Do educational facilities affect housing price? An empirical study in Hangzhou, China

Wen, Haizhen; Zhang, Yan; Zhang, Ling

doi:10.1016/j.habitatint.2013.12.004

Cited by 131 publications

(68 citation statements)

References 29 publications

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“…Their findings provide sufficient evidence that housing prices to some extent depend on one's distance from a high school and on the quality of nearby schools. Wen et al [28] conduct a more detailed case study on Hangzhou, China and find that educational facilities have positive capitalization effects on housing prices. In addition, some studies have revealed significant links between housing prices and structural characteristics of real estate markets (e.g., vacancy rates, construction permits, and building ages) [3,28,29].…”

Section: Micro-level Studies On Housing Pricesmentioning

confidence: 99%

Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China

et al. 2016

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Urban rail transit facilities play a critical role in citizen's social activities (e.g., residence, work and education). Using panel data on housing prices and urban rail transit facilities for 35 Chinese cities for 2002 to 2013, this study constructs a panel data model to evaluate the effect of rail transit facilities on housing prices quantitatively. A correlation test reveals significant correlations between housing prices and rail transit facilities. Empirical results demonstrate that rail transit facilities can markedly elevate real estate prices. Quantitatively, a 1% increase in rail transit mileage improves housing prices by 0.0233%. The results highlight the importance of other factors (e.g., per capita GDP, land price, investment in real estate and population density) in determining housing prices. We also assess the effects of expectations of new rail transit lines on housing prices, and the results show that expectation effects are insignificant. These findings encourage Chinese policy makers to take rail transit facilities into account in achieving sustainable development of real estate markets.

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Section: Micro-level Studies On Housing Pricesmentioning

confidence: 99%

Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China

et al. 2016

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“…Recently, a few studies have provided empirical cases in China with a more reliable explanation (Hu, Zheng, & Wang, 2014;Shi & Wang, 2014;Wang, Z., Mei, & Wang, 2014;Wen, Zhang, & Zhang, 2014;Jayantha & Lam, 2015). Using data (N=1172) from a housing agency website (soufang), Shi and Wang (2014) discussed the impact mechanism of the xuequfang phenomenon in Shanghai and found that school factors accounted for 20.6% of the variability in residential property prices.…”

Section: School and Housing Prices In The Chinese Contextmentioning

confidence: 99%

“…Wang, Z., Mei, and Wang (2014) identified the capitalization of basic educational resources based on the second-hand housing data (N=1700) in Heping District, Tianjin, and reported that an increase of elementary school quality led to an l4.7% increase in housing prices. Using the housing data of 660 communities in Hangzhou, Wen, Zhang, and Zhang (2014) and Wen, Xiao, and Zhang (2017) examined the capitalization effect of the education quality on housing prices, and found that the quality of primary and secondary schools has been capitalized in the surrounding housing prices.…”

Section: School and Housing Prices In The Chinese Contextmentioning

confidence: 99%

Willing to pay more for high-quality schools?

Yang

Wang

Zhang

et al. 2018

IRSPSD International

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Abstract:Principally, the enrolment of elementary school in China is solely based on residential location. Due to the scarcity of prestigious schools, the household registration (or hukou in Chinese) and the territorial-based school admission policy, a feasible approach for parents to provide the children with good education is to purchase the house in the attendance zone of a high-quality school (or xuequfang in Chinese). The supply-demand imbalance gives rise to the xuequfang phenomenon (much higher prices of xuequfang relative to nonxuequfang). Based on 1250 housing samples in 286 multi-or high-storey residential districts, this paper firstly develops two basic and four Box-Cox transformed hedonic price models to estimate the effect of high-quality schools on residential property prices. The consistency of six models greatly enhances the credibility of this study. Moreover, complementary, the propensity score matching technique is used to estimate the treatment effect. The two methods consistently suggest that residential property values are affected by top-tier schools. They reveal that xuequfang exhibit values that are between 9.3% and 12.1% higher than non-xuequfang, ceteris paribus. The negative influences of the xuequfang phenomenon and several countermeasures (gradually reforming household registration system, optimizing resource distribution to balance the quality of education, highlighting family education and children's all-round development) are discussed.

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“…Similarly, proximity and accessibility of services have been pointed out as amenities increasing the willingness to pay for housing (Litman, 2014;Cortright, 2009). Shops, schools and railway stations often have a positive impact on housing prices (Brennan, Olaru, & Smith, 2014;Wen, Zhang, & Zhang, 2014;Kong, Yin, & Nakagoshi, 2007;Des Rosiers, Lagana, & Thériault, 2001). However, the impact of some amenities, such as airports and open air shopping centre, might be seen as more contradictory because of their negative externalities (Kholdy, Muhtaseb, & Yu, 2014;Espey & Lopez, 2000).…”

Section: Residential Property Marketmentioning

confidence: 99%

Impact of Infill Development on Prices of Existing Apartments in Finnish Urban Neighbourhoods

Ahvenniemi

Pennanen

Knuuti

et al. 2018

International Journal of Strategic Property Management

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Popularity of infill development is increasing because of the environmental benefits and cost saving potential it provides, which relate to the possibility to use existing infrastructure and services. However, the impact of infill development on value of existing properties has not been studied to a sufficient extent. Therefore, the aim of our study is to analyse whether infill development affects the prices of existing apartments. We carried out statistical analysis based on data from seven case neighbourhoods, and prices of more than 6000 housing transactions from one decade. The results of our analysis do not support the hypothesis of infill development affecting positively existing housing prices, but neither did the study show a significant negative effect. Both amenity effect and negative externalities may provide explanations as to why property values do not change due to infill development.

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Do educational facilities affect housing price? An empirical study in Hangzhou, China

Cited by 131 publications

References 29 publications

Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China

Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China

Willing to pay more for high-quality schools?

Impact of Infill Development on Prices of Existing Apartments in Finnish Urban Neighbourhoods

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