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An Empirical Evaluation of OLS Hedonic Pricing Regression on Singapore Private Housing Market
KTH, School of Architecture and the Built Environment (ABE), Civil and Architectural Engineering.
2014 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The empirical paper studies the relationship between property value and hedonic attributes. To indentify the determinant characteristics the influent the private real estate price, their degrees of significance and help with the valuation procedure, 8870 private residential property transactions with caveats lodged across country are selected from Urban Redevelopment Authority of Singapore. 40 models are tested and RMSE, R-Square, Adjusted R-Square, F-Value tests are performed to discover the overall fitness of the models. Breusch-Pagan F-Test is performed to test the existence of heteroskedasticity and VIF test to check multicolinearity. Z score is performed to check the spatial autocorrelation.

Three founding are discovered. Firstly, size, age, floor level, population density level, latitude and construction status are core attributes resulting from the regression. Secondly, new district zones classified by functions are detected instead of 28 administrative districts. Thirdly, government policies and local customs (Feng Shui) are proven to be determinant variables as well. Two suggestions are given to regulate the market in the end of this article.  

Place, publisher, year, edition, pages
Keyword [en]
Hedonic Pricing Approach, Property Price, Determinant dependent variables, OLS Regression, Heteroskedasticity, VIF Test, Spatial Autocorrelation.
National Category
Engineering and Technology
URN: urn:nbn:se:kth:diva-150401OAI: diva2:742974
Subject / course
Building and Real Estate Economics
Educational program
Master of Science - Real Estate Management
Available from: 2014-09-03 Created: 2014-09-03 Last updated: 2016-09-20Bibliographically approved

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