ABSTRACT
Previous literature has shown that there is a bundle of attributes which affect property prices, such as environmental externalities (Li 2012b, Li and Li 2011), property management (Hui et al. 2011), weather conditions (rainfall and temperature (Li 2009)) and quality of life (Burinskienė et al. 2011). Li (2014)’s HP filter model showed that there was a close relationship between business cycle and housing prices. Narwold (2008)’s model showed that housing prices increase by 3.8% when there is a historical building within 250 feet and 1.6% between 250 and 500 feet. In Hong Kong, many of the housing attributes –apartment size, floor level, age – were not priced equally by homebuyers (Choy et al. 2012).
