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Within‐development density and housing prices in Singapore

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  • Eric Fesselmeyer
  • Haoming Liu
  • Louisa Poco

Abstract

This paper measures how much more households pay for less density in their immediate surroundings. Using transaction and administrative data and exploiting the introduction of a regulation that restricted the number of housing units for certain land lots, we find that households discount density: a 10% increase in within‐development density decreases the price per square meter by 5%. Further, the mean price per square meter of the average development increased by 1%–3% after the regulation was introduced, while the amount of built‐up space remained constant. The increase in total revenue suggests developers may underestimate the externality caused by density.

Suggested Citation

  • Eric Fesselmeyer & Haoming Liu & Louisa Poco, 2024. "Within‐development density and housing prices in Singapore," Journal of Regional Science, Wiley Blackwell, vol. 64(2), pages 406-427, March.
    • Handle: RePEc:bla:jregsc:v:64:y:2024:i:2:p:406-427
    DOI: 10.1111/jors.12677
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