Making the Third Dimension (3D) Explicit in Hedonic Price Modelling: A Case Study of Xi’an, China

Land

Monika Kuffer¹  Yue Ying¹  Jaap Zevenbergen¹  Mila Koeva¹  KwabenaObeng Asiama²  Xia Li³ 

[1] Faculty of Geo-Information Science and Earth Observation (ITC), University of Twente, 7514 AE Enschede, The Netherlands;Geodetic Institute, Gottfried Wilhelm Leibniz University of Hannover, Nienburger Strasse 1, 30167 Hannover, Germany;School of Earth Science and Resources, Chang’an University, No. 126, Yanta Road, Xi’an 710064, China;

关键词: 3D modelling;    property value;    remote sensing;    hedonic price model;    China;   

DOI  :  10.3390/land10010024

来源: DOAJ

【 摘 要 】

Recent rapid population growth and increasing urbanisation have led to fast vertical developments in urban areas. Therefore, in the context of the dynamic property market, factors related to the third dimension (3D) need to be considered. Current hedonic price modelling (HPM) studies have little explicit consideration for the third dimension, which may have a significant influence on modelling property values in complex urban environments. Therefore, our research aims to narrow the cognitive gap of the missing third dimension by assessing both 2D and 3D HPM and identifying important 3D factors for spatial analysis and visualisation in the selected study area, Xi’an, China. The statistical methods we used for 2D HPM are ordinary least squares (OLS) and geographically weighted regression (GWR). In 2D HPM, they both have very low R² (0.111 in OLS and 0.217 in GWR), showing a very limited generalisation potential. However, a significant improvement is observed when adding 3D factors, namely view quality, sky view factor (SVF), sunlight and property orientation. The obtained higher R² (0.414) shows the importance of the third dimension or—3D factors for HPM. Our findings demonstrate the necessity to include such factors into HPM and to develop 3D models with a higher level of details (LoD) to serve more purposes such as fair property taxation.

【 授权许可】

Unknown