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Application of hedonic model to determine residential land valuation in suburban areas: the case of Hue city, Vietnam
1
University of Agriculture and Forestry, Hue University, VietNam
These authors had equal contribution to this work
Submission date: 2023-10-03
Final revision date: 2024-04-03
Acceptance date: 2024-04-05
REMV; 2024;32(2):70-79
HIGHLIGHTS
- hedonic, land price, residential land, suburb
KEYWORDS
TOPICS
ABSTRACT
The paper aims to promote a model for determining residential land prices within a suburb of Hue city, Vietnam to improve the efficiency of land price determination and management. The study conducted surveys of 27 variables of 200 residential land plots in order to run the hedonic model using SPSS 26.0 software. The result developed a model that explained 78% of the change in land prices by incorporating five factors: area of land, width of road attached to the land plot, distance to hospital, ability to generate cash flow and planning information. Meanwhile, the writers also produced a map of residential land prices in the 2022 suburban areas of Hue city, Vietnam. This is a helpful tool in land market consulting and land valuation procedures.
ACKNOWLEDGEMENTS
The authors express their gratitude to the People's Committee of Hue city, Vietnam, and the functional departments in Hue city for their invaluable assistance in procuring the data pertaining to the study. The respondents, who have generously provided their survey responses, also deserve the authors' appreciation. Additionally, the authors extend their sincerest thanks to the reviewers whose insightful suggestions and comments have been of great value. Lastly, the authors also acknowledge the partial support of Hue University under the Core Research Program, Grant No. NCTB.DHH.2024.05.
FUNDING
This research received some small funding from an outstanding research team led by Associate Professor, Doctor Nguyen Huu Ngu, University of Agriculture and Forestry, Hue University, Vietnam (Code: NCTB.DHH.2024.05).
| eISSN: | 2300-5289 |
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