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What’s the Effect of Urban Villages on Commercial Housing Price? An Analysis Based on Second-Hand Housing Transactions in Beijing

In: Proceedings of the 17th International Symposium on Advancement of Construction Management and Real Estate

Author

Listed:
  • Yingjie Zhang

    (Tsinghua University)

  • Siqi Zheng

    (Tsinghua University)

  • Cong Sun

    (Tsinghua University)

Abstract

China’s rapid urbanization, characterized by large-scale rural–urban migration and radial expansion of urban built-up areas, has produced a new type of urban neighborhood, namely the chengzhongcun. With access to an unique micro second-hand housing transactions database which the number of samples is more than 20 thousands during the period from 2006 to 2011 in Beijing, and the list of the 50 key villages which was announced by the government in 2010, we first develop a hedonic housing price model to investigate whether the proximity to urban villages affects the selling price of urban housing units, and then use a DID-Hedonic model specification to examine the effect of the redevelopment project on the surrounding housing price. Controlling for the structure, other characteristics of urban housing units, the time trend and the spatial fixed effect, we find that housing prices are lower the closer the buildings are from urban villages. Further, the housing units near the villages do enjoy a higher increase in price after the announcement of the redevelopment projects. Both of the results are significant at 1 % level. This may indicate a significant negative externality of urban village to its neighbors.

Suggested Citation

  • Yingjie Zhang & Siqi Zheng & Cong Sun, 2014. "What’s the Effect of Urban Villages on Commercial Housing Price? An Analysis Based on Second-Hand Housing Transactions in Beijing," Springer Books, in: Jiayuan Wang & Zhikun Ding & Liang Zou & Jian Zuo (ed.), Proceedings of the 17th International Symposium on Advancement of Construction Management and Real Estate, edition 127, chapter 0, pages 173-183, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-35548-6_19
    DOI: 10.1007/978-3-642-35548-6_19
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    Cited by:

    1. Kai Liu & Toshiaki Ichinose, 2017. "Hedonic Price Modeling of New Residential Property Values in Xi’an City, China," International Journal of Social Science Studies, Redfame publishing, vol. 5(9), pages 42-56, September.

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