The Economic Value Of The Heritage Housing Conservation: A Hedonic Analysis Of George Town; Penang
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Date
2007-05
Authors
Fang, Hwei Ling
Journal Title
Journal ISSN
Volume Title
Publisher
Universiti Sains Malaysia
Abstract
Heritage conservation is commonly applied as a strategy to achieve sustainable
community economic development in many countries in the world. This study
considered the effects of heritage conservation on residential property values in Inner
City of George Town. This research aims to highlight the significance of heritage as
prudent property investment rather than tourist attraction and hence its eventual
anticipated contribution to income and employment generation in George Town.
Hedonic Regression Method has been utilised to estimate the economic values of
heritage related factors. This paper uses the analysis framework of structureneighbourhood-
location characteristic, choosing seven housing characteristics as
independent variables of the model, and adopting the log-linear function form to
structure the hedonic price model for the housing market in George Town. There are a
number of important implications to our findings. This research empirically shows that
heritage conservation does have an influence on house premiums. Generally, buyers
are more willing to pay for heritage building.
Keywords: Heritage Housing Conservation, Economic Value, Hedonic Regression
Method
Description
Keywords
Heritage conservation , City of George Town.