The Sigficance of spatial factors in influencing the price of heritage properties in George Town, Penang.

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dc.contributor.authorLam Tatt, Soon
dc.date.accessioned2015-07-30T05:38:39Z
dc.date.available2015-07-30T05:38:39Z
dc.date.issued2010
dc.description.abstractThe aim of this research is to determine the significance of selected spatial factors and the influence of these spatial factors on heritage property prices in George Town 1. Spatial factors related to location, neighbourhood ·and local amenities such as transportation points, highway, shopping centre and school are tested in this research. Hedonic regression analysis is used to study the relationship between spatial factors and heritage property price in George Town 1. A total of 231 heritage property transaction records from year 1998 to 2004 are used in this analysis. The empirical result shows that spatial factor has significant influence on heritage property prices. 'Ferry route', 'shopping centre' and 'primary and secondary school' are three significant factors influencing heritage property prices in George Town 1. To further verify the significance of the above spatial factors, a spatial autocorrelation analysis is used for the second test. The analysis result indicates that property prices in George Town 1 are positive spatial autocorrelated. The positive spatial autocorrelated transaction prices in George Town reflect that property prices in George Town tend to depend on its neighbour. A geo-statistical method called Kriging is then used to verify the dependency of heritage property prices on its neighbours. A comparison between the predicted prices obtained from the Kriging map with actual transaction prices found that the predicted prices are reasonably close to the actual prices. As the Kriging method uses neighbouring properties prices to predict prices, the findings indicate that spatial factors especially neighbourhood has an influence on heritage property prices in George Town.en_US
dc.identifier.urihttp://hdl.handle.net/123456789/1062
dc.language.isoenen_US
dc.subjectSpatial factorsen_US
dc.subjectHeritage propertiesen_US
dc.titleThe Sigficance of spatial factors in influencing the price of heritage properties in George Town, Penang.en_US
dc.typeThesisen_US
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