How Do Landscape Views and Storey Levels Affect Public Housing Prices Within the Community? Evidence from the Home Ownership Scheme Secondary Market in Hong Kong

The impacting factors of housing prices have received much attention over the decades. Most research focuses on the whole housing market by examining the spatial distribution of properties in a specific region. However, research on the property value of public housing within blocks and communities is limited. As Hong Kong has made great efforts to promote public housing development by introducing the Home Ownership Scheme (HOS), this study investigated the impact of landscape views and storey levels on public housing prices in Hong Kong. The hedonic pricing model is adopted to examine the effects of the landscape view factors on housing prices. Different submarkets (i.e., storey levels) of each community are analyzed to figure out the interaction between landscape view factors among different floor levels. Quantile regression is also introduced to examine the influence of the variables on properties under different price ranges. The findings show that the impacts of landscape view factors on housing price differ within various communities, submarkets, and housing price levels. Overall, the results provide empirical evidence about the purchasing preference of public housing purchasers in Hong Kong.