Proximity to Neighborhood Services and Property Values in Urban Area: An Evaluation through the Hedonic Pricing Model
Abstract
:1. Introduction
2. Review of Literature
2.1. Historical Background of the Hedonic Model
2.2. Neighborhood Characteristics
3. Materials and Methods
3.1. Study Area
3.2. Methods
3.3. Data Collection
4. Results
Result of Suitability Analysis
5. Discussion
6. Conclusions
Supplementary Materials
Author Contributions
Funding
Data Availability Statement
Acknowledgments
Conflicts of Interest
1 | Lac is equal to 0.1 million. |
2 | Values are not available in the Regression result ANOVA Table. |
References
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R | R2 | Adjusted R Square | Std Error of the Estimation |
---|---|---|---|
0.912 | 0.832 | 0.806 | 694,033.9125 |
Model | Sum of Squares | Df | Mean Square | F | Sig. |
---|---|---|---|---|---|
Regression statistic | 22.050 × 1014 | 13 | 1.577 × 1013 | 35.735 | 0.000 |
Residual statistic | 41.42 × 1013 | 86 | 4.817 × 1011 | ***2 | *** |
Total | 63.47 × 2017 | 99 | *** | *** | *** |
Hedonic Variables | β-Beta Values of the Regression | Critical-T-Values | Significant-p-Value |
---|---|---|---|
Location of Property | −0.008 | −0.124 | 0.902 |
Access to facilities | 0.071 | 1.023 | 0.309 |
Size of property | 0.075 | 1.316 | 0.192 |
Stories in building | 0.253 | 3.949 | 0.000 |
Rooms in house | 0.324 | 3.578 | 0.001 |
Bathrooms in house | 0.103 | 1.185 | 0.239 |
Covered area by property | 0.199 | 4.121 | 0.000 |
Land price in PKR | −0.025 | −0.271 | 0.787 |
Land Nature (residential or commercial) | −0.034 | −0.471 | 0.639 |
Distance to hospital | −0.134 | −1.570 | 0.120 |
Distance to market | −0.048 | −0.750 | 0.455 |
Nature of community in surrounding | −0.116 | −1.572 | 0.120 |
Community jobs in the surrounding of a property | −0.123 | −1.817 | 0.073 |
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Aziz, A.; Anwar, M.M.; Abdo, H.G.; Almohamad, H.; Al Dughairi, A.A.; Al-Mutiry, M. Proximity to Neighborhood Services and Property Values in Urban Area: An Evaluation through the Hedonic Pricing Model. Land 2023, 12, 859. https://doi.org/10.3390/land12040859
Aziz A, Anwar MM, Abdo HG, Almohamad H, Al Dughairi AA, Al-Mutiry M. Proximity to Neighborhood Services and Property Values in Urban Area: An Evaluation through the Hedonic Pricing Model. Land. 2023; 12(4):859. https://doi.org/10.3390/land12040859
Chicago/Turabian StyleAziz, Asad, Muhammad Mushahid Anwar, Hazem Ghassan Abdo, Hussein Almohamad, Ahmed Abdullah Al Dughairi, and Motrih Al-Mutiry. 2023. "Proximity to Neighborhood Services and Property Values in Urban Area: An Evaluation through the Hedonic Pricing Model" Land 12, no. 4: 859. https://doi.org/10.3390/land12040859
APA StyleAziz, A., Anwar, M. M., Abdo, H. G., Almohamad, H., Al Dughairi, A. A., & Al-Mutiry, M. (2023). Proximity to Neighborhood Services and Property Values in Urban Area: An Evaluation through the Hedonic Pricing Model. Land, 12(4), 859. https://doi.org/10.3390/land12040859