The Effect of Green Characteristics in Reducing the Inventory of Unsold Housing in New Residential Developments—A Case of Gyeonggi Province, in South Korea

Yoo, Hayoung; Yoon, Hye-Kyung

doi:10.3390/land10040377

Cited by 9 publications

(6 citation statements)

References 45 publications

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“…The findings form the current study found that distance of the Unsold New Houses to the nearest markets or shopping mall (B = 0.534, P < 0.05) was a significant predictor of the duration of unsold new houses. The results support findings of a study conducted by Yoo et al (2021) investigating how locational factors affected unsold unit ratio that concluded that the proximity to the shopping malls were positively associated with the reduction of unsold units. The results also support the findings of Majelan et al (2020) that concluded that good location is associated with high demand and location was a major factor when choosing an affordable housing since homebuyers usually look for strategic housing close to the city center, shopping malls and work place since this offers convenience to homebuyers in terms of distance, travel time and cost.…”

Section: Discussion Of Findingssupporting

confidence: 86%

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

Karimi,

Kirera,

Njuguna

2023

TUJ

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This study investigated the influence of location on unsold new houses held by members of the Kenya Property Developers Association (KPDA). Positivism philosophy and descriptive correlational research design were adopted in this study. The study population consisted of 4,085 unsold new houses held by members of KPDA. A sample size of 364 units was drawn using a multistage random sampling technique. The units of observation in this study were the property managers, where a self-administered questionnaire was used to collect data. Analysis of the collected data was done through descriptive statistics that comprised relative frequency distributions, means, and standard deviations. The study also applied inferential statistics, which included ordinal logistic regression and one-way ANOVA. The study findings from the generalized ordinal logistic regression revealed that the location of the unsold new house explains 13.9% of the duration that the house remained unsold (r2 = .139). The results further showed that the distance of the unsold new houses to the nearest markets or shopping mall (β = 0.534, P < 0.05), distance to the nearest bus station (β = 0.507, P < 0.05), and distance to the Nairobi central business district (CBD) (β = 0.219, P < 0.05) were significant predictors of the duration that the house remained unsold. Thus, the study concluded that the location of the unsold new house significantly influences the duration the house remained unsold. Therefore, the study recommends that property developers should develop houses that are close to the Nairobi CBD, shopping malls/markets, and bus stations.

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Section: Discussion Of Findingssupporting

confidence: 86%

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

Karimi,

Kirera,

Njuguna

2023

TUJ

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“…The results of their study showed that using concrete or concrete blocks as building materials or having the building prefabricated can reduce the time to market. A study in South Korea by Yoo and Yoon (2021) analyzed the effect of green characteristics on sales of unsold housing stock, using a multilevel growth model, in Gyeonggi Province. The green characteristics that were estimated were external factors such as the proximity to urban parks and mountain trails located outside the housing complex and internal factors such as whether the area of communal open space within the complex exceeds a certain percentage.…”

Section: ~ 54 ~mentioning

confidence: 99%

Influence of Design on Real Estate Inventories by Members of Kenya Property Developers’ Association in Nairobi County

Karimi,

Kirera,

Odoyo

2023

TUJ

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The purpose of this study was to determine the influence of design on Unsold New Houses held by members of the Kenya Property Developers Association (KPDA). The study adopted a positivist philosophy and descriptive correlational research design. The study population consisted of 4,085 unsold new houses, where a sample size of 364 units was drawn using a multistage random sampling technique. Property managers in this study were the units of observation; hence data was collected through a self-administered questionnaire. Descriptive statistics focused on relative frequency distribution, means, and standard deviation. Inferential statistics included ordinal logistic regression to test hypotheses and one-way ANOVA to assess the differences between group means. The generalized ordinal logistic regression study results revealed that the design of the unsold new house explains 36% of the duration it remained unsold (r2 = 0.36). The findings further indicated that having other bedrooms ensuite (β = -1.548, p < 0.05), having a domestic servant's quarter (β = -1.888, p < 0.05), and having a swimming pool within the property development (β = -2.510, p < 0.05) were significant predictors of the duration of unsold new houses. The study concluded that the design of the unsold new house significantly influences the duration the house remained unsold. The study recommends that property developers should incorporate a swimming pool and domestic servant quarters in their development as well as having other bedrooms ensuite for houses with more than one bedroom.

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“…The computational procedure of the green spaces accessibility index is introduced in detail in Appendix A. All the data are computed by the Network Analyst tool in ArcGIS 10.8 6 .…”

Section: Public Urban Green Spaces (Pugs)mentioning

confidence: 99%

“…Factors such as air quality, water pollution, noise levels, and the availability of green spaces have gained significance in shaping healthier and more pleasant urban environments [1][2][3]. Among these factors, the significance of green spaces has garnered considerable attention from both academia and industry, owing to their multifaceted benefits [4][5][6].…”

Section: Introductionmentioning

confidence: 99%

Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China

Ben,

Zhu,

et al. 2023

Land

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As a crucial determinant of urban livability, the importance of access to high-quality green spaces has long been recognized for achieving sustainable urbanization. In urban areas, higher values are usually placed in residential properties with higher accessibility to green spaces. Using housing transaction data from as many as 3388 residential communities in Shanghai coupled with high-resolution satellite data of urban green spaces, we comprehensively examine the relationship between residential property values and the accessibility of both community-owned and public green spaces. We find, in instrumental-variable estimations, that: (1) home prices, on average, increase by 0.17% if the overall green space accessibility rises by 1%; and that (2) a 1% increase in the green ratio within a community raises property values by 0.46%. Moreover, the number of accessible green spaces, area of accessible green spaces, and distance to the nearest green spaces have positive impacts on home values separately. We also find strong spatial dependence in urban green spaces and unobserved price determinants, as well as heterogeneity by location, property value, and housing type. Our empirical findings provide valuable guidance for real estate developers and local governments in valuing environmental amenities and urban planning in the context of a residential housing market.

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The Effect of Green Characteristics in Reducing the Inventory of Unsold Housing in New Residential Developments—A Case of Gyeonggi Province, in South Korea

Cited by 9 publications

References 45 publications

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

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

Influence of Design on Real Estate Inventories by Members of Kenya Property Developers’ Association in Nairobi County

Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China

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