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L03HousingA0304 - GES 1310 Comprehending the City Dr HUANG...

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GES 1310 Comprehending the City Dr. HUANG Y. Lucy Shaw College Department of Geography and Resource Management The Chinese University of Hong Kong Housing Development in the City Property as a special commodity Property: house and land Characteristics: a. Property must be purchased or rented. b. Property has a status value. c. The land component is permanent. d. The supply of land is fixed. e. Dwellings have a much longer average life expectancy than most consumer goods. Housing in the city A major component of people’s lives in every city A unique commodity 1. The stock of housing is heterogeneous. 2. Housing is immobile. 3. Housing is durable. 4. Housing is expensive. 5. Moving costs are relatively high. Hedonic price of housing o o o o o o Total price of various components: Base price Access price Age of the flat Bedroom price Air quality price School price Five Important Attributes of Housing 1. Access 2. Space 3. Service 4. Tenure 5. Shelter structure Housing tenure o Rented private housing
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