IDEAS home Printed from https://ideas.repec.org/a/gam/jlands/v11y2022i2p312-d753624.html
   My bibliography  Save this article

The Perception of the Vertical Dimension (3D) through the Lens of Different Stakeholders in the Property Market of China

Author

Listed:
  • Yue Ying

    (Department of Urban and Regional Planning and Geo-Information Management, Faculty of Geo-Information Science and Earth Observation (ITC), University of Twente, 7514 AE Enschede, The Netherlands)

  • Mila Koeva

    (Department of Urban and Regional Planning and Geo-Information Management, Faculty of Geo-Information Science and Earth Observation (ITC), University of Twente, 7514 AE Enschede, The Netherlands)

  • Monika Kuffer

    (Department of Urban and Regional Planning and Geo-Information Management, Faculty of Geo-Information Science and Earth Observation (ITC), University of Twente, 7514 AE Enschede, The Netherlands)

  • Kwabena Obeng Asiama

    (Geodetic Institute, Gottfried Wilhelm Leibniz University of Hannover, Nienburger Strasse 1, 30167 Hannover, Germany
    Department of Land Economy, Faculty of Built Environment, Kwame Nkrumah University of Science and Technology, Kumasi AK000-AK911, Ghana)

  • Xia Li

    (School of Land Engineering, Chang’an University, No. 126, Yanta Road, Xi’an 710064, China)

  • Jaap Zevenbergen

    (Department of Urban and Regional Planning and Geo-Information Management, Faculty of Geo-Information Science and Earth Observation (ITC), University of Twente, 7514 AE Enschede, The Netherlands)

Abstract

China has experienced fast urbanization with a growing urban population, which has inevitably led to the adoption of a vertical housing style with high-rise buildings. However, how people subjectively perceive the vertical dimension (3D) in the property market is neither adequately documented nor well understood. The 3D perception helps us to understand a myriad of social and psychological effects of living in high-rise buildings. We organized and conducted semi-structured expert interviews, focus groups, and the circulation and compilation of questionnaires in Xi’an, China, to investigate how different stakeholders in the property market perceive 3D. The results show that: (1) real estate developers do not adjust property prices for specific 3D factors, and the local government does not consider 3D in housing policies; (2) the current status of 3D modeling in Xi’an is still in the embryonic state; (3) 3D factors are highly valued by buyers but not well-understood by real estate developers and local government. In addition, 3D factors score higher than horizontal (2D) factors (1.12 to 0.88). Gender and age groups do not influence housing preferences concerning 2D and 3D factors. These findings provide valuable insights for real estate developers concerning pricing policies and the local government concerning housing policies. In the future, 3D perceptions and factors should be prioritized in order to improve urban infrastructure and ensure the increased availability of, and fair public access to welfare related to 3D in urban areas.

Suggested Citation

  • Yue Ying & Mila Koeva & Monika Kuffer & Kwabena Obeng Asiama & Xia Li & Jaap Zevenbergen, 2022. "The Perception of the Vertical Dimension (3D) through the Lens of Different Stakeholders in the Property Market of China," Land, MDPI, vol. 11(2), pages 1-29, February.
    • Handle: RePEc:gam:jlands:v:11:y:2022:i:2:p:312-:d:753624
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2073-445X/11/2/312/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2073-445X/11/2/312/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:cup:judgdm:v:1:y:2006:i::p:48-63 is not listed on IDEAS
    2. Wener, Richard & Carmalt, Hannah, 2006. "Environmental psychology and sustainability in high-rise structures," Technology in Society, Elsevier, vol. 28(1), pages 157-167.
    3. Paolo Veneri & Andre Comandon & Miquel‐Àngel Garcia‐López & Michiel N. Daams, 2021. "What do divided cities have in common? An international comparison of income segregation," Journal of Regional Science, Wiley Blackwell, vol. 61(1), pages 162-188, January.
    4. Fernandez, Linda & Mukherjee, Monobina & Scott, Thomas, 2018. "The effect of conservation policy and varied open space on residential property values: A dynamic hedonic analysis," Land Use Policy, Elsevier, vol. 73(C), pages 480-487.
    5. Yue Ying & Mila Koeva & Monika Kuffer & Kwabena Obeng Asiama & Xia Li & Jaap Zevenbergen, 2020. "Making the Third Dimension (3D) Explicit in Hedonic Price Modelling: A Case Study of Xi’an, China," Land, MDPI, vol. 10(1), pages 1-26, December.
    6. repec:arz:wpaper:eres2010-024 is not listed on IDEAS
    7. Huwei Wen & Zhao Zhao, 2019. "Talent introduction and housing price: a tale of Xi’an," Applied Economics Letters, Taylor & Francis Journals, vol. 26(11), pages 954-962, June.
    8. Wang, Zhi & Zhang, Qinghua, 2014. "Fundamental factors in the housing markets of China," Journal of Housing Economics, Elsevier, vol. 25(C), pages 53-61.
    9. Zhu, Guozhong & Dale-Johnson, David, 2020. "Transition to the property tax in China: A dynamic general equilibrium analysis," Journal of Urban Economics, Elsevier, vol. 115(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chen, W.D., 2016. "Policy failure or success? Detecting market failure in China's housing market," Economic Modelling, Elsevier, vol. 56(C), pages 109-121.
    2. John J. García & Daniel Mateo Cossio & Ricardo Mesa Urhan, 2017. "Efectos de mecanismos institucionales en el precio de la vivienda nueva en Medellín," Documentos de Trabajo de Valor Público 15658, Universidad EAFIT.
    3. Bhatt, Vipul & Liao, Mouhua & Zhao, Min Qiang, 2023. "Government policy and land price dynamics: A quantitative assessment of China’s factor market reforms," Regional Science and Urban Economics, Elsevier, vol. 98(C).
    4. Zheng, Siqi & Saiz, Albert, 2016. "Introduction to the special issue “China's urbanization and housing market”," Journal of Housing Economics, Elsevier, vol. 33(C), pages 1-3.
    5. Chang Liu & Wei Xiong, 2018. "China's Real Estate Market," NBER Working Papers 25297, National Bureau of Economic Research, Inc.
    6. Zhenxi Chen & Cuntong Wang, 2020. "Speculative trading in Chinese housing market: a panel regression method," Applied Economics, Taylor & Francis Journals, vol. 52(38), pages 4186-4195, July.
    7. Osseni, Abdel Fawaz & Bareille, Francois & Dupraz, Pierre, 2021. "Hedonic valuation of harmful algal bloom pollution: Why econometrics matters?," Land Use Policy, Elsevier, vol. 107(C).
    8. Wanying Lu & Jianfu Shen, 2022. "Urban Leverage and Housing Price in China," JRFM, MDPI, vol. 15(2), pages 1-12, February.
    9. Li, Yaoyao & Qi, Yuan & Liu, Licheng & Hou, Yuchen & Fu, Shuya & Yao, Jingtao & Zhu, Daolin, 2022. "Effect of increasing the rental housing supply on house prices: Evidence from China’s large and medium-sized cities," Land Use Policy, Elsevier, vol. 123(C).
    10. Chunping Liu & Zhirong Ou, 2021. "What determines China's housing price dynamics? New evidence from a DSGE‐VAR," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3269-3305, July.
    11. Jia Pengfei & Lim King Yoong, 2021. "Tax Policy and Toxic Housing Bubbles in China," The B.E. Journal of Macroeconomics, De Gruyter, vol. 21(1), pages 151-183, January.
    12. Bian, Timothy Yang & Gete, Pedro, 2015. "What drives housing dynamics in China? A sign restrictions VAR approach," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 96-112.
    13. Coskun Yener & Jadevicius Arvydas, 2017. "Is there a Housing Bubble in Turkey?," Real Estate Management and Valuation, Sciendo, vol. 25(1), pages 48-73, March.
    14. Holger Sieg & Chamna Yoon & Jipeng Zhang, 2023. "The Impact Of Local Fiscal And Migration Policies On Human Capital Accumulation And Inequality In China," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(1), pages 57-93, February.
    15. Wu, Jing & Gyourko, Joseph & Deng, Yongheng, 2016. "Evaluating the risk of Chinese housing markets: What we know and what we need to know," China Economic Review, Elsevier, vol. 39(C), pages 91-114.
    16. Xiaoping Zhou & Zhenyang Qin & Yingjie Zhang & Linyi Zhao & Yan Song, 2019. "Quantitative Estimation and Spatiotemporal Characteristic Analysis of Price Deviation in China's Housing Market," Sustainability, MDPI, vol. 11(24), pages 1-28, December.
    17. Chuanhao Tian & Wenjun Ji & Sijin Chen & Jinqun Wu, 2020. "The Time and Spatial Effects of A “City-County Merger” on Housing Prices—Evidence from Fuyang," Sustainability, MDPI, vol. 12(4), pages 1-26, February.
    18. Shulin Shen & Yiyi Zhao & Jindong Pang, 2024. "Local Housing Market Sentiments and Returns: Evidence from China," The Journal of Real Estate Finance and Economics, Springer, vol. 68(3), pages 488-522, April.
    19. Chunping Liu & Zhirong Ou, 2022. "Revisiting the determinants of house prices in China’s megacities: Cross‐sectional heterogeneity, interdependencies and spillovers," Manchester School, University of Manchester, vol. 90(3), pages 255-277, June.
    20. Huang, Daisy J. & Leung, Charles K. & Qu, Baozhi, 2015. "Do bank loans and local amenities explain Chinese urban house prices?," China Economic Review, Elsevier, vol. 34(C), pages 19-38.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jlands:v:11:y:2022:i:2:p:312-:d:753624. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.