TY - JOUR
T1 - Impact of quality-led design on real estate value
T2 - a spatiotemporal analysis of city centre apartments
AU - Nase, Ilir
AU - Berry, Jim
AU - Adair, Alastair
N1 - Publisher Copyright:
© 2016 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2016/10/1
Y1 - 2016/10/1
N2 - This paper estimates the impact of quality design attributes on real estate value through empirical investigation of the owner-occupied multifamily residential sector. The methodological design is based on spatiotemporal modelling using a unique data-set of 424 Belfast City Centre apartments sold during the period 2000–2008. The key findings indicate that urban scale aspects of quality such as connectivity and vitality associated with building density add to real estate value. At the building level, quality features highly valued by home buyers are namely appropriateness of material quality, fenestration and massing to the surroundings. These key criteria are considered to have a significant visual perception compared to more complex concepts such as identity, material choice and overall condition. The contribution to knowledge involves extending the hedonic model to incorporate a wider selection of design quality variables; and improving estimation through the use of spatiotemporal modelling.
AB - This paper estimates the impact of quality design attributes on real estate value through empirical investigation of the owner-occupied multifamily residential sector. The methodological design is based on spatiotemporal modelling using a unique data-set of 424 Belfast City Centre apartments sold during the period 2000–2008. The key findings indicate that urban scale aspects of quality such as connectivity and vitality associated with building density add to real estate value. At the building level, quality features highly valued by home buyers are namely appropriateness of material quality, fenestration and massing to the surroundings. These key criteria are considered to have a significant visual perception compared to more complex concepts such as identity, material choice and overall condition. The contribution to knowledge involves extending the hedonic model to incorporate a wider selection of design quality variables; and improving estimation through the use of spatiotemporal modelling.
KW - design quality
KW - Real estate value
KW - spatial econometrics
KW - spatial weight matrices
KW - spatiotemporal modelling
UR - http://www.scopus.com/inward/record.url?scp=84995489201&partnerID=8YFLogxK
U2 - 10.1080/09599916.2016.1258588
DO - 10.1080/09599916.2016.1258588
M3 - Article
AN - SCOPUS:84995489201
SN - 0959-9916
VL - 33
SP - 309
EP - 331
JO - Journal of Property Research
JF - Journal of Property Research
IS - 4
ER -