Factors influencing the determination of horizontal housing prices using hedonic price analysis method
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Abstract
Unlike other products with homogeneous quality units, the price of house with heterogeneous quality is determined by its characteristics, not just units. Additionally, the quality of the house is also hardly measured, therefore, major property developers have mostly tried to guarantee their house quality by creating its reputation. The purpose of this study intends to quantify the price premium of reputation of the property developer. The conceptual framework of the study is based on asymmetric information, location theory, and the hedonic pricing concept. Data consist of 197 observations of single house price and their characteristics of the listed property developer companies. The hedonic pricing model of single house price is estimated using least squares method. The findings confirm the hypothesis of the study that the reputation of the property developer provides a significant price premium for the house. As a signal of the quality of the house, the reputation of the listed property developer companies helps guarantee good quality of the house, thus, adding price premium to their houses. Furthermore, the location of the house, measured by the distance from the house to main road, and the size of house, measured by living space, are two additional major factors determining the price of the house.
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