Hedonic Modeling of Singapore's Resale Public Housing Market
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2017-05-04
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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.
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Xu, 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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