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Attributes Determining Condominium Prices in Bangkok (in Thai)

Author

Listed:
  • Kiriya Kulkolkarn

    (Faculty of Economics, Thammasat University, Bangkok, Thailand)

  • Chotiwut Laophairoj

    (Italian-Thai Development Public Company Limited, Bangkok, Thailand)

Abstract

The housing market, particularly the condominium sector in Bangkok has been rapidly expanding. In this paper, the hedonic price model is used to analyze the housing attributes that determine the price of condominiums in Bangkok. The Box-Cox technique is used to find an appropriate functional form of the model. The data of condominium prices and 20 attributes of 146 condominium units were collected from 42 sales offices during 1-31 January 2011. The results indicate that the attributes determining the price of condominium in Bangkok were: project location, proximity to sky train and subway, unit location, unit size, furniture, total number of units in a project, land size, waiting duration before construction is completed, reputation of developers, parking space, common fee for maintenance and services, and number of bedrooms. The estimated coefficients indicate relative prices of the attributes which can be used as reference prices for buyers, developers and banks.

Suggested Citation

  • Kiriya Kulkolkarn & Chotiwut Laophairoj, 2012. "Attributes Determining Condominium Prices in Bangkok (in Thai)," Applied Economics Journal, Kasetsart University, Faculty of Economics, Center for Applied Economic Research, vol. 19(1), pages 24-45, June.
    • Handle: RePEc:aej:apecjn:v:19:y:2012:i:1:p:24-45
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    More about this item

    Keywords

    condominium in Bangkok; hedonic price model; housing attributes;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C19 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Other
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C59 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Other

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