 2 , respectively. Similarly, for Honggutan, 1 km distance's growth indicated that the prices decreased by 150 RMB and 717 RMB/m 2 . Finally, some suggestions were proposed to help people have a happy life, such as purchasing the house.

Influence of Location on Unsold New Houses by Members of Kenya Property Developers’ Association in Nairobi County

“…The findings indicate that distance of the Unsold New Houses to the Nairobi CBD (B = 0.219, P < 0.05) was significant predictors of the duration of unsold new houses. The results support the findings of a study conducted by Jia et al (2020) that found the 1 km growth of the distance between the community and the CBD in Bayi Square led to a decrease in the rental and purchase houses. The results also support the findings of Bich et al (2020) who measured the dynamic effect on probability of selling a house against distance to CBD and concluded that distance to CBD has a positive and significant effect on the probability of a sale with a 1.23% increase in the probability that a property will be sold as the distance from the development reduces.…”

“…The distance of a residential property to the urban center's Central Business District (CBD) could influence its demand and thus affect UNHS. CBD is one of the kernel of the city characterized by more and better resources of floating population, finance, technology, infrastructure and education when compared to other locations in the Country (Dziauddin & Misran, 2016;Jia, Rong, Gu, & Xie, 2020). The net population declines with the location moves away from the CBD and there is a drop in demand for housing as the distance from CBD rise (McDonald, 2020).…”

“…The net population declines with the location moves away from the CBD and there is a drop in demand for housing as the distance from CBD rise (McDonald, 2020). Large number of constructions such as hotels, apartments, trade, technological and cultural organizations are located at the CBD therefore more people prefer to reside close to the CBD (Jia et al, 2020). Skill intensive establishment have a stronger preference of having their factories located in close proximity of the CBD hence…”

“…Influence of Location on Unsold New Houses… ~ 68 ~ CBD takes a large proportion in total investment attracted in cities (Marantz & Zheng, 2020). A study on the influence of Central Business District on housing performance of Nanchang City in China by Jia et al (2020) showed that as the distance between the houses and the CBD grew, the rental and purchase of houses decreased.…”