Abstract:
Impacts Of Locational Factors On Condominium Prices In Bangkok Metropolitan Region In this research, we employ the spatial Hedonic Price modeling technique to analyze the impacts of various condominium attributes, including physical, location, and neighborhood characteristics, on condominium prices, using the linear, log-linear and semi-log model specifications. Two condominium data sets are used in this study. The first is the average price per square meter of a condominium project (price per square meter), consisting of 998 condominium projects. The second is the average price of a condominium unit type in a project (price per condominium unit), consisting of 4,104 condominium unit types from 1,217 projects. The data sets include condominium projects which were opened for sale between 2007 and 2017. We estimate the model coefficients by the OLS method and spatial analysis techniques. The estimation of the model coefficients shows that the price elasticity with respect to the distance to the nearest transit station is between -0.077 and -0.088 for price per square meter and between -0.116 and -0.153 for price per condominium unit. These estimates are 29 percent to 70 percent higher than those from the past study in the BMR a decade earlier. Moreover, the results also show significant neighborhood impacts on condominium prices, particularly those located near business districts in central Bangkok, including Silom, Asoke and Thonglor.