Price Determinants of Affordable Apartments in Vietnam: Toward the Public–Private Partnerships for Sustainable Housing Development

Seo, Ducksu; Chung, You Seok; Kwon, Young-Sang

doi:10.3390/su10010197

Cited by 21 publications

(18 citation statements)

References 38 publications

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“…On the other hand, the error term includes the spatial dependence structure and the random component. In regard to the specification of the hedonic housing price model, it is very common to use a semilog model [66][67][68][69].…”

Section: Databasementioning

confidence: 99%

Estimation of Housing Price Variations Using Spatio-Temporal Data

2019

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This paper proposes a hedonic regression model to estimate housing prices and the spatial variability of prices over multiple years. Using the model, maps are obtained that represent areas of the city where there have been positive or negative changes in housing prices. The regression-cokriging (RCK) method is used to predict housing prices. The results are compared to the cokriging with external drift (CKED) model, also known as universal cokriging (UCK). To apply the model, heterotopic data of homes for sale at different moments in time are used. The procedure is applied to predict the spatial variability of housing prices in multi-years and to obtain isovalue maps of these variations for the city of Granada, Spain. The research is useful for the fields of urban studies, economics, real estate, real estate valuations, urban planning, and for scholars.

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Section: Databasementioning

confidence: 99%

Estimation of Housing Price Variations Using Spatio-Temporal Data

2019

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“…Environmental externality effects are also included in this category, such as traffic noise [29][30][31][32][33], air quality [34][35][36][37], water quality [38,39], and greenspaces and parks [40][41][42][43][44]. Locational attributes indicate accessibility and proximity to major public facilities such as the central business district [45], commercial malls [46], road infrastructure [47], transportation stations [48], and schools [49].…”

Section: Literature Reviewmentioning

confidence: 99%

“…They found building density, neighborhood population density, unit size, land price, pool existence, and proximity to parks, international schools, and shopping malls [50] as the fundamental determinants of housing prices. Seo et al (2018) investigated the price determinants of affordable apartments in HCMC, revealing that housing prices are significantly sensitive to proximity to downtown, access type to units, building height, foreign development, and proximity to main roads and shopping malls [46]. Huynh (2015) focused on the new town of HCMC (Phu My Hung) and found that the land size of the apartment complex, housing unit size, apartment grade, building age, building density, and proximity to dense areas significantly affect apartment prices [51].…”

Section: Literature Reviewmentioning

confidence: 99%

Price Determinants and GIS Analysis of the Housing Market in Vietnam: The Cases of Ho Chi Minh City and Hanoi

Chung¹,

Seo

Kim

2018

Sustainability

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Since the introduction of the Doi Moi economic reform in 1986, the real estate market in Vietnam has witnessed a sharp increase in foreign investment inflows and a remarkable growth in the housing market, particularly for high-rise apartments in large cities. This study investigates the determinants of apartment prices in Ho Chi Minh City (HCMC) and Hanoi, the two most representative cities in Vietnam. The spatial distribution of apartments and their price determinants were addressed by the spatial analysis of Geographic Information System (GIS) and the hedonic model. The price determinants of both cities were closely associated with downtown-related factors; moreover, the externalities of urbanization affected each city. While HCMC was more related to the locational attributes of urban amenities and community density as well as programs because of unmanaged urbanization, Hanoi was more related to housing attributes, since the majority of apartment projects were developed under urban infrastructure development supported by the central government. Apartment cluster maps of each city clearly show the contrast of housing distribution. Our findings clarify the impact of government policies on housing price determinants and can be a reference for private-and public-sector stakeholders seeking to undertake economically and socially sustainable housing development projects in Vietnam.

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“…They found common factors between the two types of apartments, such as vertical shared access and proximity to downtown, as well as unique factors for each, such as more high-rise towers, foreign development, proximity to main roads, and shopping malls only for the affordable segments [16]. In order to promote the PPP, they strongly suggested regulatory reforms with revised housing laws and subsidized financial programs, because the market-friendly regulatory reform will result in a variety of beneficial effects on the housing market in developing countries such as Vietnam.…”

Section: Regulation Toward Green Technologymentioning

confidence: 99%

“…Based on the affordability framework of the housing market in Ho Chi Minh City in Vietnam, Seo et al investigated the price determinants of affordable and unaffordable apartment units using the hedonic regression model [16]. They found common factors between the two types of apartments, such as vertical shared access and proximity to downtown, as well as unique factors for each, such as more high-rise towers, foreign development, proximity to main roads, and shopping malls only for the affordable segments [16].…”

Section: Regulation Toward Green Technologymentioning

confidence: 99%

Regional Cooperation for the Sustainable Development and Management in Northeast Asia

Choi

2018

Sustainability

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Abstract:The Northeast Asian countries are the most pro-active regions in the world to take on the challenges of sustainable development. With this background, there has been an annual series of Sustainable Asia Conferences (SAC) which date back to the first inaugural meeting in 2009. This special issue consists of selected papers from the SAC 2017, held in Nanjing, China, from 23-25 June. With ten years of accumulated experience, SAC became one of the leading international conferences for presenting innovative or fundamental advances in sustainable development issues for Asia. Over time, SAC introduced more performance-oriented approaches to handle the feasibility of the sustainable development solutions. In this special issue, most of the papers focused on the precise and accurate sustainable governance mechanism in harmonizing economic development with a healthier life, while enhancing the quality of all standards of living. The majority of papers in this special issue also deal with two important pillars of the sustainable development: regional cooperation and regulatory effectiveness. This special edition will propose unique implications and feasible or workable suggestions against global warming and environmental degradation.

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Price Determinants of Affordable Apartments in Vietnam: Toward the Public–Private Partnerships for Sustainable Housing Development

Cited by 21 publications

References 38 publications

Estimation of Housing Price Variations Using Spatio-Temporal Data

Estimation of Housing Price Variations Using Spatio-Temporal Data

Price Determinants and GIS Analysis of the Housing Market in Vietnam: The Cases of Ho Chi Minh City and Hanoi

Regional Cooperation for the Sustainable Development and Management in Northeast Asia

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