A study of condominium property prices along LRT 1 in Metro Manila
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ID: 285190
2018
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Abstract
Residential condominiums are continuously being constructed by developers in Metro Manila to supply the demand from overseas Filipino workers, foreign expatriates, students, and employees who are looking for a place to live near their workplace. The growing demand resulted to several condominiums being established along the Light Rail Transit 1. With this in mind, a relationship between the transit line and the price of condominiums was established using hedonic regression analysis. Also, various condominium attributes were included to determine the best model in estimating price. Different kinds of functional forms were applied in the analysis to determine the best fit model, including linear, semi-logarithmic, inverse semi-logarithmic, logarithmic, and Box-Cox transformation model. Seven condominium attributes showed significance in the best model such as size of the unit, developer’s reputation, age of the building, availability of amenities, urban facilities, proximity to LRT station, and crime in the neighborhood. Results showed that the logarithmic functional form is the best model with an R-squared of 0.854 including all the data. In addition, the LRT 1 line and the condominium price had a direct relationship in which a 1% increase in kilometer distance from the LRT 1 station will result to a 0.098% increase in the price of a condominium unit. In addition, an elasticity value of 0.098 was compared to other developing countries, which resulted to Bangkok, Thailand being the closest value of 0.090 in absolute terms.
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| Authors | Salvame, Erjosh O. |
| Journal | Malay Journal |
| Year | 2018 |
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| Keywords | Keywords not found |
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