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The Impact of Proximity to Enclosed Fresh Food Market on Housing Prices in Hong Kong

Author

Listed:
  • Ervi
  • Liusman
  • Kwong Wing Chau
  • Y. L. Wong

Abstract

This study examines the impact of proximity to enclosed fresh food markets on nearby housing prices in Hong Kong. Fresh food markets are commonly found in residential areas in Asia for the convenience of shoppers. However, the presence of these markets can also pose health and hygiene hazards to nearby occupants. This study aims to investigate the net external effect of fresh food markets on nearby housing prices, which has not been explored before. The empirical results of this study suggest that the net external effects of enclosed fresh food markets on nearby housing prices are non-linear.This study found that larger enclosed fresh food markets, in terms of total floor area, have a stronger net positive external effect on nearby housing prices. Additionally, private enclosed fresh food markets were found to have a stronger net positive external effect compared to public ones. Furthermore, older enclosed fresh food markets were found to have a stronger net positive external effect compared to newer ones. In addition, the study also found evidence that enclosed fresh food markets with air conditioning systems have a net negative external effect on nearby housing prices.

Suggested Citation

  • Ervi & Liusman & Kwong Wing Chau & Y. L. Wong, 2024. "The Impact of Proximity to Enclosed Fresh Food Market on Housing Prices in Hong Kong," ERES eres2024-099, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2024-099
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2024-099
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    More about this item

    Keywords

    External Effects; Fresh Food Market; Hong Kong; Housing Prices;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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