Hedonic Modeling of Singapore's Resale Public Housing Market
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The large-scale, high-density public housing market in Singapore invites hedonic analysis, due to its homogeneity in structure quality across all neighborhoods. This paper builds a time-dummy hedonic regression model incorporating geospatial features for a large dataset of resale transactions from 2000 to 2016. Significant anticipatory price effects are found for new subway stations, which peak at two years before station opening. A hedonic price index suggests that affordability was a problem during the sustained period of property price inflation from 2011 to 2013. District-level analysis shows evidence of increasing rent gradients, wealth disparities, and "lottery" effects in asset growth. I discuss the potential contributions of these insights to wealth and equity considerations in public policy design.
CitationXu, Jiakun (2017). Hedonic Modeling of Singapore's Resale Public Housing Market. Honors thesis, Duke University. Retrieved from https://hdl.handle.net/10161/14268.
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Rights for Collection: Undergraduate Honors Theses and Student papers