Publication Type
Journal Article
Version
submittedVersion
Publication Date
7-2021
Abstract
This article estimates hedonic prices for different levels of housing space, by exploiting a unique space‐adding project in Singapore that added a uniform amount of space to each existing housing unit regardless of the original size. This space adding program was carried out if sufficient residents vote in favor of space adding. Using a difference‐in‐differences (DiD) strategy after restricting our sample to narrow margins around the voting cutoff, we find that the additional space increased the resale price of a housing unit by 7% on average, and the extent of price appreciation varied significantly across the original size of the units.
Keywords
Housing space, Implicit price, Hedonic regression, Urban redevelopment
Discipline
Asian Studies | Behavioral Economics | Real Estate
Research Areas
Applied Microeconomics
Publication
Real Estate Economics
Volume
49
Issue
2
First Page
574
Last Page
609
ISSN
1080-8620
Identifier
10.1111/1540-6229.12298
Publisher
Wiley
Citation
AGARWAL, Sumit; CHEN, Yanying; JING, Li; and TAN, Yi Jin.
Hedonic price of housing space. (2021). Real Estate Economics. 49, (2), 574-609.
Available at: https://ink.library.smu.edu.sg/soe_research/2370
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1111/1540-6229.12298