Factors affecting residential land prices A review of the literature

Volume 8, Issue 1, February 2023     |     PP. 1-33      |     PDF (594 K)    |     Pub. Date: April 9, 2023
DOI: 10.54647/cebc560115    79 Downloads     99621 Views  

Author(s)

Doa'a Majed Al Totanji, Ph.D Candidate/ Universiti Sains Malaysia
Md. Sayuti Bin Ishak, Ts. Dr/ Universiti Sains Malaysia

Abstract
Residential land prices are crucial for any country’s economy and development. There is, therefore, the need to identify factors affecting the increase in the overall land prices as a first step toward accurately evaluating land assets. This research aims to find the factors affecting residential property prices worldwide by analysing 185 publications from 2000 to 2022. This research is conducted on secondary sources whereby reviews, data analysis was made from previous studies. These studies were published and found in journals, conferences, articles, and theses. The aim is to identify the twenty most common factors affecting residential land price increase. Although previous studies focused on residential land prices, there have yet to be a consensus on a comprehensive list of factors affecting residential property prices.

Keywords
Residential land prices, Land values, Residential property, Property values.

Cite this paper
Doa'a Majed Al Totanji, Md. Sayuti Bin Ishak, Factors affecting residential land prices A review of the literature , SCIREA Journal of Civil Engineering and Building Construction . Volume 8, Issue 1, February 2023 | PP. 1-33. 10.54647/cebc560115

References

[ 1 ] Abidoye, R. B., & Chan, A. P. (2016). Critical determinants of residential property value: professionals' perspective. Journal of Facilities Management.
[ 2 ] Abul-atta, T. A.-l., & El Damaty, D. S. (2019). Statically Analytical Study of Factors Affecting Real Estate Valuation of Residential Units. International Journal of Engineering Research and Technology, 12(8), 1247-1258.
[ 3 ] Ahlfeldt, G. (2011). If Alonso was right: modeling accessibility and explaining the residential land gradient. Journal of Regional Science, 51(2), 318-338.
[ 4 ] Ahmed, D. E. E. A. (2020). Impact of macroeconomic variables on housing prices in Saudi Arabia: a VAR approach.
[ 5 ] Ai, P. (2005). Residential land value modelling: case study of Hankou, China.
[ 6 ] Alawwad, F. A., & Alzamil, W. S. (2020). The Real Estate Impact of Recreational Areas on the Residential Property Values in Riyadh, Saudi Arabia. Int'l J. Soc. Sci. Stud., 8, 33.
[ 7 ] Alhawil, Saud, A. M. m., & Li, S. (2020). Analysis of the Influencing Factors of Housing Price in Saudi Arabia. Business and Economics Journal, 11, 1-4.
[ 8 ] Alimudin, A., Simangunsong, P., Wajdi, M., & Nizaruddin, B. (2017). The Factors Affecting Land Prices In Housing Location In Sidoarjo Regency. THE SPIRIT OF SOCIETY JOURNAL, 1(1), 37-47.
[ 9 ] Aliyu, A. A. (2012). Impact of intangible location attributes on residential property value in Nigeria Universiti Tun Hussein Onn Malaysia].
[ 10 ] Anantsuksomsri, S., & Tontisirin, N. (2015). The impacts of mass transit improvements on residential land development values: Evidence from the Bangkok Metropolitan Region. Urban Policy and Research, 33(2), 195-216.
[ 11 ] Anderson, S. T., & West, S. E. (2006). Open space, residential property values, and spatial context. Regional science and urban economics, 36(6), 773-789.
[ 12 ] Arum, S. P., & Fukuda, D. (2020). The impact of railway networks on residential land values within transit-oriented development areas. Asian Transport Studies, 6, 100009.
[ 13 ] Arvianti, T. (2021). An Analysis of Implicit Value of Property Characteristics in Residential Property Prices using a Hedonic Value Approach. International Journal of Technology, 12(6), 1168-1176.
[ 14 ] Azmi, A. S. M., Azhar, R. F., & Nawawi, A. H. (2012). The Relationship between air quality and property Price. Procedia-Social and Behavioral Sciences, 50, 839-854.
[ 15 ] Biao, Z., Gaodi, X., Bin, X., & Canqiang, Z. (2012). The effects of public green spaces on residential property value in Beijing. Journal of Resources and Ecology, 3(3), 243-252.
[ 16 ] Binoy, B., Naseer, M., & Anil Kumar, P. (2022). Factors affecting land value in an Indian city. Journal of Property Research, 1-25.
[ 17 ] Bond, S. (2008). The impact of Feng Shui on residential property prices in Western cultures. International Journal of Housing Markets and Analysis.
[ 18 ] Bowes, D. R., & Ihlanfeldt, K. R. (2001). Identifying the impacts of rail transit stations on residential property values. Journal of urban economics, 50(1), 1-25.
[ 19 ] Brandt, S., & Maennig, W. (2011). Road noise exposure and residential property prices: Evidence from Hamburg. Transportation Research Part D: Transport and Environment, 16(1), 23-30.
[ 20 ] Braun, S., & Lee, G. S. (2021). The prices of residential land in German counties. Regional science and urban economics, 89, 103676.
[ 21 ] Buxton, M., & Taylor, E. (2011). Urban land supply, governance and the pricing of land. Urban Policy and Research, 29(1), 5-22.
[ 22 ] Canada, C. T., Woudsma, C., Litman, T., & Weisbrod, G. (2006). A report on the estimation of unit values of land occupied by transportation infrastructures in Canada. University of Waterloo.
[ 23 ] Chai, Z., Yang, Y., Zhao, Y., Fu, Y., & Hao, L. (2021). Exploring the Effects of Contextual Factors on Residential Land Prices Using an Extended Geographically and Temporally Weighted Regression Model. Land, 10(11), 1148.
[ 24 ] Chiang, Y.-H., Peng, T.-C., & Chang, C.-O. (2015). The nonlinear effect of convenience stores on residential property prices: A case study of Taipei, Taiwan. Habitat International, 46, 82-90.
[ 25 ] Chiaradia, A., Hillier, B., Barnes, Y., & Schwander, C. (2009). Residential property value patterns in London: space syntax spatial analysis.
[ 26 ] Chiaradia, A., Hillier, B., Schwander, C., & Barnes, Y. (2013). Compositional and urban form effects on residential property value patterns in Greater London. Proceedings of the Institution of Civil Engineers-Urban Design and Planning, 166(3), 176-199.
[ 27 ] Chung, K. (2012). Determinants of Residential Property Prices in Hongkong: A cointegration Analysis. International Research Journal of Finance and Economics, 96, 55-62.
[ 28 ] Cohen, J. P., Coughlin, C. C., & Zabel, J. (2020). Time-Geographically Weighted Regressions and Residential Property Value Assessment. The Journal of Real Estate Finance and Economics, 60(1), 134-154.
[ 29 ] Colak, Z. (2021). A causality analysis on factors affecting housing prices: case of Turkey. Journal Of Business Economics And Finance, 10(2), 58-71.
[ 30 ] Copenheaver, C. A., Kidd, K. R., Shockey, M. D., & Stephens, B. A. (2014). Environmental and Social Factors Influencing the Price of Land in Southwestern Virginia, USA, 1786–1830. Mountain Research and Development, 34(4), 386-395.
[ 31 ] Cunha, A. M., & Lobão, J. (2021). The determinants of real estate prices in a European context: a four-level analysis. Journal of European Real Estate Research.
[ 32 ] D Trofimov, I., & CD Xuan, D. (2018). Macroeconomic and demographic determinants of residential property prices in Malaysia. Zagreb International Review of Economics & Business, 21(2), 71-96.
[ 33 ] Davis, M. A., Oliner, S. D., Pinto, E. J., & Bokka, S. (2017). Residential land values in the Washington, DC metro area: New insights from big data. Regional science and urban economics, 66, 224-246.
[ 34 ] Debrezion, G., Pels, E., & Rietveld, P. (2007). The impact of railway stations on residential and commercial property value: A meta-analysis. The Journal of Real Estate Finance and Economics, 35(2), 161-180.
[ 35 ] Deng, T., Ma, M., & Nelson, J. D. (2016). Measuring the impacts of Bus Rapid Transit on residential property values: The Beijing case. Research in Transportation Economics, 60, 54-61.
[ 36 ] Diao, M., Leonard, D., & Sing, T. F. (2017). Spatial-difference-in-differences models for impact of new mass rapid transit line on private housing values. Regional science and urban economics, 67, 64-77.
[ 37 ] Egbenta, I. R., Uchegbu, S. N., Ubani, E., & Akalemeaku, O. J. (2021). Effects of noise pollution on residential property value in Enugu urban, Nigeria. SAGE Open, 11(3), 21582440211032167.
[ 38 ] Égert, B., & Mihaljek, D. (2007). Determinants of house prices in central and eastern Europe. Comparative economic studies, 49(3), 367-388.
[ 39 ] El Araby, M. M. (2003). The role of the state in managing urban land supply and prices in Egypt. Habitat International, 27(3), 429-458.
[ 40 ] Espey, M., & Lopez, H. (2000). The impact of airport noise and proximity on residential property values. Growth and change, 31(3), 408-419.
[ 41 ] Espey, M., & Owusu-Edusei, K. (2001). Neighborhood parks and residential property values in Greenville, South Carolina. Journal of Agricultural and Applied Economics, 33(3), 487-492.
[ 42 ] Fan, Z., & Shaoji, Z. (2007). Analyses of spatial-temporal distribution changes of residential land prices in Beijing. Paper presentaed at the 12th Asian Real Estate Society (AsRES) Annual Conference and the,
[ 43 ] Ferlan, N., Bastic, M., & Psunder, I. (2017). Influential factors on the market value of residential properties. Engineering Economics, 28(2), 135-144.
[ 44 ] Filippova, O., & Rehm, M. (2009). The influence of lot position on house price. Pacific Rim Property Research Journal, 15(3), 321-334.
[ 45 ] Filippova, O., & Sheng, M. (2020). Impact of bus rapid transit on residential property prices in Auckland, New Zealand. Journal of transport geography, 86, 102780.
[ 46 ] Foryś, I., & Putek-Szeląg, E. (2017). The impact of crime on residential property value-on the example of szczecin. Real Estate Management and Valuation, 25(3), 51-61.
[ 47 ] Ge, X. J., & Du, Y. (2007). Main variables influencing residential property values using the entropy method–the case of Auckland. Proceedings of the 5th International Structural Engineering and Construction Conference. Shunan, Japan,
[ 48 ] Geng, B., Fu, M., Shan, J., Sun, Y., & Wu, Z. (2021). Evaluation of urban residential land use efficiency with a neural network from the perspective of service facility capacity. Journal of Land Use Science, 16(4), 413-432.
[ 49 ] Geoghegan, J. (2002). The value of open spaces in residential land use. Land Use Policy, 19(1), 91-98.
[ 50 ] Guo, Y., Peeta, S., & Somenahalli, S. (2017). The impact of walkable environment on single-family residential property values. Journal of Transport and Land Use, 10(1), 241-261.
[ 51 ] Gyourko, J., & Krimmel, J. (2021). The impact of local residential land use restrictions on land values across and within single family housing markets. Journal of urban economics, 126, 103374.
[ 52 ] Ha, P. T., Tuan, N. T., Van Quan, N., & Van Trung, N. (2022). Land Price Regression Model and Land Value Region Map to Support Residential Land Price Management: A Study in Nghe an Province, Vietnam. Real Estate Management and Valuation, 30(1), 71-83.
[ 53 ] Hu, S., Yang, S., Li, W., Zhang, C., & Xu, F. (2016). Spatially non-stationary relationships between urban residential land price and impact factors in Wuhan city, China. Applied Geography, 68, 48-56.
[ 54 ] Hua, X., Sun, L., & Borgia, D. (2012). The influence of fundamental factors on Chinese residential real estate prices: a unique data panel study. Available at SSRN 2022682.
[ 55 ] Huang, P. (2018). Impact of distance to school on housing price: Evidence from a quantile regression. The Empirical Economics Letters, 17(2), 149-156.
[ 56 ] Hui, E. C., Chau, C. K., Pun, L., & Law, M. (2007). Measuring the neighboring and environmental effects on residential property value: Using spatial weighting matrix. Building and environment, 42(6), 2333-2343.
[ 57 ] Huyen, P. T. T., Hong, L. T., & Tra, H. T. L. (2017). Factors Affecting Residential Land Price in Dien Bien Phu city, Dien Bien province. Tạp chí Khoa học Nông nghiệp Việt Nam, 15(9), 1186-1195.
[ 58 ] Huynh-Olesen, D., Steiner, K., Hildebrandt, A., & Wagner, K. (2013). Residential property prices in Central, Eastern and Southeastern European Countries: The role of fundamentals and transition-specific factors. Focus on European Economic Integration Q, 2.
[ 59 ] Ihlanfeldt, K. R. (2007). The effect of land use regulation on housing and land prices. Journal of urban economics, 61(3), 420-435.
[ 60 ] Iman, A. H. M., & Chin, C. V. (2005). Modelling the value of location in the prediction of residential property value. Universiti Teknologi Malaysia.
[ 61 ] Inagaki, K., & Sadohara, S. (2019). Spatial Analysis to Identify Factors Affecting Residential Land Prices in Disaster Areas. Proceedings of the ICA,
[ 62 ] Irwin, E. G. (2002). The effects of open space on residential property values. Land economics, 78(4), 465-480.
[ 63 ] Islam, S. (2012). Impact of neighbourhood characteristics on house prices. ASBBS Proceedings, 19(1), 443.
[ 64 ] Janmaat, J. A. (2007). Factors Affecting Residential Property Values in a Small Historic Canadian University Town.
[ 65 ] Jayasekare, A. S., Herath, S., Wickramasuriya, R., & Perez, P. (2019). The price of a view: Estimating the impact of view on house prices. Pacific Rim Property Research Journal, 25(2), 141-158.
[ 66 ] Jiang, H., Jia, S. H., & Huang, Y. F. (2013). The study of the factors affecting urban residential land price. Applied Mechanics and Materials,
[ 67 ] Joo, Y., Hassan, M. M., & Jun, C. (2011). An application of the UrbanSim land price model in Yongsan-gu, Seoul, Korea. International Journal of Urban Sciences, 15(1), 15-24.
[ 68 ] Kanasugi, H., & Ushijima, K. (2018). The impact of a high‐speed railway on residential land prices. Papers in Regional Science, 97(4), 1305-1335.
[ 69 ] Kask, K., & Saarmäe, K. ANALYSIS OF FACTORS INFLUENCING THE PRICE OF REAL ESTATE: THE CASE OF ESTONIAN RESIDENTIAL LAND MARKET1.
[ 70 ] Katafuchi, Y. (2021). Residential land price fluctuations caused by behavioral changes on work-from-home based on COVID-19.
[ 71 ] Kim, H. N., & Boxall, P. C. (2016). Analysis of the impact of water quality changes on residential property prices. Water Resources and Economics, 16, 1-14.
[ 72 ] Kim, K., & Lahr, M. L. (2014). The impact of H udson‐B ergen L ight R ail on residential property appreciation. Papers in Regional Science, 93, S79-S97.
[ 73 ] Kolala, C., Polyakov, M., & Fogarty, J. (2020). Impacts of mining on property values in Kalgoorlie-Boulder, Western Australia. Resources Policy, 68, 101777.
[ 74 ] Kulish, M., Richards, A., & Gillitzer, C. (2012). Urban structure and housing prices: Some evidence from Australian cities. Economic Record, 88(282), 303-322.
[ 75 ] Le Dinh, H., & Nguyen Thi, H. (2017). Factors influencing residential land prices in Tien Du distric, Bac Ninh province.
[ 76 ] Le Phuong, T., Bui, N. T., Pham, L. T., & Tran, Q. B. (2020). Effects of urban transportation infrastructure development projects on residential land price in Cau Giay District, Hanoi City. VNU Journal of Science: Earth and Environmental Sciences, 36(4).
[ 77 ] Lee, S. (2022). An In-Depth Understanding of the Residential Property Value Premium of a Bikesharing Service in Portland, Oregon. Land, 11(9), 1380.
[ 78 ] Lee, S., & Golub, A. (2021). The residential property value premium of the proximity to carsharing and bikesharing services: Evidence from New York City. Transportation Research Interdisciplinary Perspectives, 11, 100427.
[ 79 ] Lee, Y. S. (2015). School districting and the origins of residential land price inequality. Journal of housing economics, 28, 1-17.
[ 80 ] Leggett, C. G., & Bockstael, N. E. (2000). Evidence of the effects of water quality on residential land prices. Journal of Environmental Economics and Management, 39(2), 121-144.
[ 81 ] Lewis, B. D. (2007). Revisiting the price of residential land in Jakarta. Urban studies, 44(11), 2179-2194.
[ 82 ] Li, J., & Chiang, Y. H. (2012). What pushes up China's real estate price? International Journal of Housing Markets and Analysis.
[ 83 ] Li, L. (2015). Prices and bubbles: Factors affecting the Chinese real estate market.
[ 84 ] Li, L. H. (2009). Land price changes in the evolving land market in Beijing. Property Management.
[ 85 ] Li, Q., Wang, J., Callanan, J., Lu, B., & Guo, Z. (2021). The spatial varying relationship between services of the train network and residential property values in Melbourne, Australia. Urban studies, 58(2), 335-354.
[ 86 ] Li, Z. (2018). The impact of metro accessibility on residential property values: An empirical analysis. Research in Transportation Economics, 70, 52-56.
[ 87 ] Liew¹, C., & Haron, N. A. (2013). Factors influencing the rise of house price in Klang Valley.
[ 88 ] LIM, J.-H., & LAU, W.-Y. (2018). The Nexus Between Residential Property Prices, Bank Lending, Construction Output and Interest Rate: Policy Lessons from Malaysia. International Journal of Economics & Management, 12(2).
[ 89 ] Liu, H., Meng, Y., & Ma, J. (2019). Spatial Distribution of Influence Factors of Residential Land Price in Cangzhou City Based on GWR Model. IOP Conference Series: Earth and Environmental Science,
[ 90 ] Liu, J. H., & Shi, W. (2017). Impact of bike facilities on residential property prices. Transportation Research Record, 2662(1), 50-58.
[ 91 ] Łowicki, D., & Piotrowska, S. (2015). Monetary valuation of road noise. Residential property prices as an indicator of the acoustic climate quality. Ecological Indicators, 52, 472-479.
[ 92 ] Ma, A., & Narwold, A. (2019). Which way is up? Orientation and residential property values. Journal of Sustainable Real Estate, 11(1), 40-59.
[ 93 ] Martínez, L. M., & Viegas, J. M. (2009). Effects of transportation accessibility on residential property values: Hedonic Price Model in the Lisbon, Portugal, metropolitan area. Transportation Research Record, 2115(1), 127-137.
[ 94 ] McCord, J., McCord, M., McCluskey, W., Davis, P., McIlhatton, D., & Haran, M. (2014). Effect of public green space on residential property values in Belfast metropolitan area. Journal of Financial Management of Property and Construction, 19(2), 117-137.
[ 95 ] McCord, M. J., MacIntyre, S., Bidanset, P., Lo, D., & Davis, P. (2018). Examining the spatial relationship between environmental health factors and house prices: NO2 problem? Journal of European Real Estate Research.
[ 96 ] Meelun, G. (2021). Analysis of locational factors affecting high increases in value of residential houses in the northern and southern suburbs of Cape Town Faculty of Engineering and the Built Environment].
[ 97 ] Mehmet, T. (2009). Accessibility effect on urban land values. Scientific Research and Essays, 4(11), 1286-1291.
[ 98 ] Metz, N. E. (2015). Effect of distance to schooling on home prices. Review of Regional Studies, 45(2), 151-171.
[ 99 ] Miregi, M. O., & Obere, A. (2014). Effect of market fundamental variable on property prices in Kenya-a case of Nairobi residential property market. Journal of Economics and Finance, 5(5), 101-113.
[ 100 ] Mohammad, S. I., Graham, D. J., & Melo, P. C. (2017). The effect of the Dubai Metro on the value of residential and commercial properties. Journal of Transport and Land Use, 10(1), 263-290.
[ 101 ] Mohammad, S. I., Graham, D. J., Melo, P. C., & Anderson, R. J. (2013). A meta-analysis of the impact of rail projects on land and property values. Transportation Research Part A: Policy and Practice, 50, 158-170.
[ 102 ] Mohan, S., Hutson, A., MacDonald, I., & Lin, C. C. (2019). Impact of macroeconomic indicators on housing prices. International Journal of Housing Markets and Analysis.
[ 103 ] Mostafa, M. M. (2018). A spatial econometric analysis of residential land prices in Kuwait. Regional Studies, Regional Science, 5(1), 290-311.
[ 104 ] Mousa, A., & Saadeh, M. (2010). Automatic valuation of Jordanian estates using a genetically-optimised Artificial Neural Network approach. WSEAS Transactions on Systems, 9, 905-916.
[ 105 ] Mulley, C., Ma, L., Clifton, G., Yen, B., & Burke, M. (2016). Residential property value impacts of proximity to transport infrastructure: An investigation of bus rapid transit and heavy rail networks in Brisbane, Australia. Journal of transport geography, 54, 41-52.
[ 106 ] Nam, P. P. DETERMINANTS OF RESIDENTIAL LAND PRICES: AN EMPIRICAL STUDY IN VIETNAM.
[ 107 ] Narvada, G.-R. (2022). An analysis of residential land prices and fundamentals in Mauritius. The Business & Management Review, 13(1), 59-68.
[ 108 ] Olanrewaju, A. L., Lim, X. Y., Tan, S. Y., Lee, J. E., & Adnan, H. (2018). Factors affecting housing prices in Malaysia: Analysis of the supply side. Planning Malaysia, 16.
[ 109 ] Oloke, O. C., Simon, F. R., & Adesulu, A. F. (2013). An examination of the factors affecting residential property values in Magodo neighbourhood, Lagos state. International Journal of Economy, Management and Social Sciences, 2(8), 639-643.
[ 110 ] Parker, D. (2016). International valuation standards: A guide to the valuation of real property assets. John Wiley & Sons.
[ 111 ] Perdomo, J. A. (2011). A methodological proposal to estimate changes of residential property value: Case study developed in Bogota. Applied Economics Letters, 18(16), 1577-1581.
[ 112 ] Qu, S., Hu, S., Li, W., Zhang, C., Li, Q., & Wang, H. (2020). Temporal variation in the effects of impact factors on residential land prices. Applied Geography, 114, 102124.
[ 113 ] Rahman, M. M. (2008). Australian housing market: causes and effects of rising price. Proceedings of the 37th Australian Conference of Economists (ACE 2008),
[ 114 ] Rahman, M. M. (2010). The Australian housing market–understanding the causes and effects of rising prices. Policy Studies, 31(5), 577-590.
[ 115 ] Rashid, W. N. A. W. A., Mohd, T., & Abdullah, L. (2018). A Review Factors Affecting Residential Property Price. Proceedings of the Second International Conference on the Future of ASEAN (ICoFA) 2017–Volume 2,
[ 116 ] Rauterkus, S. Y., & Miller, N. (2011). Residential land values and walkability. Journal of Sustainable Real Estate, 3(1), 23-43.
[ 117 ] Reed, R. (2016). The relationship between house prices and demographic variables: An Australian case study. International Journal of Housing Markets and Analysis, 9(4), 520-537.
[ 118 ] Rehman, M. U., Ali, S., & Shahzad, S. J. H. (2020). Asymmetric nonlinear impact of oil prices and inflation on residential property prices: a case of US, UK and Canada. The Journal of Real Estate Finance and Economics, 61(1), 39-54.
[ 119 ] Renigier-Biłozor, M., & Wiśniewski, R. (2012). The impact of macroeconomic factors on residential property prices indices in Europe. Aestimum, 149-166.
[ 120 ] San Ong, T. (2013). Factors affecting the price of housing in Malaysia. J. Emerg. Issues Econ. Financ. Bank, 1, 414-429.
[ 121 ] Schulte, K.-W. (2000). Royal Institution of Chartered Surveyors (RICS).
[ 122 ] Seiler, M. J., Bond, M. T., & Seiler, V. L. (2001). The impact of world class great lakes water views on residential property values. The Appraisal Journal, 69(3), 287.
[ 123 ] Series, R.-P. L. M. (2013). Priced Out: Understanding the factors affecting home prices in the GTA.
[ 124 ] Sharma, V. R. (2013). Forest proximity and residential land values. Journal of forest economics, 19(1), 78-86.
[ 125 ] Sigit, F., Fachrudin, K., & Fachrudin, H. (2020). Analysis of Factors Affecting Property Value at Residence with Cluster Concept: Case Study-J City Residence.
[ 126 ] Simons, R., & Saginor, J. (2006). A meta-analysis of the effect of environmental contamination and positive amenities on residential real estate values. Journal of Real Estate Research, 28(1), 71-104.
[ 127 ] Smersh, G., Smith, M., & Schwartz Jr, A. (2003). Factors affecting residential property development patterns. Journal of Real Estate Research, 25(1), 61-76.
[ 128 ] Son, N. P., Van Manh, L., Thuy, N. T., Vu, T. N., & Hanh, N. T. (2020). Factors that affect land values and the development of land value maps for strengthening policy making in Vietnam: The case study of non-agricultural land in Quang Ninh province, Vietnam. EQA-International Journal of Environmental Quality, 36, 23-35.
[ 129 ] Song, M., Xie, Q., & Chen, J. (2022). Effects of government competition on land prices under opening up conditions: A case study of the Huaihe River ecological economic belt. Land Use Policy, 113, 105875.
[ 130 ] Srour, I. M., Kockelman, K. M., & Dunn, T. P. (2002). Accessibility indices: Connection to residential land prices and location choices. Transportation Research Record, 1805(1), 25-34.
[ 131 ] Suksmith, P. L., & Nitivattananon, V. (2015). Aviation impacts on property values and management: The case of Suvarnabhumi international airport. IATSS Research, 39(1), 58-71.
[ 132 ] Surianto, M., Nidar, S. R., & Damayanti, S. M. (2019). The analysis of factors affecting land value and testing the accuracy of land value zone: case study in Blora, Indonesia. International Journal of Sustainable Real Estate and Construction Economics, 1(3), 232-260.
[ 133 ] Swamidurai, S. (2014). Factors affecting urban land value in Indian cities-Chennai city as a case study. I (Iii), 31-34.
[ 134 ] Tcha, M. (2005). Current Issues on Housing Prices in Korea. Tcha (ed.), Residential Welfare and Housing Policies: The Experience and Future of Korea, 55-85.
[ 135 ] Topcu, M., & Kubat, A. S. (2009). The analysis of urban features that affect land values in residential areas. Proceedings of the 7th International Space Syntax Symposium, Stockholm, Sweden,
[ 136 ] Tordai, D., & Munkácsy, A. (2022). The Benefit of Rail: Estimating the Impact of Station Accessibility on Residential Property Prices. Buildings, 12(2), 222.
[ 137 ] Trojanek, R., & Gluszak, M. (2018). Spatial and time effect of subway on property prices. Journal of Housing and the Built Environment, 33(2), 359-384.
[ 138 ] Vichiensan, V., Wasuntarasook, V., Hayashi, Y., Kii, M., & Prakayaphun, T. (2021). Urban rail transit in Bangkok: Chronological development review and impact on residential property value. Sustainability, 14(1), 284.
[ 139 ] Wang, L., Wang, G., Yu, H., & Wang, F. (2022). Prediction and analysis of residential house price using a flexible spatiotemporal model. Journal of Applied Economics, 25(1), 503-522.
[ 140 ] Wang, Z., & Zhang, Q. (2014). Fundamental factors in the housing markets of China. Journal of housing economics, 25, 53-61.
[ 141 ] Wassmer, R. W., & Williams, J. A. (2021). The Influence of Regulation on Residential Land Prices in United States Metropolitan Areas. Cityscape, 23(1), 9-36.
[ 142 ] White, E. M., & Leefers, L. A. (2007). Influence of natural amenities on residential property values in a rural setting. Society and Natural Resources, 20(7), 659-667.
[ 143 ] Wieser, R. (2006). Hedonic Prices on Vienna's Urban Residential Land Markets.
[ 144 ] Yaagoubi, R., Faisal, K., & Miky, Y. (2021). Land value assessment based on an integrated Voronoi-geographically weighted regression approach in Makkah, Saudi Arabia. Journal of King Saud University-Science, 33(7), 101557.
[ 145 ] Yang, H. J., Song, J., & Choi, M. J. (2016). Measuring the externality effects of commercial land use on residential land value: A case study of Seoul. Sustainability, 8(5), 432.
[ 146 ] Yang, S., Hu, S., Li, W., Zhang, C., & Torres, J. A. (2017). Spatiotemporal effects of main impact factors on residential land price in major cities of China. Sustainability, 9(11), 2050.
[ 147 ] Yu, H., Zhang, M., & Pang, H. (2017). Evaluation of transit proximity effects on residential land prices: an empirical study in Austin, Texas. Transportation Planning and Technology, 40(8), 841-854.
[ 148 ] Zainuddin, Z., & Yusof, R. M. (2020). Do inflation, interest rate and cost of renting affect the price of terrace houses in Penang? Planning Malaysia, 18.
[ 149 ] Zandi¹, G., Mahadevan, A., Supramaniam, L., Aslam, A., & Theng, L. K. (2015). The economical factors affecting residential property price: The case of Penang island. International Journal of Economics and Finance, 7(12).
[ 150 ] Zhang, J., Fu, M., Chen, J., Chu, P., & Zhang, C. (2018). Variations in Mine Subsidence–Disturbed Residential Land Price: Case Study of Critical Determinants and Spatial Relationships in the Nanhu Ecoregion of Tangshan, China. Journal of Urban Planning and Development, 144(3), 05018012.
[ 151 ] Zhang, P., Hu, S., Li, W., Zhang, C., Yang, S., & Qu, S. (2021). Modeling fine-scale residential land price distribution: An experimental study using open data and machine learning. Applied Geography, 129, 102442.
[ 152 ] Zhang, Z. (2021). Analysis on the Influencing Factors and Causes of China's High Housing Prices. 6th International Conference on Financial Innovation and Economic Development (ICFIED 2021),
[ 153 ] Zheng, X., Chen, X., & Yuan, Z. (2021). Exploring the spatial spillover effect of home purchase restrictions on residential land prices based on the difference-in-differences approach: Evidence from 195 Chinese cities. Land Use Policy, 102, 105236.