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Sustainability 2018, 10(4), 1298; https://doi.org/10.3390/su10041298

Walled Buildings, Sustainability, and Housing Prices: An Artificial Neural Network Approach

1
Sustainable Real Estate Research Center/HKSYU Real Estate and Economics Research Lab, Department of Economics and Finance, Hong Kong Shue Yan University, Hong Kong, China
2
Department of Construction Engineering and Management, School of Civil and Environmental Engineering, National University of Science and Technology, Islamabad 44000, Pakistan
*
Author to whom correspondence should be addressed.
Received: 1 March 2018 / Revised: 6 April 2018 / Accepted: 17 April 2018 / Published: 23 April 2018
(This article belongs to the Collection Sustainable Built Environment)
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PDF [307 KB, uploaded 3 May 2018]

Abstract

Various researchers have explored the adverse effects of walled buildings on human health. However, few of them have examined the relationship between walled buildings and private housing estates in Hong Kong. This study endeavors to fill the research gap by exploring the connections among walled-building effects, housing features, macroeconomic factors, and housing prices in private housing estates. Specifically, it reveals the relationship between walled buildings and housing prices. Eight privately owned housing estates are selected with a total of 11,365 observations. Results are analyzed to study the factors that affect the housing price. Firstly, unit root tests are carried out to evaluate if the time series variables follow the unit root process. Secondly, the relationship between walled buildings and housing price is examined by conducting an artificial neural network. We assumed that the housing price reduces due to walled-building effects, given that previous literature showed that heat island effect, and blockage of natural light and views, are common in walled-building districts. Moreover, we assume that housing price can also be affected by macroeconomic factors and housing features, and these effects vary among private housing estates. We also study these impacts by using the two models. Recommendations and possible solutions are suggested at the end of the research paper. View Full-Text
Keywords: heat island effect; walled buildings; sustainability heat island effect; walled buildings; sustainability
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
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Li, R.Y.M.; Cheng, K.Y.; Shoaib, M. Walled Buildings, Sustainability, and Housing Prices: An Artificial Neural Network Approach. Sustainability 2018, 10, 1298.

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