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ISPRS Int. J. Geo-Inf. 2017, 6(11), 358; https://doi.org/10.3390/ijgi6110358

Exploring Determinants of Housing Prices in Beijing: An Enhanced Hedonic Regression with Open Access POI Data

1
Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China
2
Department of Emergency Management, Arkansas Tech University, Russellville, AR 72801, USA
3
State Key Laboratory of Earth Surface Processes and Resource Ecology, Beijing Normal University, Beijing 100875, China
*
Author to whom correspondence should be addressed.
Received: 9 October 2017 / Revised: 9 November 2017 / Accepted: 13 November 2017 / Published: 15 November 2017
(This article belongs to the Special Issue Urban Environment Mapping Using GIS)
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Abstract

The housing market in Chinese metropolises have become inflated significantly over the last decade. In addition to an economic upturn and housing policies that have potentially fueled the real estate bubble, factors that have contributed to the spatial heterogeneity of housing prices can be dictated by the amenity value in the proximity of communities, such as accessibility to business centers and transportation hubs. In the past, scholars have employed the hedonic pricing model to quantify the amenity value in relation to structural, locational, and environmental variables. These studies, however, are limited by two methodological obstacles that are relatively difficult to overcome. The first pertains to difficulty of data collection in regions where geospatial datasets are strictly controlled and limited. The second refers to the spatial autocorrelation effect inherent in the hedonic analysis. Using Beijing, China as a case study, we addressed these two issues by (1) collecting residential housing and urban amenity data in terms of Points of Interest (POIs) through web-crawling on open access platforms; and (2) eliminating the spatial autocorrelation effect using the Eigenvector Spatial Filtering (ESF) method. The results showed that the effects of nearby amenities on housing prices are mixed. In other words, while proximity to certain amenities, such as convenient parking, was positively correlated with housing prices, other amenity variables, such as supermarkets, showed negative correlations. This mixed finding is further discussed in relation to community planning strategies in Beijing. This paper provides an example of employing open access datasets to analyze the determinants of housing prices. Results derived from the model can offer insights into the reasons for housing segmentation in Chinese cities, eventually helping to formulate effective urban planning strategies and equitable housing policies. View Full-Text
Keywords: Points of Interest (POIs); hedonic pricing model; accessibility; amenity value; spatial autocorrelation Points of Interest (POIs); hedonic pricing model; accessibility; amenity value; spatial autocorrelation
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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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Xiao, Y.; Chen, X.; Li, Q.; Yu, X.; Chen, J.; Guo, J. Exploring Determinants of Housing Prices in Beijing: An Enhanced Hedonic Regression with Open Access POI Data. ISPRS Int. J. Geo-Inf. 2017, 6, 358.

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