JOURNAL OF NATURAL RESOURCES >
Estimating the Land Price Gradients in Metropolitan Beijing
Received date: 2012-03-02
Revised date: 2012-07-18
Online published: 2013-05-20
The paper gives a brief review about the empirical studies that have been conducted on property price gradients. Based on the classic urban monocentric model, the urban land leasing price-distance relationship is estimated with the aids of the hedonic price model. It is shown that both commercial and residential land price gradients become flattening from 2005 to 2011. It indicates the suburban expanded trends of construction land in metropolitan Beijing. The residential land price curve took a reverse trend since 2009, which violates the traditional monocentric bit-rent curve. The reason lies in two aspects: firstly, not all the residential land parcels are leased through open auction or tender; secondly, there are influential sub-centers in the outskirts of Beijing. Contrary to the residential land, the commercial land price curve fits the negative gradients well during the time. A floor-distance linear regression model is built to explore the change of land development intensity from urban core to urban fringe. The negative floor-distance coefficients of commercial land are captured which demonstrates the land development intensity is decreasing from urban center, but it is flattening during the time. The coefficients of residential land are not significant, illustrating linear regression model does not fit well. As the choice of functional form may result in inefficiency of estimation, a nonparametric analysis is proposed. The advantage of nonparametric estimation is that no priori assumptions on the urban spatial structure and functional form are required, so it is more flexible than the parametric estimations. The results show that the new method reveals more reasonable information about residential land price curve and floor-distance curve in metropolitan Beijing.
YU Wei, RAO Ye, HU Zhi-ding, LI Chuan-song, SONG Jin-ping . Estimating the Land Price Gradients in Metropolitan Beijing[J]. JOURNAL OF NATURAL RESOURCES, 2013 , 28(5) : 721 -731 . DOI: 10.11849/zrzyxb.2013.05.002
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