Abstract
A thorough understanding of residents’ demands plays an important role in realizing the rational distribution of urban retail (UR) and promoting the habitability of cities. Unfortunately, these demands for UR are currently under-researched. To solve this problem, this study aims to quantify the capitalization effect of UR on housing prices and explores the impact of heterogeneity in housing structure characteristics, price quantile, and space on the residents’ demands for UR according to the hedonic price model, quantile regression, and geographically weighted regression in Chengdu. The results of these models show the following: (1) good property management and building sound insulation can reduce the negative influence of UR on residents’ lives; (2) only the owners of low-price houses are willing to pay a premium for UR; and (3) residents’ demands for UR increase from the central area to the peripheral area of Chengdu, and an inverted U-shaped relationship was found between housing prices and the UR level. A comprehensive analysis of the heterogeneity of residents’ demands for UR can provide a reference for planning departments, real-estate developers, and UR owners and promote the sustainable development of UR.
Highlights
There is an increasing integration of commercial activities in the marketplace, and the term urban retail (UR) refers to all consumer-related activities, including the following categories: shopping for personal and household goods and services; dining out; engaging in recreation; and attending sports, entertainment, and cultural events [1]
This study aims to quantify the capitalization effect of UR on housing prices by using the hedonic price model, quantile regression, and geographically weighted regression based on second-hand housing transaction data from a Chengdu real-estate intermediary website in 2019 and to further examine residents’
The exciting culture, pleasant environment, and abundant presence of historical sites attract a large number of tourists to Chengdu every year
Summary
There is an increasing integration of commercial activities in the marketplace, and the term urban retail (UR) refers to all consumer-related activities, including the following categories: shopping for personal and household goods and services; dining out; engaging in recreation; and attending sports, entertainment, and cultural events [1]. While only adopting UR-related variables as control variables, have confirmed UR to be an important determinant for residents’ expected housing prices [2,3,4,5]. The results of these studies showed positive and negative effects on housing prices simultaneously. This phenomenon may be caused by the double impact on residents’ welfare and quality of life. The development of urban retail plays an increasingly important role in improving urban economic performance and residents’ welfare. UR can drive the production activities of other sectors, improve the urban employment rate [6], promote the construction of urban support infrastructure, and optimize urban planning and layout [7,8]
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