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Housing attributes and Hong Kong real estate prices: a quantile regression analysis

机译：房屋属性和香港房地产价格：分位数回归分析

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摘要

By nature, people's tastes and preferences are unique and diverse so that a constant coefficient of each housing attribute produced by ordinary least squares (OLS) is not able to fully describe the behaviour of home-buyers of different classes. To complement the least squares, quantile regression is used to identify how real estate prices respond differently to a change in one unit of housing attribute at different quantiles. Theoretically, quantile regression can be utilized to estimate the implicit price for each housing attribute across the distribution of real estate prices, allowing specific percentiles of prices to be more influenced by certain housing attributes when compared to other percentiles. Empirical results demonstrate that most housing attributes, such as apartment size, age and floor level, command different prices at different quantiles. With the use of this approach, the efficiency of the mortgage markets is enhanced by offering more accurate prediction of real estate prices at the lower and upper price distribution.
机译：从本质上讲，人们的口味和喜好是独特且多样化的，因此，由普通最小二乘（OLS）产生的每种住房属性的常数系数无法完全描述不同类别的购房者的行为。为了补充最小二乘，使用分位数回归来确定房地产价格对不同分位数下的一个住房属性单位变化的不同反应。从理论上讲，分位数回归可用于估计房地产价格分布中每个住房属性的隐性价格，与其他百分位相比，特定住房价格的百分位更受某些住房属性的影响。实证结果表明，大多数住房属性，例如公寓大小，年龄和楼层水平，在不同的分位数下都具有不同的价格。使用此方法，可以通过在较低和较高价格分布下提供更准确的房地产价格预测来提高抵押市场的效率。

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  • 来源
    《Construction Management and Economics》 |2012年第6期|p.359-366|共8页
  • 作者

    LENNON H.T. CHOY; WINKY K.O. HO; STEPHEN W.K. MAK;

  • 作者单位

    Department of Building and Real Estate, Hong Kong Polytechnic University, 5/F., Core TU, Hunghom, Kowloon, Hong Kong SAR, China;

    Department of Building and Real Estate, Hong Kong Polytechnic University, 5/F., Core TU, Hunghom, Kowloon, Hong Kong SAR, China;

    Department of Building and Real Estate, Hong Kong Polytechnic University, 5/F., Core TU, Hunghom, Kowloon, Hong Kong SAR, China;

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  • 原文格式 PDF
  • 正文语种 eng
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  • 关键词

    housing attributes; quantile regression; real estate prices;

    机译：住房属性;分位数回归房地产价格;

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