Abstract
The objective of the research is aimed for a solution that is to establish the dynamic impact function of surrounding multi-attribute for house pricing. It is also able to measure the ripple effect and allows the hedonic parameter estimates to vary from point-to-point. A comprehensive literature review is carried out to obtain an adequate theoretical basis for the corresponding hypothesis and concepts. The proposed dynamic impact function for multi- attributes is then constructed based on the characteristics of surrounding facilities. Adopting the convenience sampling criteria of 95% confidence level on the data sampling and 10% limit of error in a 5−95% proportion, we collect the empirical data of 39 yearly house sales in the investigated urban areas of Taipei city focusing on housing prices and then utilize them for evaluating and adjusting the function. The actual house price and that of proposed function affected by Mass Rapid Transit (MRT) stations are analysed, resulting in the correlation coefficient at 0.946 (single attribute) and 0.944 (multi-attribute), respectively. The findings support that proposed function can highly represent the house pricing pattern and be an accurate tool for appraisers.
Highlights
Over the last few years, the Taiwan government has applied a new policy regarding property tax within the real estate domain which has had a considerable impact on the Taiwan real estate market
The following conditions must be met: (1) there must be no other major impact factor affecting housing prices in the Mass Rapid Transit (MRT) area; (2) the main impact on housing prices in the area is proximity to MRT facilities; (3) there are no other MRT stations within a investigated range, so it is clear which MRT station acts as the main facility that affects house prices
Beitou MRT station is located in the Taipei north region approximately 6 km away from downtown center and Jingmei MRT station is in the south side of the city, approximately 6 km away from downtown center
Summary
Over the last few years, the Taiwan government has applied a new policy regarding property tax within the real estate domain which has had a considerable impact on the Taiwan real estate market. The possible turnover index for the period from 2003 to 2005 had dropped from its original peak of 136.77 to 121.38 Because of this property tax, some construction companies are reluctant to build new properties (Bahmani-Oskooee & Wu, 2018). Even the ones that have already started a project may be reluctant to complete it, because after completion, the contractor has to bear a huge tax burden even prior selling it These circumstances have caused many investors to withdraw from the real estate market. The change of housing demand accounted for 42%, with an increase of 4.7% in the second half of the year This was the highest within the last five years, previously the rate had never gone above 4% (Bahmani-Oskooee & Wu, 2018). There has been little on the accurate assessment of the impact of real estate impact factors, consumers do not have any basis of reference to follow
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